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Daily Archives: June 16th, 2019


TOTUS has now become the modern day “Cassandra” in spite of his ongoing failures including the chaos created crises and subsequent failures to correct them. As always when in doubt-lie! MA

Ros Krasny 8 hrs ago

(Bloomberg) — President Donald Trump, gearing up for the official start of his 2020 campaign, warned that the U.S. would face an epic stock market crash if he’s not re-elected.

“If anyone but me takes over,” Trump told his 61 million Twitter followers on Saturday, “there will be a Market Crash the likes of which has not been seen before!”
Trump officially starts his 2020 campaign on Tuesday with a rally in Orlando, Florida, and appears to be road-testing some of the themes he’ll be touching on in the next 18 months, including stoking fear of a market meltdown. “Tuesday will be a Big Crowd and Big Day,” he said in another tweet.

The president has claimed several times this year and as recently as Friday in a “Fox & Friends” interview that the U.S. stock market would be 5,000 to 10,000 points higher if the Federal Reserve hadn’t raised interest rates four times in 2018.
He also tweeted in February that “had the opposition party” won in 2016, “the Stock Market would be down at least 10,000 points by now” — an unprovable assertion. And in January Trump suggested that if “you want to see a Stock Market Crash, Impeach Trump.”
“We have never had a president so aware of where the stock market is and how much it is up or down on the year,” Chris Rupkey, chief financial economist at MUFG Union Bank NA, said in an email. “Better buckle up, equity investors.”
Research by Macrotrends shows the Dow Jones Industrial Average’s performance so far in Trump’s term has been middling compared with his predecessors, and trails the gains made under Democrats Barack Obama and Bill Clinton. It’s a touch above the gains logged under Republicans Ronald Reagan and George H. W. Bush; George W. Bush had presided over a losing market at this point in his first term.
The benchmark S&P 500 index made a record high in early May before slipping in the face of Trump’s stepped-up trade war with China. The more narrow DJIA, whose performance Trump likes to reference, last peaked more than eight months ago, on Oct. 3.
The Dow posted 71 record high closes in 2017, starting within a week of Trump’s inauguration, and another 15 in 2018, helped by the passage of a Republican tax bill. The index made 122 record high closes during Obama’s second term, after recovering from losses suffered during the recession of 2007-2009.
As Trump kicks off his re-election campaign, the chances of a recession starting in the U.S. within the next year have risen to 30% from 25% a month ago, according to a June 7-12 survey of economists conducted by Bloomberg News. Recent figures have shown slowing job gains, and Trump’s tariff threats are weighing on business sentiment. The rising U.S. budget deficit and national debt have also raised alarm bells.
(Updates with analyst comment, economist survey from sixth paragraph.)
To contact the reporter on this story: Ros Krasny in Washington at rkrasny1@bloomberg.net
To contact the editors responsible for this story: James Ludden at jludden@bloomberg.net, Ian Fisher, Steve Geimann
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.

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The Tariff King is not winning the war and the American economy is taking the hit! MA 
By Rishi Iyengar, CNN Business
2 hrs ago

India just increased tariffs on US exports, dealing another blow to fragile global trade.
The tariffs on several US products will go into effect on June 16, India’s Finance Ministry said in a statement Saturday. The goods targeted include American apples — which will be hit with a 70% tariff — as well as almonds, lentils and several chemical products.
India first announced plans to impose new tariffs a year ago in retaliation for increased US import duties on Indian steel and aluminum. But it repeatedly delayed imposing them while the two sides held a series of trade talks.
The Indian government did not specify the value of the goods targeted in its statement, but previously told the World Trade Organization that they were worth around $241 million.
The two countries exchange goods and services worth about $142 billion a year, but the relationship has soured in recent weeks after the Trump administration ended India’s participation in a preferential trade program earlier this month. The program exempted Indian goods worth more than $6 billion from US import duties in 2018.
One of President Donald Trump’s biggest priorities has been reducing the United States’ trade deficits with countries around the world. Last month, his administration increased tariffs to 25% from 10% on $200 billion worth of Chinese goods, and it’s threatening to target another $300 billion of exports from the world’s second-largest economy. Business is warning of damage to the US economy.
Tensions have been rising since the United States ended India’s participation in a preferential trade program this month.
India runs a small surplus in goods trade with the United States, exporting around $54 billion to the United States in 2018 and buying about $33 billion worth of American goods, according to US government data.
Trump has repeatedly slammed India’s tariffs on products like motorcycles and whiskey, and his decision to revoke trade privileges for India followed complaints from American dairy farmers and medical device manufacturers that tariffs imposed by New Delhi were hurting their exports.

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