Trump Just Threatened International Taxes That Dwarf His Steel Tariff – Which Tanked the Markets
Trump Claims We ‘Have No Choice!’ Which He Always Says When We Do
Against the advice of most of his staff, President Trump on Thursday announced – out of the blue – massive tariffs on steel and aluminum, causing the DOW to drop more than 400 points. Friday morning, Trump tweeted that trade wars are good and “easy to win.” DOW futures dropped several hundred more points.
Minutes ago Trump posted a tweet that could devastate the markets – and many Americans’ wallets – even further.Â
He just threatened “RECIPROCAL TAXES” on every product other nations impose tariffs on.Â
When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
Every time Trump says we “have no choice!” we always do.
This is not studied economic policy. This is dangerous.
Also, one researcher points put Trump is just dead wrong:
Top U.S. trade surpluses in 2017:
Hong Kong: +$32.5 billion
Netherlands: +$24.5 billion
UAE: +$15.7 billion
Belgium: +$14.8 billion
Australia: +$14.6 billion
Singapore: +$10.4 billion
Brazil: +$7.6 billion
Panama: +$6 billion
Argentina: +$4.7 billion
United Kingdom: +$3.3 billion pic.twitter.com/j3tkC7Fxnp— Simon Hedlin (@simonhedlin) March 2, 2018
As of this writing DOW futures are down over 200 points.
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