Markets feared Trump would light the fuse on a trade war, and maybe he just did
From CNBC
Traders work on the floor of the New York Stock Exchange (NYSE). Stocks extend losses after trade tariff announcement 1 Hour Ago | 03:22 President Donald Trump's plan to slap tariffs on foreign aluminum and steel could help U.S. producers, but it could also fuel inflation, slow the economy and trigger other retaliatory actions against U.S. industries, analysts said.Read more: https://www.cnbc.com/2018/03/01/markets-feared-trump-would-light-the-fuse-on-a-trade-war-and-maybe-he-just-did.htmlThese fears weighed on stocks and the market sold off sharply after initially flip flopping amid confusion over whether there would be an announcement or not. But stocks sold off sharply when Trump surprised the markets and announced a 25 percent tariff on steel and a 10 percent tariff on aluminum.
"One of the largest fears we have is we've got tariffs. We could have trade wars and it could blow up NAFTA negotiations and nobody wins a trade war," said Art Hogan, chief market strategist at B. Riley FBR.
The Dow was down more than 500 points and the S&P 500 slid well below the key 2,700 level. The move was viewed as one of the most protectionist actions from the Trump administration, and it is one of his policies that has most worried markets, even as stocks have rallied on tax reform and his other pro-growth policies.
"Tariffs would probably have the unfortunate affect of both slowing growth and accelerating inflation, and that's not a good thing," said Ward McCarthy, chief financial economist at Jefferies. "For this economy, this is the worst possible time to be doing that."
Just give this lunatic enough time and he's going to ruin not only America's economy but the Globe's.
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Is this threat of a trade war the match that'll cause the next financial crash?
there's little reason to believe much good will come out of the Trump administration, all indications suggest things will only get worse and worse. He babbled some vaguely cogent remarks on gun control and the gun addicts screamed in horror, they cant handle any suggestions of any sort of response to gun violence. They are sick. Meanwhile Putin is rattling nuclear sabers and committing war crimes in Syria .. will Trump do anything about that? We could see nuclear missiles fly in our (brief) lifetimes .. these jokers keep pushing us to the brink ... crazy days, indeed
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