The stock markets are dropping as Trump's ill-advised trade war hits American farmers and consumers. Trump admitted in an interview that his decision will cause 'pain,' but he won't stop the bleeding.
Appearing on WABC’s “Bernie and Sid” show, Trump admitted that his ill-conceived and haphazard decision to push a trade war with China has and will inflict “pain” to the country, but he’s refusing to back down.
His latest statements once again showcase Trump’s dismissive attitude toward Americans, including those that gave him the most support. Whether it’s fumbling the response to the opioid epidemic or hitting farmers in the wallet, Trump shrugs at the carnage he generates.
A “Bernie and Sid” host asked Trump about the negative reaction from the stock market after China imposed tariffs on American goods.
“I’m not saying there won’t be a little pain, but the market’s gone up 40 percent, 42 percent, so we might lose a little bit of it, but we’re going to have a much stronger country when we’re finished,” Trump claimed.
He added, “So we may take a hit, and you know what, ultimately we’re going to be much stronger for it, but it’s something we had to do.”
Most experts on international trade and the economy do not believe launching a trade war was necessary, or wise.
Now that China has retaliated, even the states that backed Trump the most stand to suffer.
American goods — including products like pork and tobacco — will be hit hard by tariffs. American farmers have come to rely on the massive Chinese market when selling their products, and the Trump effect will result in them losing business, rippling through the American economy and the global markets.
That is what the stock market is concerned about, and why even Trump’s allies in Washington are raising the alarm.
Senate Majority Leader Mitch McConnell said he was “nervous about what appears to be a growing trend in the administration to levy tariffs.”
Senator Pat Roberts (R-KS) was more blunt, calling the tariffs from Trump “a fine mess that they have gotten us into.”
The tariff episode is already a mess, and it has made America into the butt of the joke while cutting off vital markets to American business.
Trump doesn’t care, and now even admits the “pain” is real. But he remains tied to his bad idea because to back down would go against his brand, even if it’s the right thing for the country.
Trump admits he will tear it all down to simply satisfy his ego.