Since Trump was elected he has consistently taken credit for every positive trading session in the stock market. He also claimed that if Hillary Clinton had been elected as president:
“Stocks would be down 50%.”
Over recent months there have been numerous occasions where the stock market has deteriorated, these can mostly be drawn back to Trump’s trade war with China. Trump’s consistent insistence that applying tariffs to goods that Americans pay for is a positive thing. Trump desperation to get back some degree of positivity into the market reached a new low recently, when he claimed that he had struck an “incredible” deal with Beijing.
Once it became clear that there was no substance to Trump’s claim, stocks dropped dangerously, with the Dow ending the week down having wiped out its yearly gains.
JPMorgan described Trump’s claims as:
“If not completely fabricated then grossly exaggerated with reality.”
Instead of realizing his own actions and claims had caused the volatility, Trump remains convinced that it is the product of the Federal Reserve’s plan to raise the benchmark interest rate.
Experts say that the Fed is doing “exactly what it should be doing, which is to prevent overheating and boom-bust type conditions in the future.
American companies that import products are paying record amounts in customs duties as more tariffs imposed by the Trump administration take effect.
amount of tariffs being paid by U.S. importers has doubled since May, including
an increase of more than 30 percent from August to October