Donald Trump has sabotaged, through criminal intent or incompetence or both, literally everything he’s touched since he treasonously rigged his way into becoming the illegitimate “president” of the United States. He inherited a roaring Obama economy, but because Trump is a clueless egomaniac who couldn’t leave well enough alone, he’s now crushed the stock market with his idiotic trade war. Today he sent the market plummeting yet again, with a single idiotic tweet.
The Dow Jones Industrial Average dropped around two hundred points when it first opened today, and then hung in that range throughout the early morning. Then Donald Trump posted this tweet: “The United States Treasury has taken in MANY billions of dollars from the Tariffs we are charging China and other countries that have not treated us fairly. In the meantime we are doing well in various Trade Negotiations currently going on. At some point this had to be done!”
The trouble of course is that tariffs are not a tax on a foreign government or foreign citizens. Trump’s tariffs against Chinese goods are actually a tax levied on the American people and American corporations who buy those Chinese goods. This in no way helps the U.S. economy, as anyone who’s gotten as far as college level Economics 101 can attest. Unfortunately for Trump, he keeps demonstrating that even as he continues to implement tariffs, he doesn’t even know what a tariff is.
Eight minutes after Donald Trump posted his tweet, the Dow Jones took a huge tumble, and ended up down more than six hundred points for the day. Trump’s failed trade war is doing serious damage to the U.S. economy, and that alone has investors rattled. But whenever Trump opens his mouth and reveals that he doesn’t even understand the damage he’s doing, investors decide to pull out of the market even more sharply.
Bill Palmer is the publisher of the political news outlet Palmer Report