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Stocks rebound as US Treasury Secretary says China trade war is unsustainable (1 Viewer)

multivita-man

multivita-man

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So....


New YorkCNN — Treasury Secretary Scott Bessent told investors Tuesday that the US-China trade war is unsustainable
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Translation: We started a war we can't finish on our terms (like we bragged we could).

and he expects the battle to de-escalate, a person familiar with the matter confirmed to CNN, giving a boost to a Wall Street rally that had taken shape this morning.
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He expects Trump to fold like a picnic chair erm, both sides to seek a face-saving way out of this mess.
 
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Just read an article with Trump himself walking back his China tariffs, and walking back his criticism of Powell. Seems like Trump is finally waking up to the economic destruction that he has created, and now he is denying stuff he himself said just days earlier (again).

The good news is that maybe we will see some sanity return to our economic future. I wonder how many of Trumps wealthy buddies had to get on his case before he finally realised what a disaster his own economic master plan is causing? So with Trump doing the big 'blink first' on China tariffs, and DOGE being abandoned by Musk as the political damage started to reach serious levels (for SFA gains), are we maybe on the cusp of seeing some wider sense of sanity? Will we maybe next see Trump 'blink' on a lot of the legally questionable immigration actions he has created and condoned?
 
Ishm said:
Just read an article with Trump himself walking back his China tariffs, and walking back his criticism of Powell. Seems like Trump is finally waking up to the economic destruction that he has created,
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No, please don't say this, because it's not true. Trump does not - and never will - know how international markets actually work. He doesn't know how the economy works. Worse than that, he doesn't have the curiosity or the cognitive stamina to actually learn, to have people explain it to him. People he knows and trust have to basically encircle him and tell them that if he doesn't reverse course soon he's going to be the most unpopular man in the country. That is almost certainly how they put it to him because he doesn't understand anything else.

Americans are going to have four very long years to learn that just because someone or even an entire cabinet is good at raising cash doesn't mean they know a single solitary thing about how economies or markets function. I think maybe the only person in the White House who has even an inkling is, fortunately for us, Scott Bessent. And I have to wonder why he's been so silent for this long when he apparently knew this was the most likely outcome all along.

Ishm said:
The good news is that maybe we will see some sanity return to our economic future.
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Until he does something else that's just as dumb and impulsive, if not dumber and more impulsive. He still believes he can raise enough tariffs to replace the entire federal income tax. That's how utterly ****ing stupid this guy is, and he doesn't have anyone around him to tell him he's wrong. It's only when markets threaten to reach contagion levels that people begin to shriek loud enough that he'll listen.
 
multivita-man said:
So....




Translation: We started a war we can't finish on our terms (like we bragged we could).



He expects Trump to fold like a picnic chair erm, both sides to seek a face-saving way out of this mess.
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So far Bessent has been the only voice of reason on Trump's economic team. Lutnick has been shockingly bad at his job...he seems to just be freelancing or brown-nosing. I hope Bessent wins the power struggle against Navarro's protectionism and whatever the hell Lutnick is doing.
 
Gatsby said:
So far Bessent has been the only voice of reason on Trump's economic team.
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Voice of panic. Not sure if that's the voice of reason. Bessent had every opportunity to side with Musk and call the tariff 'strategy' what it is, which is sheer buffoonery. The Trump administration -- and hence the United States -- will not walk away from this unscathed as though this was somehow just a bad dream that we will awaken from. The entire world has lost a massive amount of confidence in the United States. Not just this administration, but in our systemic ability to turn out good leadership and do something to intervene in case of bad leadership. We can turn on Fox News and turn up the volume to 50 so that we hear nothing else around us, but the rest of the world couldn't care any less. We're gonna be on the receiving end of some global **** your feelings.
 
Mycroft said:
Wall Street is so easily manipulated.

They got scared and things went to shit. All Bessent had to do was make an ambiguous statement...and everything's fine.
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Awww, you gonna cry now?

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Value of stock market losses? $5 trillion.

Mycroft tears? Priceless! 🤣🤣🤣🤣🤣
 
poweRob said:
Trump will DEFINITELY pull the GW Bush move by making a big scene with a "MISSION ACCOMPLISHED!"... then cave.
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The writing was on the wall almost from day one. If MAGA Jesus had all these trading partners calling him in a hurry to make deals like he said, we would have actually heard something similar coming from diplomats of other countries. We didn't hear a peep. Turns out some important elections are coming up (Canada and Australia) and they're not about to cave in to US bullying before those are resolved. Not to mention Japan, Germany, the UK, and France all have held elections fairly recently and new governments are trying to cut their teeth in a fast-changing global political environment.
 
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