White House admits Trump's trade war with China will harm 'a heck of a lot' of companies
The financial markets are again showing huge losses, led this time by Apple's surprise earnings warning. Apple's stock dropped by as much as 10 percent on Thursday, and currently the DOW is down nearly 600 points.
President Donald Trump's trade war with China is causing massive problems for companies that do business in that country, and now the White House is finally admitting there's a problem.
"Trump’s trade war with China will cause 'a heck of a lot of' companies to join Apple Inc. in announcing lower than expected earnings, the chairman of the White House Council of Economic Advisers said," Bloomberg News has just reported.
Here's the video:
With the Dow down 500+ points...A major warning about corporate earnings from @WhiteHouseCEA who just told me “a he… https://t.co/NtPQuHlrNb— Poppy Harlow (@Poppy Harlow)1546531009.0
The chairman of the White House Council of Economic Advisers, Kevin Hassett, told CNN Thursday, “The Chinese economy is slowing in a way that I haven’t seen in a decade.”
Almost a year ago Trump bragged that trade wars are "easy to win," which is false – there are no winners in a trade war.
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with… https://t.co/lPSkkolNRP— Donald J. Trump (@Donald J. Trump)1519987834.0
The markets have proven him wrong.