THE HUMBLE LIBERTARIAN

mind your business

Tuesday, June 19, 2018

Dow Tumbles Over 300 Points, Wiping Out Gain For Year, As Trump Directs More Tariffs At China

P&G's stock went up, likely on anticipated Pepto sales

CNBC: "Stocks fell sharply on Tuesday after President Donald Trump's latest threat to China increased fears of an impending trade war between the world's largest economies.

The Dow Jones industrial average fell 329 points, with Boeing, DowDuPont and Caterpillar as the worst-performing stocks in the index. The 30-stock index also erased all of its gains for the year and was on pace to post a six-day losing streak, its longest since March 2017."

Axios: "President Trump announced on Monday that he wants to identify $200 billion worth of Chinese exports on which to add tariffs of 10% — in addition to the $50 billion in tariffs the administration has already announced — which could set off the next battle in a burgeoning trade war.

What to expect: China has said it will hit back with its own tariffs, as it has done before. If that happens, Trump said in last night's announcement that he wants to identify another $200 billion of Chinese exports to tax. That would total $450 billion in Chinese exports. China exported $505 billion to the U.S. in 2017, so the U.S. would nearly run out of exports to tax. The U.S. exported about $130 billion to China last year."

America should have elected an economist to run the government instead of an actor.

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