Tariff Man keeps coming back because trade wars aren’t easy to win
by Matt Egan – Dec 23, 2019
New York (CNN Business) President Donald Trump, armed with sweeping tax cuts and a handpicked Federal Reserve chief, confidently told the world in March 2018 that “trade wars are good, and easy to win.”
Nearly two years later, the United States is bogged down in a trade war with China — a battle that may erupt just in time for Christmas.
“Trade wars are hard, and everybody loses,” said David Kelly, chief global strategist at JPMorgan Funds.
Trump, who has proudly called himself Tariff Man, suggested Tuesday that a trade agreement with China may not happen until after the 2020 election.
The Dow has plunged more than 700 points, or nearly 3%, over the past three trading days.
“Forecast for 2020: There will be no settlement in the Trump Trade War, nor will there be a reduction in China-US tensions,” David Kotok, chairman and chief investment officer at Cumberland Advisors, wrote in a note on Tuesday.
So much for trade wars being easy to win.
Full story at link: https://www.cnn.com/2019/12/03/business/trade-war-trump-china-france/index.html
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