This past week president Donald Trump announced he would be putting tariffs on steel and aluminum goods coming from Canada, Mexico and the EU. The 25% and 10% reciprocal tax as the president calls it, is way overdue. The president has repeatedly said the US has been taken advantage of for years and he is just cleaning up the problems of previous administrations. —
This week, the president has met with world leaders at the G-7 summit and has received major backlash from its foreign allies. Trump as usual has stood his ground and has not backed down and is putting America first.
Grinkorn agrees with the president’s policy's saying "it has to be fair trade for both parties and the US can't be a one way swinging door". Grinkorn continues by saying politics is never black and white but if in fact the US has been getting the short end of the stick for so many years, it's truly a unfair and like the presidents running motto. Make American Great Again, this will be a big step in that direction.
Last month president Trump imposed the same tariffs on china but later this week we will see how far along China and the US can get along and come to an agreement on trade.
Grinkorn adds no one wants a trade war, it doesn't help anyone especially a strong US stock market but "the Markets could be collateral damage". Trumps policy decisions have been overall very successful with Americans and that’s what he ran on and that's why he won the presidency.
Grinkorn concludes by saying the stock market is running on cruise control to all-time highs and the next several weeks is crucial in determining if we have a big correction due to trade. That coupled with the president’s historical peace summit in Singapore with North Korean leader Kim Jong Un and later with China's president Xi Jinping things could sharply take a turn for better or worse in the near future.
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Release ID: 369703