In the wake of media reports that China imported exactly zero U.S. soybeans in November (down from 4.7 million tons in November 2017) because of Donald Trump’s regrettable trade war — and following yesterday’s Trump-induced stock market plunge — Asian stocks took a tumble today.
Seems Trump’s Christmas gift to the world was actually a regift. His Christmas Eve stock market massacre, which got a big assist from Steve Mental Munchkin, has now spread to Asia.
Japanese stocks plunged Tuesday and other Asian markets declined following heavy Wall Street losses triggered by President Donald Trump’s criticism of the U.S. central bank.
The Nikkei 225 fell by an unusually wide margin of 5 percent to 19,155.14. The Shanghai Composite Index ended off 0.9 percent at 2,504.82 after being down as much as 2.3 percent at midday. Benchmarks in Thailand and Taiwan also declined.
Trump’s Monday morning tweet heightened fears about the economy being destabilized by a president who wants control over the Fed. Its board members are nominated by the president but make decisions independently of the White House. The board’s chairman, Jerome Powell, was nominated by Trump last year.
You might think, with Trump in the White House, that our country could seamlessly convert to an entirely porn-star-payoff-based economy, but no. I’ve crunched the numbers, and at best that could account for 5 percent of GDP. We also need reasonably trade policies, it turns out — and, ideally, a president who spends more time reading his economic briefings than the backs of Fiddle Faddle boxes.
But it looks like we won’t get any of that for quite some time, so buckle in.
Merry Christmas. And God bless (and save) us, everyone.
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