Dow Drops BIGLY After ‘Great Deal-Maker’ Announces New Steel Tariffs

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To hear Donald Trump tell it, he’s the greatest businessman and deal-maker on the face of the planet. He even said it’s what would make him successful as president.

But as we’ve learned since Donnie Dollhands took office, he’s a terrible businessman. He’s not just bad at it, he’s downright incompetent.

On Thursday, Trump had a meeting at the White House on the issue of steel and aluminum tariffs he plans to formally implement next week, the Donald was in rare form, going on an extended rant that began with this:

“The big aluminum companies in the united States… have been very unfairly treated by bad policy, by bad trade deals by other countries. They have been horribly treated by other countries. And they have not been properly represented. More importantly, because of that, our workers and our country have not been properly represented. So we are going to build our steel industry back. And we’re going to build our aluminum industry back.”

But he was far from finished:

“When it comes to a time when our country can’t make aluminum and steel and somebody said it before and I will tell you, you almost don’t have much of a country. Because without steel and aluminum, your country is not the same. We need it. We need it even for defense. If you think. We need it for defense. We need great steel makers. Great aluminum makers for defense.”

Seconds after Trump disclosed that imported steel would face a new tariff of 25 percent and aluminum a 10 percent one, the stock market began to tank. As of 2:06 p.m, the Dow Jones had already lost over 500 points; two percent of its total value.

Great deal-maker? Yeah, right. This guy is going to wind up starting a global trade war that will likely plunge the world into a recession. Tariffs are one of the factors that led to the Great Depression. But Trump, who has probably never read a history book in his life, doesn’t know that. And even if he had read one, he’d think the lessons of history don’t apply to him.

A week ago, a top hedge fund manager said he thinks there’s a 70 percent chance the United States will see a recession before 2020. If that happens, Trump is electoral toast.

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Featured image via screen capture