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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump's latest moves aren't exactly a winning economic -- or reelection -- strategy
https://www.cnn.com/2020/06/24/business/recession-tariffs-europe-immigration-trump/index.html
New York (CNN Business)President Donald Trump's latest economic policies are the opposite of the emergency aid that Corporate America and Wall Street are clamoring for.
Trump may be calculating that tougher stances on immigration and trade could score him points in November. But they could backfire by making it harder for the economy to recover from this historic recession.
Trump is suddenly ramping up trade fights with two of the nation's biggest trading partners -- threatening to slap tariffs on goods like chocolate and butter from Europe, and reportedly pushing to reimpose tariffs on aluminum imports from Canada. Meanwhile, Trump this week also extended immigration restrictions, which could make it harder for businesses to find the skilled foreign workers they rely on.
All of this is happening during a drumbeat of bad coronavirus news, as infections surge in several areas.
The Dow plummeted 800 points, or 3%, on Wednesday on concerns about the European tariff threat and the pandemic.
"This is exactly the wrong move at the wrong time. We're inching toward the same mistakes we made during the Great Depression," said Joe Brusuelas, chief economist at RSM International.
Economists agree the Great Depression was worsened by tariff policies -- namely, the Smoot-Hawley Act of 1930, which imposed tariffs on all countries that shipped products to America. Trading partners promptly retaliated by slapping tariffs on US goods.
New York (CNN Business)President Donald Trump's latest economic policies are the opposite of the emergency aid that Corporate America and Wall Street are clamoring for.
Trump may be calculating that tougher stances on immigration and trade could score him points in November. But they could backfire by making it harder for the economy to recover from this historic recession.
Trump is suddenly ramping up trade fights with two of the nation's biggest trading partners -- threatening to slap tariffs on goods like chocolate and butter from Europe, and reportedly pushing to reimpose tariffs on aluminum imports from Canada. Meanwhile, Trump this week also extended immigration restrictions, which could make it harder for businesses to find the skilled foreign workers they rely on.
All of this is happening during a drumbeat of bad coronavirus news, as infections surge in several areas.
The Dow plummeted 800 points, or 3%, on Wednesday on concerns about the European tariff threat and the pandemic.
"This is exactly the wrong move at the wrong time. We're inching toward the same mistakes we made during the Great Depression," said Joe Brusuelas, chief economist at RSM International.
Economists agree the Great Depression was worsened by tariff policies -- namely, the Smoot-Hawley Act of 1930, which imposed tariffs on all countries that shipped products to America. Trading partners promptly retaliated by slapping tariffs on US goods.
Sick of winning
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Trump's latest moves aren't exactly a winning economic -- or reelection -- strategy (Original Post)
IronLionZion
Jun 2020
OP
bronxiteforever
(9,287 posts)1. Kick and recommend.
fleur-de-lisa
(14,615 posts)2. Maybe Putin is cutting his losses at this point.
He may realize that there isn't enough cheating Russia can do to keep Dumpus in office since he's polling so badly, so Putin is just telling Dump to do the most outrageous stuff just to further weaken the United States.
Nothing else makes sense.
lagomorph777
(30,613 posts)3. If Wall Street breaks with him, he's toast.
ProfessorGAC
(64,413 posts)4. Economists Agree...
...that Smoot-Hawley worsened the Depression? That's pretty tame.
It is generally considered the worst economic legislation in history.
And PINO is on the same path!
What a buffoon!
Karadeniz
(22,267 posts)5. Sicko.