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IMF Laments Highest US Tariffs In 100 Years
The IMF downgraded the US growth outlook on Tuesday.
I mention this not because anyone cares about
At least we’ve got a competent leader in charge of the DoD in case of actual war, right?
The fact that this economic clown show isn’t even the most embarrassing example of this administration’s bad decision-making says more than you ever could (although I hope you keep saying what needs to be said for many years to come).
American exceptionalism, indeed.
Tape just reacted positively to a Bessent quote saying China tariff ‘situation’ unsustainable. I suppose once you remove the chickens head, it flops around for half a minute before being ready to pluck and roast.
If you take a gander at the overnight futures chart, it highly suggests that Bessent’s message was made known to some people well in advance. As appeared likely on the 90 day postponement announcement. Or maybe they were just lucky!
This is exactly why I just hold. It isn’t fun to live through all the nonsense and volatility, but there is no way I could have timed the past 4 months.
Bessent: “The current trade war is unsustainable. We are not doing anything about it and have no plan to fix it.”
Markets: “Hurray!!!”
The Morrill Tariffs were first voted in the pre-Civil War with 92 Republican Senators in fvor – (Morill was from Vermont) This funded the north and screwed the South. Also built the grat Northern universities and got the whole Union gobernment behind it. Morrill was a political star.
It was signed by a Democratic President- Buchanan- because he was from PA and was in favor of protectionism. Vote in Senate was 25-14 pretty much along party lines. Republicans in house voted for it 89-2.
Sorry, I got my tariffs tangled – like Navarro, I guess!