'Cue The Meltdown': Wall Street Journal Exposes Trump's 'Biggest' Mistake In Decades
HuffPost
The newspaper said this move by the president is causing the markets to sink and confidence to plunge.
The Wall Street Journal is calling out President Donald Trump’s threat to fire Federal Reserve Chairman Jerome Powell for refusing to cut interest rates as Trump has repeatedly demanded.
The newspaper’s editorial board said that the problem isn’t interest rates. It’s Trump’s on-again, off-again tariffs — a recipe for higher inflation and slower growth that has caused markets to plunge and investors to worry.
The editorial board wrote:
“Mr. Trump thinks he can bully everyone into submission, but he can’t bully Adam Smith, who deals in reality. Markets know tariffs are taxes, and taxes are anti-growth. The Trump tariffs are the biggest economic policy mistake in decades, and extending the 2017 tax reform and deregulation may not compensate for all the damage.”
The scathing editorial comes after the White House said on Friday it was looking for ways to remove Powell, and Trump on Monday repeated his demand that Powell cut interest rates.
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