Trump likes to take credit for the stock market, eh? Well this big drop in the stock market is one he definitely owns:
CNN MONEY – President Trump’s trade war threat is shaking Wall Street for a second day.
The Dow opened down more than 250 points on Friday after shedding 420 points on Thursday.
On Friday, Trump escalated concerns about a full-blown trade fight by tweeting that “trade wars are good, and easy to win.”
Trump’s steel and aluminum tariff announcement Thursday caught investors off guard and raised fears about a tit-for-tat retaliation from China and other major US trading partners.
Trump said his administration would impose a 25% tariff on steel imports and a 10% tariff on aluminum. It was not immediately clear whether some countries would be excluded from the tariffs.
“Markets hate uncertainty, and we still don’t know exactly who and by how much these tariffs will impact trade,” said Ryan Detrick, chief senior market strategist at LPL Financial.
Tom Essaye, the founder of the investment research firm Sevens Report, predicted that the market volatility will be “extended” in the short term.
Top American trading partners, including Canada, Germany, the European Union and Australia, all slammed the decision Thursday and Friday.
As we speak the Dow Jones is down almost 400 points just today and I’m sure it’s going to keep falling. Pretty soon Trump is going to start attacking the stock market in another tweetstorm if this keeps up.
But hey, trade wars are easy and wonderful and everybody’s gonna love them. #MAGA