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Dow tumbles nearly 600 points at lows as tariff talk sparks worry of trade war
@jlev- OK, you sent me chasing to Wickipedia with that one. Great, I love it! And the capper is that he eventually "became chairman of the American National Standards Institute (ANSI) and then, president of the International Organization for Standardization". You couldn't make that up if you tried!
He is trying hard to fulfill his campaign promises. Nevertheless he failed to call them "currency manipulator" the first day he entered the office. There is no winner in this trade war.
If Gary Cohn quits as a result of losing the tariff argument, who from Wall Street would be willing to take his place? Maybe there's another family member who could step in, someone who knows from trade wars...
@larryB, My parents talked about the great depression and what made it worse.
In 1930, the Smoot-Hawley Tariff Act raised tariffs on 20,000 goods Americans bought from abroad. Imports fell significantly, but Canada and other countries retaliated and a trade war ensued, crushing exports and worsening the Great Depression.
It’s unlikely many remember the specifics. You’d have to be over 80 to remember Smoot-Hawley firsthand, and perhaps over 45 to have learned about it in school.
Imported Chinese steel is small comparing to other countries. So this is a red herring.
Other exports to China can be impacted negatively. Like it or not, import tariff cuts both ways.
"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!"
5:50 AM - Mar 2, 2018
Good and easy to win? We really shouldn't elect someone who doesn't read.
He had trouble reading the script when he was invited to SNL awhile back. Some said he cannot read or he really needs reading glasses badly. For sure we know he doesn't like to go through the detailed security briefing every morning. Everyone learned to simply them into simple bullet points. Wow!
Comments
My parents talked about the great depression and what made it worse. Imported Chinese steel is small comparing to other countries. So this is a red herring.
Other exports to China can be impacted negatively. Like it or not, import tariff cuts both ways.
"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!"
5:50 AM - Mar 2, 2018
Good and easy to win? We really shouldn't elect someone who doesn't read.
For sure we know he doesn't like to go through the detailed security briefing every morning. Everyone learned to simply them into simple bullet points. Wow!