"This is pure folly. It's exactly what the US economy doesn't need," Joe Brusuelas, chief economist at RSM, told CNN Business. Wall Street is not happy about the return of Tariff Man, as Trump calls himself. The Dow tumbled 600 points, or 2.4%, Friday afternoon on concerns about renewed US-China tensions.
fredag 1. mai 2020
It's an insane time for Trump to pick (another) fight with China
President Donald Trump has picked the worst possible time to relaunch his trade battle with China. The coronavirus pandemic is crushing the US and global economies. Unemployment is soaring. GDP is collapsing at an unprecedented pace. Corporate profits are plunging. Manufacturing is contracting.Yet Trump could amplify that financial pain by attempting to use tariffs or other sanctions to punish China for its role in the health crisis. Economists warn that such a strategy could badly backfire, potentially turning what is now a deep recession into a full-blown depression.
"This is pure folly. It's exactly what the US economy doesn't need," Joe Brusuelas, chief economist at RSM, told CNN Business. Wall Street is not happy about the return of Tariff Man, as Trump calls himself. The Dow tumbled 600 points, or 2.4%, Friday afternoon on concerns about renewed US-China tensions.
"This is pure folly. It's exactly what the US economy doesn't need," Joe Brusuelas, chief economist at RSM, told CNN Business. Wall Street is not happy about the return of Tariff Man, as Trump calls himself. The Dow tumbled 600 points, or 2.4%, Friday afternoon on concerns about renewed US-China tensions.
