The president dripped political snake oil all over the crowd in North Carolina. Trump told his loyal followers China’s economy is in the toilet thanks to his tariffs than America. The Trumpster tried to skip over the fact his new tariff smackdown will cost American consumers $2,000 a year in 2020. But if Trump follows through and lays another tariff smackdown on China in December, consumers will have more than $3,500 taken out of their pocket by the slickest conman in history, according to the New York Times.
Mr. Trump’s tariffs hurt China. But China’s Gross Domestic Product growth will still be 6.2 percent this year. The projected U.S. growth at the end of December will be less than two percent. That’s one reason Trump is so bent-out-of-shape with Jay Powell. Trump knows the economy is on its way to the nearest economic stimulus provider. And he thinks that provider is interest rate cuts, according to the Washington Post.
Trump wants a 100 basis point rate cut, but some reserve board members don’t think a 25 basis point cut is the way to go. Those bankers think consumer confidence and spending will take a dose dive in 2020 despite rate cuts. Trump’s tariff war has consumers scared. And the consumer sector is the only sector of the economy producing positive growth, according to MarketWatch.
The Chinese offered Mr. Trump a deal when Liu He called Mnuchin and Lighthizer. Mr. He wants to set up a meeting in October, and He said China will put American farmers back on their vendor list. But Trump has to let up on Huawei and forget about the December tariffs.
But the Trumpster didn’t answer that offer yet. He’s too busy playing the “Hippy Dippy Weatherman” and bashing John Legend and Chrissy Teigen. Chrissy didn’t appear on Lester Holt’s new “Justice for All” series with John, but she did give Legend a thumbs up when they donated more than $200,000 to a group that wants to dethrone Trump.
But the big news coming off out of China is Jack Ma’s retirement. Jack brought China to the e-commerce party in a big way when he started Alibaba with 18 other guys. Alibaba opened the capitalistic Internet doors for the Chinese. Ma mirrored American companies like Amazon, and he developed a hungry consumer market that continues to fuel China’s strong economy.