Dow plunges 500 POINTS as President Trump 'orders' U.S. companies to come 'home' and 'immediately' find 'alternatives to China' after Beijing struck back with $75 BILLION in tariffs
Daily Mail
August 23, 2019
The market dropped immediately after Trump said the U.S. would be 'better off' without its leading trading partner and demanded U.S. companies find an 'alternative' place from which to operate.
Trump unloaded on China hours after it announced it was imposing tariffs on $75 billion of U.S. products.
Trump demanded that U.S. firms bring their companies 'HOME' and said they were 'hereby ordered' to begin seeking 'alternatives to China' – a country he has long derided for 'ripping off' the U.S.
EDITOR’S NOTE: Where did Trump come by that order horseshit? The president cannot order anyone other than federal employees or members of the military out of anywhere. Even if American businesses left China, which they won’t, they would find some other Asian country like Vietnam to manufacture their products for much cheaper than in the US.
But let’s say all American businesses did come home. That would send prices soaring for the goods American consumers buy, causing angry voters to run Trump out of office come election day, even if his opponent were to be crazy Bernie.
__________
Trump hits back at Beijing: President hikes tariffs on $550bn worth of products after he told US firms to pull out of China and called the Fed Reserve boss the enemy - as the Dow plummets 623 points
Daily Mail
August 23, 2019
President Donald Trump set off a precipitous dive in financial markets Friday after he ripped Federal Reserve chair Jerome Powell, ordered U.S. companies to pull back from China, and called the world's No. 2 economy the 'enemy.'
By the end of trading after a hectic day where the president once again used Twitter to lash out at his foes amid economic uncertainty, the Dow Jones Industrial Average was 621, or 2.4 per cent.
After markets closed, Trump weighed in with the latest escalation in the trade war – slapping new tariffs on billions of additional Chinese products.
Starting October 1, $250 billion in Chinese products now being tariffed at 25 per cent would be hit with a 30 per cent tariff. And $300 billion in goods being hit with a 10 per cent tariff staring Sept. 1 will now be hit with a 15 per cent tariff, Trump Tweeted.
Trump tore into Powell after the Fed Chair refused to provide a clear signal he will bend to Trump's demand for rate cuts – comparing him to China's President Xi Jinping, his chief economic and political rival who heads a country Trump describes as committed to 'ripping off' the United States.
EDITOR’S NOTE: Watch consumer prices rise when the tariffs take effect.
And what about ordering American businesses around? It appears as though Trump is suffering from a serious case of the Napoleonic complex.
3 comments:
Sometimes you have to sacrifice for the ultimate good of the country. As a member of the greatest generation you should know this. The trade between the US and China needs to be corrected. China has been caught manipulating their currency and stealing our intellectual property. Trump is addressing it because we are losing trillions. Previous Presidents ignored the problem. Your disdain for our President is obvious. MAGA!
I am unsure that Trump has the power to order companies to produce or not produce products in any particular country.
I won't deny my disdain for Trump, but I will still vote for the jerk next year.
If you think American businesses are going to "sacrifice for the ultimate good of the country" and come home to lose billions of dollars in higher labor costs, you must not be living in the real world.
Post a Comment