Trump steel tariffs: Trade wars are good, says Trump

Trump out promoting crony capitalism again.

http://www.bbc.com/news/world-us-canada-43257712

As if the markets weren’t volatile enough.

1 Like

Trump is either working with someone to manipulate the markets or he’s by far the stupidest person to ever be president.

5 Likes

The stupid people were the liberals who cashed out of the market after Trump won the election.

3 Likes

Who cashed out of the market?

It’s a bit presumptuous of you to ask for me to disclose names of my liberal friends, I’m speaking with first person knowledge.

You made a claim, I asked you to back it up. How could you expect any different?

Trump’s net worth dropped about 1 billion after his own election according to Forbes and you’re calling people with cash stupid?

Here’s an article where the NYT is advising liberals not to follow this instinct.

I do acknowledge their fears were stoked by the media, but selling was obviously a bad move for those who did sell.

"Billionaire investor and longtime Trump confidant Carl Icahn dumped $31.3 million of stock in a company heavily dependent on steel last week, just days before Trump announced plans to impose steep tariffs on steel imports.

In a little-noticed SEC filing submitted on February 22, 2018, Icahn disclosed that he systematically sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a “is a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.

[…]

Commerce Secretary Wilbur Ross publicly released a report on February 16 calling for a 24 percent tariff. But, as the chart in the SEC filing indicates, Icahn started selling his Manitowoc stock on February 12, prior to the public release of that report. Moreover, the sharp drop in steel-related stocks did not occur until Trump announced he would accept the Commerce Department’s recommendations.

Before February, Icahn was not actively trading Manitowoc stock. According to regulatory filings, he did not buy or sell any shares of Manitowoc between January 17, 2015 and February 11, 2018. The February 22 filing was required because his ownership stake dropped below 5 percent. Now that he owns less than 5 percent of the company, he is not required to make another disclosure about his holdings until May. So while the latest filing shows him still retaining some stock in Manitowoc, Icahn could have continued selling the stock. If Manitowoc is not listed on the eventual May filing — called a Schedule 13F — that would mean he has liquidated all his holdings.

Icahn, a billionaire investor with far-flung holdings, is a close associate of Trump — who invoked Icahn’s name repeatedly on the campaign trail. Once in office, Trump installed Icahn as a “special adviser,” although Icahn did not not unwind his business entanglements before accepting the position.

Icahn resigned in August, in advance of a New Yorker article which detailed how he used his position in the White House and his connection to Trump to protect his investments."

4 Likes

Insider trading. That’s an impeachable offense. In the normal world, that is.

3 Likes

When something really bad happens he’s going to start a real war.

1 Like

https://finance.yahoo.com/news/trump-will-make-beer-expensive-152234604.html

Beer cans are going to raise the price of beer

I told you tariffs were oppressive, you can’t get more oppressive than that!

2 Likes

You’d have to prove insider information and not just common sense. Pending trade decisions are well communicated, as is the likely policy the current admin is pursuing.

and you don’t ‘impeach’ private sector people for insider trading, the SEC has that covered with other charges.

If you are insinuating Trump is guilty, I didn’t read he was selling.

Or both.
(obligatory character count. geesh)

2 Likes

None of my liberal friends did.

You don’t have to actually trade anything to be held criminally liable for insider trading. Tippers are potentially liable and prosecuted depending on the circumstances of the case, even if they didn’t themselves profit monetarily.

1 Like

It takes two to tango. While proving insider trading might be tough since Trump has been publicly saying he’s wanted to implement tariffs since the campaign, it’s the timing that raises suspicion. Had he dumped the stock a year ago, no one would raise an eyebrow.

But they’re not even trying to hide it anymore.

DISCLAIMER: The views and opinions expressed in these forums do not necessarily reflect those of Catholic Answers. For official apologetics resources please visit www.catholic.com.