MAGA is really MAPA – “Make America Poor(er) Again.”
Twenty-four hours after Trump recklessly dealt the final blow to the post-war rules-based system of global trade, the financial markets have rendered their judgment. These markets, remember, are forward-looking and are driven by people spending (or not spending) their own money. The Dow Jones Industrial Average lost in a single day – today – 4% and is 9% below its mid-February level, when Trump began ramping up his idiotic tariff talk. The NASDAQ today lost 6% and is 17% below its mid-February level. The S&P 500 today lost almost 5% and is today 12% below its mid-February level.
Nice job, Tariff Man.
