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DONALD Trump wiped nearly $1.5 TRILLION off global markets with a single Twitter blast vowing to double tariffs on Chinese goods after they “broke” a crucial trade deal.
The US president renewed hostilities between the two economic giants by threatening to once more ramp up the cost of Beijing trading in the US.
He pledged to hike tariffs on $200 billion of Chinese goods from Friday – rocking equity markets across the world.
US negotiators also want China to clamp down on the alleged theft of US technology.
“For 10 months, China has been paying tariffs to the USA of 25% on 50 billion dollars of high tech, and 10% on 200 billion dollars of other goods,”
“These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 billions dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%.
“The tariffs paid to the USA have had little impact on product cost, mostly borne by China. The trade deal with China continues, but too slowly, as they attempt to renegotiate. No!”
Analysts have now pointed out that the President’s message cost the markets more than $13bn for each of the 102 words in the tweet.
Global stocks have tumbled to a six-week low – with Bloomberg estimating the tweet wiped “about $1.36 trillion” off shares.
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See Also:
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(2) Mueller’s Preposterous Rationale for Tainting the President with ‘Obstruction’ Allegations
(3) Progressives Face a Bleak Post-Mueller Landscape
(5) No Surprise Here: Voters Overwhelmingly Oppose Impeaching Attorney General Barr
(6) The Avengers Is A Conservative Movie
(7) Putting Together the Big Picture
(8) ‘Constitutional crisis’ looms as partisan warfare over Mueller report escalates
(9) Xi Jinping Wanted Global Dominance. He Overshot.
(10) GOP Rep. McClintock: Story Behind Collusion ‘Hoax’ the Other Shoe That’s About to Drop
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