There are several narratives one can build against the Trump tariffs. Today’s massive stock market drop was a tailor-perfect moment for some grandstanding by Democrats to put them all into the American psyche. They have not so far.
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The Trump tariffs present a perfect opportunity for Democrats to seize the moment. As I watched MSNBC, CNN, and Fox, I knew they would be chasing every microphone so they could get to speak the American farmer, the American consumer, the middle-class who get hit the hardest by tariffs.’
There are so many points that Democrats should be using right now with regards to tariffs that while unlikely to change Trump’s policies, would lay the groundwork to build on. Trump tariffs create points of discussions on the deficit, taxes, lying to his base, economic pain of the masses, and much more. Yet, Democrats are just leaving it up to pundits, journalist, and others to make a less than perfect narrative.
- Hungarian Prime Minister Viktor Orban visits the White House on Monday, his first formal meeting with a U.S. president in more than 20 years. He is an autocrat and had an interesting statement on Christians and immigration.
- Donald Trump’s interview on tariffs takes the narrative away.
CNBC: China’s ‘self-destructive nuclear option’ in trade war: Selling US Treasury bonds – Consider it China’s nuclear option in the trade war with the U.S. — the ability to start dumping its massive pile of Treasury bonds that could trigger a surge in interest rates and substantially damage the American economy. As the two sides engage in a tit-for-tat tariff exchange, the possibility that China might raise the stakes and stop being the world’s biggest consumer of U.S. debt again reared its imposing head Monday. China currently owns $1.13 trillion in Treasurys, a fraction of the total $22 trillion in U.S. debt outstanding but 17.7% of the various securities held by foreign governments, according to data from the Treasury and the Securities Industry and Financial Markets Association. Should the Chinese decide to walk away or reduce their role in the market, that at least in theory could creates a substantial dislocation for a country like the U.S. that relies so much on sovereign entities to buy its paper. At least for the moment, markets aren’t that worried that China could take such a seemingly drastic step, in large part because the move might not have much upside except to create headlines. “It’s a self-destructive nuclear option,” said Robert Tipp, chief investment strategist and head of global bonds for PGIM Fixed Income. “Maybe it helps them as a bargaining chip, but it’s endangering the value of something they’re deeply involved in.”
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