Monday was hell on Wall Street as the markets tanked badly again after China retaliated against the Trump administration for imposing more tariffs against them that were set to begin September 1st.
Neil Cavuto brought on Brandon Arnold from the National Taxpayers Union, a pro-tax cutting operation since the days of Reagan, to discuss the day's mess.
Cavuto opened the segment by mentioning Sen. Rick Scott's ludicrous, "let's turn dog poop into gold" proposal of "turning tariffs into tax cuts" -- some magic calculator will give Americans tax cuts by "redistributing" the Chinese tariffs that have been collected by the government?
Cavuto reminded his viewers that American consumers and not China pay for all the tariffs Trump is imposing.
Cavuto said, "I like to remind viewers that countries don't pay these tariffs. average folks do and it's passed along at those entities that have to suck it up or pass it all along or suck it up and hope they can ride out the wave."
Arnold said "the senator has it wrong."
Neil asked if he agreed with Trump, that "the tariffs are not having a negative effect."
Brandon replied, "I do not. If there's no harm to our economy whatsoever then why do we provide a huge bailout of the farming industry, to the great farmers of this country? Because they are being hurt by the trade war."
Arnold then called out Trump and said, "tariffs having a negative impact on our economy and businesses."
Arnold also said there would have been no reason for the Fed to lower rates as well if we weren't being hurt by the trade war.
As for the upcoming tariffs he said they would hit the consumer markets and that's been the strongest sector in the US economy which could spell more trouble.
Arnold said, "If we prices take a step up because of the tariffs on the escalating problem, then that one strong part of our economy could weaken and that is very, very concerning."
"I think that's why a lot of investors are becoming very nervous about the future of the economy," he said.
On most of Fox Business and Fox News programs, many of the hosts and guests agree with almost everything Trump does, including the trade war against China. It was refreshing to see a conservative get honest on their airwaves about the ramifications Trump's nonsense is causing.
That was yesterday.
This morning the Trump administration delayed their new tariffs until December.
The Trump administration will delay until mid-December the 10% tariff on some Chinese products on many holiday-shopping lists.
By granting a grace period for everyday items like phones and toys, the U.S. concession appears designed to avoid any disruption or price increases for American consumers heading into the final four months of the year -- from back-to-school purchases to Christmas shopping. Any goods imported for holiday sales would need to arrive several weeks before Dec. 15.
That's a cave.
