The Trump White House on Wednesday announced a fresh round of tariffs on Chinese goods — and the stock market proceeded to take another nosedive.
Breaking down the impact of the new tariffs, CNN financial analyst Richard Quest said that there are potentially few winners and a whole lot of losers in the latest round of the president’s trade war.
Pointing to the losses in Wednesday’s stock market, Quest said we can expect more days like this if tensions keep escalating.
“Is this what a trade war looks like? Yes,” he said. “And at this stage, we’re only in the skirmish section.”
Host Kate Bolduan then asked him what comes next — and he pointed to a chart showing nothing but red numbers, indicating a dramatic decline in share values.
“This is what the next stage looks like!” he said excitedly, before pointing to dropping share prices of key American companies such as Caterpillar and United Airlines. “Wherever you look, you are seeing the damage that is being done! And remember the important thing about a trade war: The gains are very limited. They are those industries that benefit. The losses are widespread and diversified throughout the economy.”
Watch the video below.
NYT columnist says one of Trump’s friends begged him to talk him out of launching war with Iran
On Monday, Thomas Friedman of The New York Times spoke to CNN's Anderson Cooper, following President Donald Trump's attacks on him for calling his behavior racist in a recent article. The president accused him of "kissing [his] a**" in an Oval Office phone call.
Speaking to Cooper, Friedman denied Trump's characterization of their discussion.
"The president tweeted about a private conversation we had and lobbed in a few insults," said Friedman. "Basically, my response, which I put out on Twitter is that I was encouraged by a friend of his to speak to him after the downing of the American drone, because I thought it was wise that we not retaliate, and I thought he was wise not to retaliate, and this friend of his wanted me to encourage him in that, because he was evidently agonizing a little over that not retaliating. And I did that. I began the conversation by saying that 'I disagree with you, Mr. President on many things, but I think you did the right thing on this.' We talked for about four minutes. We also talked about China and we left it at that."
Here are 3 things Americans must hear from Mueller’s testimony: Democratic senator
No one can say with certainty what former special counsel Robert Mueller will tell the American people when he testifies before the House Intelligence and Judiciary Committees on Wednesday.
But on Monday, Sen. Mazie Hirono (D-HI) told CNN's Wolf Blitzer the broad strokes of what Mueller will be expected to say — and what the American people should be listening for if they are not yet convinced President Donald Trump has committed impeachable offenses.
"Do you think there are Americans out there who still haven't made up their mind on this issue of impeachment, obstruction of justice, collusion and all of that?" Blitzer asked her. "Have the American people moved on?"
Trump is becoming more hawkish on Iran — and he’s running out of options: report
So far, one of the only pieces of good news in the escalating tensions between the United States and Iran is that President Donald Trump has been reluctant to use military force, taking his cues in part from Fox News host Tucker Carlson, who has personally warned him that it would end his presidency — resisting the urges of his most trigger-happy advisers like John Bolton.
Now, however, the president appears to be having second thoughts as it becomes clearer that he will not be able to broker a better deal than President Barack Obama's nuclear agreement, and is starting to view the conflict more hawkishly, reported CNN's Kaitlan Collins on Monday.