Helluva way to kick off your European vacation.
Just hours after he arrived in Brussels for the NATO meeting, The White House announced that President Trump was upping the trade sanctions against China.
According to Bloomberg News…
President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.
The list could be released as soon as Tuesday, and likely this week, according to the people, who spoke on condition of anonymity because the matter isn’t public. The publication of the list starts a weeks-long process that includes a public-comment period and hearings.
Stock futures fell and yields on 10-year Treasuries declined on concern of a widening trade war.
This has been in the rumor mill since late spring and the stock market has been mostly forgiving of the first volleys in this budding trade war between the worlds two largest economies.
Hopefully, the President does have an end game here. Taking on China is one thing. Taking on every country we have a trade deficit with — some of which we are really close with — might be biting off more than we can chew.
Let’s see what happens.