This week in Trumponomics: Economic malpractice [Yahoo! Finance Canada]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance Canada
If a policymaker, by the same measure, destroys value, endangers livelihoods, and lowers living standards, it's economic malpractice. President Trump is committing economic malpractice, and he seems to be the only one who doesn't know it. Trump perpetrated an epic blunder on April 2, which he macabrely called “Liberation Day,” by announcing the most sweeping set of import taxes since Herbert Hoover signed the Smoot-Hawley Tariff Act into law in 1930. Smoot-Hawley helped make the Great Depression “great” by choking off trade and shrinking the world economy. Trump's tariffs will have a similar effect. Investors get it, which is why the S&P 500 stock index ( ^GSPC ) plunged by a dizzying 9% in just two days following Trump's tariff unveilings. Businesses and investors are now preparing for a sad new world of lower profits, higher inflation, rising unemployment, and worse. In the 10 weeks since Trump has been in office, the economy has lurched from a “soft landing” and record-high sto
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