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749: Get Ready for an All-Out Trade War
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If you've been listening to this show for the past few months, yesterdays announcement did not come as a surprise.
Let's review the history...
- Trump decides to impose $50 Billion in tariffs as retaliation against Chinese intellectual property theft.
- China immediately responds with $50 Billion of new tariffs on US goods including soybeans and cars.
- Trump responds by asking for an additional 100 Billion in tariffs on Chinese goods.
So what's next? Well, you can expect China to respond in kind. America has no leverage. It's the reason none of the tariffs have gone into effect yet. China knows this. The question is, who's going to blink first?
If nobody blinks, we'll be looking at an all-out trade war, and both parties are doing a lot of saber-rattling.
***
Did you know there is a real person who was raised by wolves? I had no idea. I found the story interesting and since it's Friday I thought I'd share it with you.
Finally, The DJI is off almost 600 points as of this writing and Trump thinks all this pain will be good for us. Let's hope he's right.
Jason
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