Trump says his trade war is keeping the stock market down 10,000 points
Donald Trump told reporters Wednesday that the Dow stock index would be "10,000 points higher" if he hadn't begun a trade war with China. He must be toying with some new election slogans. How about: But for me, the economy would be amazing! That's catchy, eh?
Truth be told, Trump has effectively been on a mission to kill the killer economy he inherited from President Obama. CNBC reported Tuesday that Trump's top advisers marshaled a team of CEOs to talk ragey Trump out of doubling the tariffs against China after he learned last week that China had escalated the trade war, placing tariffs on another $75 billion in U.S. products. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer rallied multiple CEOs to call Trump and convince him that doubling the duties on China would be an absolute disaster for the U.S. economy. Instead, Trump decided to only hike the rates 5% on some $550 billion in Chinese goods, a considerably smaller escalation than slapping a 200% increase in tariffs on Chinese goods.
That brings me to another potential slogan. No matter how bad the economy gets, Trump can always claim that he could have inflicted more damage.
Trump: Could have been better, could have been worse!
Now there's a winner.