Ever since Donald Trump began enacting idiotic tariffs on Chinese goods, the government of China has made clear that it’s willing to do whatever necessary in order to put Trump’s presidency out of its misery. China has been essentially tanking its own economy so it can put the squeeze on the U.S., gambling that a recession will prompt U.S. voters to send Trump packing next year.
Today we got a glimpse of just how ugly this could soon get for the American economy, as the U.S. bond market found itself facing a historically rare and ugly “inverted yield curve” that sent stock traders racing for the exits. Donald Trump spent all day alternating between arrogantly blaming his own handpicked Fed Chair Jay Powell and blaming China. But after the market closed, Trump was reduced to what can best be described as groveling.
At around 7pm eastern time, Trump posted this surreal tweet: “I know President Xi of China very well. He is a great leader who very much has the respect of his people. He is also a good man in a ‘tough business.’ I have ZERO doubt that if President Xi wants to quickly and humanely solve the Hong Kong problem, he can do it. Personal meeting?”
Although Donald Trump is trying to frame this meeting request as being about the conflict between China and Hong Kong, everyone knows Trump doesn’t care about that. Instead, Trump is begging for the “personal meeting” in the hope of convincing China to stop squeezing the remaining life out of his failed presidency. That’s just plain humiliating for Trump – but then again, he knows he’ll lose the election if the economy continues tanking.
Bill Palmer is the publisher of the political news outlet Palmer Report