In spite of the markets are record highs and the Chinese trade war having minimal if zero recognizable effects on the US economy, the media is running with “Trump is fucking shit up” headlines.
Enter Goldman Sachs, slashing growth and warning of, wait for it, RECESSION.
Goldman Sachs lowered its fourth-quarter growth forecast by 20 basis points to 1.8%, citing a larger than-expected impact of recent trade war events.
“The drivers of this modest change are that we now include an estimate of the sentiment and uncertainty effects and that ?nancial markets have responded notably to recent trade news,” said Goldman Sachs chief U.S. economist Jan Hatzius in a note to clients Sunday.
Goldman Sachs said it expects the new round of tariffs to go through in September and it no longer expects a trade deal before the 2020 election.
U.S. farmers lost their fourth largest customer this week after China officially cancelled all purchases of U.S. agricultural products, a retaliatory move following President Donald Trump’s pledge to slap 10% tariffs on $300 billion of Chinese imports.
China’s exit piles on to a devastating year for farmers, who’ve struggled through record flooding and droughts that destroyed crop yields, and trade war escalations that have lowered prices and profits this year.
“It’s really, really getting bad out here,” Bob Kuylen, a farmer of 35 years in North Dakota, told CNBC.
“There’s no incentive to keep farming, except that I’ve invested everything I have in farming, and it’s hard to walk away.”
And then you have the fucking farmers, the biggest recipients of government welfare, bitching and complaining about how fucked farming is for them. I’m sure these reporters are really hitting the hay bales in search of farmer angst — such an important demographic for this great nation.
What these farmers need to do, naturally, is shut the fuck up and grow less soy, in order to account for the trade war. Instead, they’ll keep growing at the same rate and then complain that China isn’t buying anymore — eventually settling for a government bailout for their unsold items.
What a fucking country!
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