Donald Trump advertised himself as “really rich.” People who voted for him believed that Trump could turn the country around,…at least economically. However most who voted for him in 2016 were disappointed with his performance in his first year in office. Last year the economy grew at a 2.6 percent annual rate, well below President Donald Trump’s promise of 4 percent growth. He even suggested that growth might exceed 4%.
Trump pledged a 4 percent growth repeatedly during the presidential campaign and into his presidency. He was so sanguine that he predicted it may rise even higher at the presidential debate in October 2016. “We’re bringing [the Gross Domestic Product] from 1 percent up to 4 percent,” he said. “And I actually think we can go higher than 4 percent. I think you can go to 5 percent or 6 percent.”
Yesterday Trump announced the imposition of tariffs on aluminum and steel imports. World markets reacted with huge declines. “The fallout from these tariffs could be tremendous, including rising prices, layoffs and beer coming in plastic bags like Canadian milk,” said one economic expert.
He’s suggesting brewers will hike prices for six packs if they have to pay more for aluminum cans, as he also jokes that they’ll switch to using plastic bags. (Yes, many Canadians buy milk by the bag.)
Trump’s announcement Thursday that he was set to impose tariffs on aluminum and steel imports sent stocks tumbling. The announcement drew angry responses from global leaders, while Trump tweetedthat “trade wars are good, and easy to win.”
Stocks opened sharply lower on Friday, with the Dow DJIA, -1.40% dropping 313 points, or 1.3%, and the S&P 500 SPX, -0.91% down 0.8%. What is clear, after his first year in office, is that Donald Trump is a failure at economic matters, in addition to everything else!