Tag:GlobalRecession

Good-Bye Trump, We Knew it Would End Like This: China Lowers the Hammer

Trade wars against countries with 1.4 billion consumers are not easy to win, as China demonstrated late last night when it suspended the purchase of all U.S. agricultural products in response to Trump’s moronic trade wars. In case you were not angry enough with Trump: BREAKING: China confirms it is suspending agricultural product purchases from the U.S. in response to Trump’s new tariffs, could hit ag imports with tariffshttps://t.co/NjBnwC7UPs — CNBC Now (@CNBCnow) August 5, 2019 We all know that this is not something to cheer, even if it surely dooms Trump. Trump already leveled the agricultural sector with his petulant, but limited, trade war. This will only be exponentially worse. Economists worry that the aftershocks from a vicious trade war between the two countries could easily spin the entire globe into an economic recession, or even an uncontrolled depression. Don’t believe me? Traders Brace for Full-Blown Currency War as China’s Yuan Sinks https://t.co/NxWX4jGX8M — Eddy Elfenbein (@EddyElfenbein) August 5, 2019 Near everyone could face needless pain, but it will start with people who make their living predicting the economy, as they bail out of securities. **** From the beginning, Trump bragged that he – and he alone, despite Obama’s heroic rescue – has kept the nation’s economy “the best it’s ever been.” He has also famously stated that trade wars are good, and “easy to win.” The single thing that every sensible person agrees upon is that Trump cannot survive an economic downturn and he definitely cannot survive an economic downturn purely of his own making. From CNBC: A spokesperson for the Chinese Ministry of Commerce says Chinese companies have stopped purchasing U.S. agricultural products in response to President Trump’s new 10% tariffs on $300 billion of Chinese goods. “This is a serious violation of the meeting between the heads of state of China and the United States,” the Minister of Commerce says in a statement Monday. Reports of China pulling out of U.S. agriculture helped exacerbate fears on Wall Street pushing stocks to their worst day of the year. Now that China confirmed the reports, it could add to pressure on equities. While Trump puckers up, we can safely assume that he did not foresee this, because he has no grasp of cause and effect, never mind negative impacts upon him. But real economists, not fake ones, have said all along that the United States’ economy needs China far more than China needs the United States. Addiction kills. We all got hooked on Chinese goods through cheap products. The first one is always free. We spiraled into IV slamming by closing manufacturing plants here to the point where we now import 70% of some manufactured goods from China. Some in this nation are addicted to Trump, and destiny seemed to ensure they could never 12 step out of it. A moment of clarity is coming, for all of us. With that clarity will come the evisceration of Trump’s chances, indeed not only in the election but in surviving criminal consequences afterward. Republicans will tolerate racism, facism, etc. but they will not tolerate Trump taking money directly out of their pocket through a combination of vanity and stupidity, in other words, a trade war. **** Congratulations. If this continues for long at all, Trump is done. But the costs […]

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