This is causing a temporary "relief rally" of sorts in pharma and life science names like Merck, Lilly, Amgen and Pfizer. But the man is. . . irrational. So it may not last. Moreover, I expect he will fold his tent in a few weeks, when car- and truck- prices in the US go up by 20%. We shall see -- but this is pathetically stupid.
Yesterday, he claimed that the Great Depression of the 1930s was due to a lack of tariffs. Sheesh. Economists almost universally agree that the Smoot-Hawley Tariff Act of 1930 in fact exacerbated, and extended -- that nearly decade-long depression. What an economically-illiterate dolt. Here's a bit:
. . .Drugmaker stocks gained a temporary reprieve on Thursday as U.S. President Donald Trump spared pharmaceutical products from reciprocal tariffs, but executives and analysts warned it was premature to celebrate as tariffs may still come. . . .
Trump imposed a 10% tariff on most U.S. imports, as well as much higher levies on dozens of rivals and allies alike, but temporarily exempted some goods, including pharmaceuticals, benefiting major exporters including India, Japan and Ireland. . . .
Well. . . it would all be. . . comical, were it not so profoundly moronic. Onward, just the same -- and no, Chicago Bulls jerseys are not co-terminous with. . . Venezuelan gang membership. Dammit Trump, shut your pie-hole.
नमस्ते
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