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As Stock Market Tumbles…..

May 13, 2019

Stock market in a free fall as I post–down over 600 points. China has retaliated against Trump tariffs by raising tariffs on $60 billion worth of US goods sold in China.  As expected.  This is what happens in a trade war.

And I know my readers are smart enough to already know this, but just in case, let’s clear up another of Trump’s Big Lies: China does not pay the massive tariffs Trump just imposed on more Chinese-made goods; US companies and consumers do.  It’s essentially a sales tax, except on imported goods.  Just ask Larry Kudlow, his economic adviser, who was forced to admit it when pressed by Fox News anchor Chris Wallace.  That was a rare moment of honesty on that network.

And taxpayers are getting slammed a second time: Trump wants to give another $15 billion of their money to farmers being hurt by his tariffs, which is on top of the $12 billion already earmarked for farmers.  But none of that money will go to the businesses and consumers buying more expensive items like baseball gloves, network routers, seafood, vegetables, nuts, fruits, metals, chemicals, luggage, and fabrics…..

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