President Donald Trump's trade war risks damaging the economy, as well as his own re-election chances, according to Strategas.
and risks damaging the global economy, as well as his own re-election chances, according to Strategas head of policy research Daniel Clifton.Stocks posted their worst day of the year after China retaliated to Trump's 10% tariffs on another $300 billion in Chinese goods. The battle continued into Monday evening with the, just months after it had said China's handling of its currency was not in violation of the law.
The action was in response to the retaliatory moves in the yuan, which fell below the key 7 to the dollar level Monday"Forward looking inflation indicators are suggesting a very meaningful slowdown in economic growth," Clifton said, adding Trump has been counting on voters seeing the promise of a better economy for all Americans.
"Without a better economy, it's hard to see how he wins re-election. I'm not sure a muddle through works. He needs better," said Clifton.is still up 13.5% year-to-date, after losing 3% Monday and 3% last week. Stock investors have counted on the so-called Trump put to rescue the market from past swoons, meaning Trump would take action before it fell too far.
"While the world waits for a Trump put, you're really going to wait for the next data point from the Federal Reserve. It's going to be the Powell put that comes into affect," said Clifton. Fed Chairman Jerome Powell was criticized by Trump last week for not cutting rates deep enough and markets took his press briefing as hawkish, following the Fed's first rate cut in more than a decade.
"He's digging in," Clifton said of Trump. "He's digging in against the advice of all of his advisors."
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