Market Rebellion CEO and Senior Market Strategist Marc LoPresti and CNN Global Affairs pundit Sabrina Singh. (YouTube Screengrab)
Markets have responded to President Donald Trump’s evaporating ceasefire by wiping out whatever gains it made after Trump’s premature announcement.
And now CNN Table for Five host Abby Phillip reports the president is announcing new tariffs between 10 and 12 percentage points to dozens of U.S. trading partners, even as rising oil prices and inflation fears rattle the world's largest bond market and send the 10-year U.S. treasury yield “to its highest level since Trump reclaimed office.”
But Saturday morning Table for Five panelist Marc LoPresti, CEO and Senior Market Strategist of Market Rebellion, did not agree with the news.
“I kind of respectfully disagree with some of the fundamental premises there. I mean, the economy is actually doing quite well,’ claimed LoPresti. “We just were in the middle of another earnings season where earnings are beating on average expectations. That makes the earnings quarter over quarter in a row of earnings that have beat expectations of high average individuals.”
“You're talking about corporations,” said CNN Global Affairs pundit Sabrina Singh. “Yeah, corporations are doing great,”
“Well, that's an indication of how the economy is doing,” LoPresti argued.
“I would say the family that's going to fill up a gallon of gas that's over $4 from where it was in May, would say it does not,” Singh countered.
Phillip pointed out that while the economy has indeed been resilient, that is in spite of Trump's war and tariff policies, which have heaped new unnecessary costs upon Americans.
But LoPresti said it was all for a good cause: “What the president's been trying to do, as it relates to tariffs and other policies, are to level the playing field, it's long-term gain for some short-term inflationary pressure.”
“For who,” Phillip said.
“For everyone,” said LoPresti.
“What do you mean ‘leveling the playing field’? Who is paying the tariffs?” demanded Phillip.
At that point, Singh busted in: “The tariffs get shifted to the consumer, which are Americans who buy goods from countries that are being taxed like Canada or Mexico.”
“The last three quarters of corporate earnings nave not demonstrated that,” LoPresti said
“You’re talking about corporate earnings, which is very different from a family living in Michigan, who is going to the gas pump to fill up with either diesel or gas, and they're seeing higher gas prices, higher diesel prices, and then they go to the grocery store,” said Singh. “So, on top of the higher gas prices, then they get to get the gift of driving to the grocery store to see grocery prices higher. Because guess what diesel does? It takes the goods coming off of those trucks and [makes them more costly.] So yes, those supermarkets or the corporations might be getting a higher earning paycheck here, but the average family is not.”
“That's not the message that I'm trying to transmit here,” LoPresti insisted. “In breaking down corporate earnings reports since Liberation Day, corporations have reported by and large that they are not raising prices and passing the costs.”
“That's not true,” Singh countered flatly. “They absolutely are. Grocery prices are higher.”
Kmele Foster, editor at large at Tangle news, warned that LoPresti’s argument, which reflects corporations’ take, is doing nothing to encourage voters.
“Actually, it seems like any single any moment you have politicians and pundits who are saying things are actually pretty good when in fact people feel otherwise is probably [not a good look.]” said Foster.
LoPresti eventually lamented: “there’s no economic patriotism.”