After making some wild boasts during the G-20 Summit in Argentina about the success of his talks with China, Trump was forced to backtrack and confess that no actual deal had been made. The consequences for the U.S. economy have been striking.
According to CNBC, Trump’s premature bragging had a destabilizing effect on an already shaky world market.
‘Stocks fell sharply on Tuesday in the biggest decline since the October rout as investors worried about a bond-market phenomenon signaling a possible economic slowdown. Lingering worries around U.S.-China trade also added to jitters on Wall Street.
‘The Dow Jones Industrial Average fell 799.36 points, or 3.1 percent, to close at 25,027.07 and posted its worst day since Oct. 10. At its low of the day, the Dow had fallen more than 800 points.
‘The S&P 500 declined 3.2 percent to close at 2,700.06. The benchmark fell below its 200-day moving average, which triggered more selling from algorithmic funds. Financials were the worst performers in the S&P 500, plunging 4.4 percent. Utilities was the only positive sector in the S&P 500, rising 0.16 percent.’
The man who says he wrote (he didn’t) The Art of the Deal has compromised the U.S. economy by either not understanding that the deal was not complete or by ignoring reality and lying to make himself look good. Now, the word “recession” is being discussed once again for the first time since 2008. Should the economy tank, Trump will lose his base.
Twitter reminded Trump of all of these points and more. Read some of their comments below:
Featured image via Flickr by Gage Skidmore under a Creative Commons license
