The trumpet man announced new tariffs on China to become effective September 1 and the chain reaction started. China hit back by cancelling its purchase of American farmer's products that it previously committed to buy, devalued its currency and sent shock waves through the stock market with an 800 point drop. Trump's advisers made it be known to him now was not the time to raise more tariffs with the holiday season looming and China's power to devalue their currency and the weak world wide economic situation.
So after all of Trump's threats to China the President caved once again and postponed the tariffs until later in the year and then once again was trying to set up another meeting with China's leader Xi Jinping to discuss the trade war Trump himself started. It is the second time Trump went begging for another meeting with Xi and was a reminder how foolish Trump was when he said America holds the best hand on his trade war. The other and more obvious problem is Trump has no trade policy or plans, just his ego driven self rule. His close advisors do not even know what he will do next because a strategy is lacking. That is why China is winning the trade war. The trumpet man lit the match and only one thing is certain, China has already won.
The economy is on the edge because of Trump's lack of planning and foolish decisions. And when the stock market dropped 800 points this past week he played the blame game again and blamed it on the policies of the Federal Reserve Chairman, Jerome Powell whom Trump appointed to the position and at the time said what a great job Powell would do for the Federal Reserve. The buck never stops with the trumpet man and a record number of people he appointed have left the administration.
And now there are reports that people in the administration say Trump is so aware of a possible recession, he does not even want to hear the word mentioned with his re-election campaign in full swing. How much more can the country take of this President's mental decline?
This commentary written by Joe Lorio
