Donald Trump says his fellow Americans’ are gonna have to take the pain
Investors lost $70 Billion today in the market…
Iowa farmers are scared….
And we reported Harley-Davidson will move it’s European production FROM America to Europe….
Escalating trade tensions sent U.S. stocks to the steepest drop since early April, as President Donald Trump’s threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
The S&P 500 Index fell 1.4 percent, though comments from National Trade Council Director Peter Navarro brought the measure back from losses that topped 2 percent. The Dow Jones Industrial Average closed below its 200-day moving average. Selling was heaviest in tech shares, with the Nasdaq 100 Index sinking 2.2 percent.
Equities tumbled around the world on reports that the Treasury department will propose limits on Chinese technology investment, straining already tense relations between the world’s two largest economies. Navarro said on CNBC that there were no plans to impose restrictions, sparking a late-day rebound. China and Europe warned the escalating trade war could trigger a global recession.
The selling in American stocks spread from Asia, where equities in Shanghai and Hong Kong declined despite China’s central bank freeing up liquidity in the banking system. European shares also tumbled….
Harley Davidson is responding to the EU retaliatory tariffs by deciding to build some motorcycles aboard instead of all in the US. So the retaliatory tariffs not only make our exports more expensive and therefore less competitive, but it makes the incentive to invest and move jobs abroad instead of in the US greater.
While Trump does have a point about protectionism and other countries and Schumer HAS supported Tump’s going after China for American labor’s point of view…..
Trump usual meat cleaver technique is scaring the investors, farmers and other American goods producers who make their money from exporting abroad…
Trump has signaled that Americans will have to suffer…
Some of his party members are gettin g antsy since the midterms are just a little more than 4 months away…
Could Donald Trump actually help Democrats lock up the House and maybe even the Senate as RECESSION fears begin to be mentioned in the media?????
For which Donald Trump accuses them of being the first to “wave the white flag”, which raises two points:
(1) among those who care, does Trump really believe that he is somehow more American than Harley-Davidson? I can think of certain large classes of people that would be very hard to convince of this.
(2) is Trump thinking of an extended trade war, essentially for its own sake and out of his own pique (since he says every other country is treating the U.S. “so unfairly”, and believes that all his predecessors were to incompetent to negotiate “fair” deals) ? Will he (as I know he has every capacity to do) expect millions of Americans to join in a common, but very-unequally-distributed, sacrifice over half a decade or more in order to “win” this war ? After all, he has told us that, contrary to the global experience of the 1930’s, trade wars “can be won”.