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The Institute for Supply Management (ISM) gauges the strength of U.S. manufacturing, and it just revealed some troubling numbers from last month.
Manufacturing is at its lowest since the Great Recession. Export orders have plummeted as a result of President Donald Trump's trade war with China, with ISM's manufacturing index showing a drop to 47.8%. Experts predicted new growth at 50.2% (any number above 50% indicates growth) only to be met with the sixth straight month of decline and the second straight month of outright reduction.
President Donald Trump recently attended the G7 Summit with the leaders of the seven richest democracies: Britain, Canada, France, Germany, Italy, Japan and the United States. Trump's multiple trade wars were a topic of conversation, especially the trade war Trump began with China.
But the President had good news to share with the press at the G7. He told reporters:
President Donald Trump's trade war with China, already costing American taxpayers $3 billion per month, may rack up an even bigger bill if Trump decides to levy tariffs on all $500+ billion worth of Chinese imports.
Politico reported on Tuesday that several independent studies estimate that additional tariffs would result in a tax increase for American consumers. And not we are not talking chump change here.
President Donald Trump said Monday that American farmers will be the biggest beneficiaries of his escalating trade war with China, but his plan to keep farms afloat makes no sense.
During an Oval Office meeting with Hungarian Prime Minister Viktor Orbán, Trump continued to mischaracterize who is actually paying the substantial tariffs he has imposed on Chinese imports.
Last week, President Donald Trump again claimed that China is footing the bill for the tariffs his administration has imposed on imported goods after the most recent round of trade talks collapsed.
"Talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S...."
Trump Just Destroyed a Historic Level of Global Market Confidence and It Only Took Two Tweets
Global trading markets were thrown into a tizzy on Monday after President Donald Trump threatened to levy additional tariffs on Chinese imports amid rising tensions in trade talks between China and the United States.
Investors around the world had been, for weeks, optimistic about the global economic outlook.
In his unhinged two hour speech at CPAC on Saturday, President Donald Trump gushed over tariffs as "the greatest negotiating tool in the history of our country" as his administration struggles to strike a deal with China to end the trade war he ignited with tariffs last year.
Also over the weekend, however, two comprehensive studies were published that demolish the president's defense of tariffs - and the findings are grim.