President Trump is in the midst of a public meltdown that is humiliating, scary, and banana republic–y even by Trumpy standards. jonathanchait writes
Photo: Saul Loeb/AFP/Getty Images President Trump is in the midst of a public meltdown that is humiliating, scary, and banana republic–y even by Trumpy standards. The reason is that Trump started a trade war and China refuses to back down, having announced this morning that it is imposing retaliatory tariffs on $75 billion worth of U.S. goods.
China is playing it differently. Trump is pressuring China with tariff threats, on the theory that China, which is more export-dependent than the U.S., has more to lose from a trade war. China, apparently, calculates that it is Trump who has more to lose from a trade war, since he is facing reelection next year and Chinese president Xi Jinping is facing reelection … never. What’s more, China has little incentive to cough up permanent concessions in its trade relations with the U.S.
Trump wants Powell to aggressively, quickly, and smoothly reduce interest rates to mitigate the economic harm Trump is inflicting on the economy. As Powell has pointed out, this is hard.
He added a “hereby” to the order, giving it the ring of a presidential decree. Trump does not actually have the power to unilaterally order private firms to redesign their global business models at the drop of a hat just because he is mad online.
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