Goldman Sachs has come out and said president Donald Trump’s tariffs have had a bigger impact on consumer prices than originally thought. Additionally, the bank has said what the rest of us already know: the tariffs are being paid entirely by United States businesses and consumers; not the Chinese government.
Four words from Donald Trump during his Panama City Beach rally on Wednesday night is all it took for the rug to be pulled from under markets: “China broke the deal” Trump said with Chinese Vice Premier Liu He on route to Washington for two days of talks, and then said another three to cement the sell-off: “They’ll be paying.”
The stock market plunged yesterday amid fears of a renewed and intense trade war with China. After months of the “calm before the storm,” United States equity markets dropped sharply on Tuesday as traders prepared for an escalation of the U.S.-China trade war complete with more tariffs (taxes on the American consumer).
The Trump Administration is looking into altering how it determines the national poverty level, which may put some Americans at risk of losing access to welfare programs, according to Bloomberg. The move might occur from changing how inflation is calculated in the “official poverty measure” according to a regulatory filing by White House Office of Management and Budget. That formula has been used for decades to try and determine where the poverty line is and what people qualify for social programs and federal benefits.
Berkshire Hathaway Vice Chairman Charlie Munger recently warned against the Federal Reserve’s unbridled money printing. The central bank is going to end up turning the United States into Venezuela with an exponential inflation rate if they continue to print money to cover the government’s excessive spending.
Robert Mueller’s 448-page “Investigation into Russian Interference in the 2016 Presidential Election” contains at least two major omissions which suggest that the special counsel and his entire team of world-class Democrat attorneys are either utterly incompetent or purposefully concealing major crimes committed against the Trump campaign and the American people.