Nonstop Trade Lies: Markets Not Exactly Pleased With Trump's Tariff Man Act


The markets have taken back Friday's lie from Mnuchin that trade talks were going well. The lies from Trump continue.

On Friday, Treasury Secretary Steven Mnuchin halted a market selloff with a single word, "constructive". That lie was exposed over the weekend. The trade talks with China are not constructive.

Trade Lie of the Day Today

Trade Lie of the Day Sunday

We are definitely not where we want to be. Trump wanted a trade deal did he not? Did he get one?

Trade Lie of the Day Saturday

The US does not collect tariffs. They are a tax on consumers and businesses.

Note that Trump's economic adviser, Larry Kudlow Admits the Obvious: Trump is Wrong.

Lies of the Day Friday

Joke of the Day

Trump takes credit for performance of the Boston Red Sox.

Peter Schiff Rebuttal of Trump's Position on Trade

I agree with Schiff on every point above.


Trump claimed there would be "money left over"after feeding the world's poor to fund other needs.

“With the over 100 Billion Dollars in Tariffs that we take in we will buy agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance. ... Our Farmers will do better, faster, and starving nations can now be helped. ... If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else.”

That's the biggest lie of all. Effectively, Trump is in favor of a tax on US consumers to protect his political base in the agricultural states from his unwinnable trade war.

Note that Wisconsin Dairy Farmers Going Bankrupt in Record Numbers, Blame Trump Tariffs.

Beaten Badly?

Logic would dictate that you can only be beaten badly in a trade deal if the deal is closed.


Placing demands the other side will never agree with is not beating them badly.

Such foolishness by Trump is why he has not closed a single deal.

In Trump's perverse world there is a winner and a loser in every deal. In practice, both sides have to believe they gain, or they do not make a deal.

Stop the Damn Lies

Trump's trade lies prompted me to pen on Friday Dear President Trump: Stop the Damn Trade Lies.

The lies continue nonstop. More are certain to come.

In regards to Peter Schiff's GDP rebuttal, I said the same things in Explaining the First-Quarter GDP 3.2% Surprise.

Mike "Mish" Shedlock

Comments (30)
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to say the markets aren't pleased is an understatement. they're throwing a kanipshin



"By the way if China doesn't show up at the next treasury auction bad things will happen. They already devalued their currency in advance. "

Disagree with that. Treasuries will do very well in a recession


Excellent. I’m buying a little bit today since markets are on sale. I hoping for an overall 10-20% correction in the next week or so.


The fed is going to cut rates any day now. This is a whole choreographed act to get the fed to lower rates so the economy keeps growing at 3% and we have 3% or less unemployment going into the 2020 election. Of course the media (and most millennials are more focused on the 'outrage' of the week, you know someone connected to trump that displayed 'racist' behavior and of course the 'Russians' who according to Wbz news radio in Boston 'meddled' in the 2016 election


B$500 rip off.

Come on, it's not like we're sending them $B500 worth of stuff and we're getting nothing back but worthless promises... O wait, that is what we're doing, except we're sending them the worthless IOU's.


Please let me know what ESSENTIAL items Americans are buying from China that they can't live without, or can't wait 6 months to get elsewhere.



"Please let me know what ESSENTIAL items Americans are buying from China that they can't live without, or can't wait 6 months to get elsewhere."

Why does it matter? If we get them from Vietnam or Korea, the trade deficit just moves.

More tariffs? OK, US consumers pay more. Paying more for less is not a good thing.

Meanwhile, China response (also hurting their consumers), is killing US farmers.