This is all just a veiled scheme against millennials. Early going, here are some of the losers in the Mexica-American trade war. Guacamole comes to mind — and cheaply made American cars in Mexico. Sounds like twisted irony.
Via Briefing.com
If you enjoy the content at iBankCoin, please follow us on TwitterThe White House said a 5% tariff starting June 10 will rise incrementally to 25% by October 1 unless there is progress on the immigration crisis.
Stocks are tumbling to an eleven-month low as the market prices in these unexpected tariffs with our Southern neighbor that mixes domestic/immigration policy with economic/trade policy. The White House has become increasingly unpredictable. These tariffs also add uncertainty to the USMCA trade pact that would replace NAFTA, which the White House hopes will be approved by Congress this Summer.
Equity futures gapping down premarket: Nasdaq 100 (QQQ) -1.4%, Russell 2000 (IWM) -1.3%, S&P 500 (SPY) -1.1% DJIA (DIA) -1.1%… led by Consumer Discretionary (XLY) -2%, and Industrials (XLI) -1.9%
Auto stocks (CARZ) with already low margins that import vehicles across the US-Mexican border are being hit the hardest:
FCAU -5.30% GM -5.08% NSANY -4.74% F -3.70% RACE -2.45% TSLA -2.26% DDAIF -2.09% HMC -1.95% TM -1.54%
Auto suppliers:DLPH -8.5% LEA -5.34% BWA -4.45% TEN -3.63% AXL -3.47% ALV -3.25% DAN -3.25% APTV -2.65% MTOR -0.86%
Other Mexican importers:STZ -6.3%, CVGW -2.3%, CMG -1.5%
I expect that Trump will walk this back very soon …like this morning. Industry can’t plan with this level of wild man tariff tweeting and moneyed interest will deal with him.
He will certainly not walk this back this morning
Moneyed interest has been trying to deal with him since before Day 1. Russia-gate and impeachment on the brain ring any bells?
You can count on the Orange Oaf to mishandle everything he touches.
Venezuela, Iran, China, the new NAFTA replacement, N Korea, ALL tariff BS, every so-called negotiation (he screws them ALL up!), Japan,
infrastructure.
The money-laundering clown is a total ignoramus.
Yes, things went swimmingly under our past presidents. The U S of A is a shithole but that’s not because of Trump.
Look at the distribution of income over the decades.
Reagan started the systematic destruction of the middle class. Neo-liberals like Clinton accelrated the process, and now. The rich got richer through deficit spending, and now that the tab is near due, the Republicans doubled down on the upward wealth transfer.
It never stops, either. IRA reform passed on bipartisan basis.
They increased the age at which you must take disbursements. Considering that the vast majority of Americans don’t have enogh retirement savings to live on, this is just another tax boon for upper-class. Thanks, Nancy.
Now instead of paying taxes on their cap gains, the rich can hold them and then give them to their kids and grands kids, at which time the cost basis will reset and taxes owed will be zero even if they sell. Thanks, Mitch.
Hard to believe, but Peter Navarro is ALMOST as stupid as Trump.
triggered, again
No. This is a transparent scheme to divert attention and news cycle away from another matter.
hopefully the market bottoms on a Friday. Grabbed some ACB, CRON and VZ at the open. If not I have quite a few lower limit buys that I did not catch. XOM near 70 would be interesting. And XLE is 2 weeks from its ex but will wait for a bit more of a bargain.
and hoping INTC drops some more it seems really cheap not withstanding the China mess.
Can we bottom on Friday, I mean it’s really kind of Thursday anyway.