Dow Drops More Than 600 Points After Trump’s Bizarre China Twitter Rant

Carlos Barria/Reuters

President Trump began his Friday morning with a bizarre series of tweets in which he wrote that “our great American companies are hereby ordered to immediately start looking for an alternative to China.”

Of course, the president has no authority to tell private American companies not to do work with China.

This isn’t the first time that Trump has flirted with a trade war with China, but his Friday morning tweets sent the stock market into a free-fall. Almost immediately, the Dow fell hundreds of points and didn’t trend up for the rest of the day.

 

In a later set of tweets, Trump ordered American companies to search for fentanyl in packages coming from China. He also boasted about the state of the U.S. economy, writing “our economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!”

After the stocks began to tank, President Trump noted the fall and speculated instead that the reason for the drop was because Democrat Seth Moulton dropped out of the 2020 presidential race. Trump’s Friday morning tweets were set off by a series of newly announced tariffs totaling $75 million that the Chinese will set on certain American goods.

China’s move was not unprovoked — the United States previously announced that they were implementing about $300 billion worth of tariffs on Chinese products. The tariffs seem to be part of the president’s attempt to force American companies to move their production back to the United States.

The president has repeatedly taken credit for rises in the stock market, but he never seems to be willing to say that he might be the one responsible when it goes into a nose-dive. As the market climbed in January of 2018, the president never went more than two days without reminding people that it was going up, according to a Politico report.

What do you think?

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Screwtape
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I’d like someone to explain how this differs from BDS. Really. Both are unenforceable, though BDS is based on anti-Semitism and promoted on college campuses.

Michael
Member

There is a crazy person in the Oval Office.

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