Back at the beginning of March, the president famously tweeted:
“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”
- President Donald Trump
You probably don’t remember what the exact reaction to that was, but you can probably guess it involved hoots of derisive laughter. After all, the idea of the president of the United States upsetting the world apple cart by supposedly starting a trade war with China and our biggest trade partners and closest allies was the height of lunacy.
Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Friday the 17th of June.
I guess the most common expression I'm hearing is "kick the can down the road.". It would seem as though politicians the world over are pretty much the same. None of them wants to face the truth that there is no more money. So what do they do they, "kick the can down the road."
And once again the taxpayers have to come up with the money. Lending more money to Greece is the height of insanity in my opinion simply because how can they possibly pay back the first tranches of money that was already lent to them? But that's what's happened today; Merkle and Sarkozy made concessions and basically declared that "happy days are here again," but are they really? I was talking to a good friend of mine this morning who is one of the smartest people I know and I asked him point-blank, what do you think of the global and US economy? Here is what he said to me, "It is a time to be cautious and guarded." Those were his exact words. I'll let you think about that.
So okay enough of what my smart friends think, let's look and see what the market thinks about everything.