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Trump’s Trade War Stalls Bull Market: Will it Get Worse?

“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists of tracing the consequences of that policy not merely for one group but for all groups.” — Henry Hazlitt, “Economics in One Lesson”

Too bad President Trump has apparently not read Henry Hazlitt’s classic book, “Economics in One Lesson,” especially chapter 11 on “Who’s Protected from Tariffs?” Read it here: https://mises.org/wire/who%E2%80%99s-protected-tariffs.

The President has doubled down on his threat to impose tariffs (taxes) on steel, aluminum, solar panels and washing machines. Who knows what’s next?

His chief economic advisor Gary Cohn has left the White House because he lost the battle over tariffs. President Trump was successful in pushing through the business tax cuts, but Cohn didn’t want to be tainted by protectionist policies that could cause a bear market on Wall Street and an economic slowdown. Who can blame him?

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Source: Human Events

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