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Dow plummets 600 points after Trump orders US manufacturers to leave China

40 points by remarkEon 7y ago

groundlogic 7y ago
Point of order: Does the US president have authority to "order" US companies to move out of China? (My instincts scream: no. At least not by tweeting...)
- scohesc 7y ago
  Not by tweeting, but I'm sure the US Government could through legislation implement something along the lines of "If you have any operations in america and the majority of your manufacturing/imports/etc. is in China, you have to move your manufacturing processes in x timeframe or subject to penalties."
  - groundlogic 7y ago
    Sure, by a presidential order.
    - remarkEon 7y ago
      Yeah he could probably do it by connecting certain components to "National Security".
- metalliqaz 7y ago
  No he doesn't. It would require the law to change and he doesn't have that power. However he keeps increasing tariffs far enough I guess it's the same thing.
  - joezydeco 7y ago
    This seems like the most likely plan, since that's the only lever Trump can operate. He could declare a 10,000% tariff on iPhones if he wanted.
- tareqak 7y ago
  I am not a lawyer. The role doesn't have that de facto power, but he could enact things that effectively make it the de jure law by forbidding US companies doing business with the US federal government from using anything that sources some or all of its goods and services that have a dependency on a Chinese supply chain. The anti-BDS rules that some states have is what I would consider to be the precedent here [0]. Given that the president also has frequent campaign rallies, he can persuade voters to boycott companies that again source components from a Chinese supply chain. His official campaign baseball caps aren't made in China though some unofficial ones are sold on Amazon that come from China [1]. I guess the same would go for US flags. [0] https://en.wikipedia.org/wiki/Boycott,_Divestment_and_Sanctions#United_States https://en.wikipedia.org/wiki/Boycott,_Divestment_and_Sancti... [1] https://www.snopes.com/fact-check/donald-trump-hat-china/ https://www.snopes.com/fact-check/donald-trump-hat-china/
- Fjolsvith 7y ago
  Heard an opinion that he used that phrasing in order for it to get translated into Chinese a certain way.
bediger4000 7y ago
The grammar and style of Trump's tweet puts me in mind of some Usenet folks, like maybe John Grubor (google "John Grubor medpot" to get a flavor). What's going on here?
- deleted 7y ago
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  - deleted 7y ago
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- basementcat 7y ago
  Considering his popular support, his style of communication is likely very similar to those of his constituents (a large segment of the electorate).
metalliqaz 7y ago
His mind is gone, if he ever had one.
- lowdose 7y ago
  The rest of the world feels sorry for the USA. If the next generation is copying the current President behavior like millennials did with Clinton it is going to be a very Machiavellian future. Clinton basically declared receiving oral sex not as a sexual act which lead to teens viewing and practicing this one liner as truth. Lying more than the previous 44 presidents combined is not a proper example. Trump should have been impeached period.
  - meetatmont 7y ago
    first of all, the rest of the world is in recession (including your homeland Europe). US's economy is healthy and growing, and US has record low unemployment rate. The rest of the world want to emigrate to US if they could. second of all, Clinton is a horrible president that let China stole all the jobs and factories from US, lied about extramarital affairs, and associated with the rapist Epstein. Trump talks crap about alot of things, but that's it. NOBODY stood up to China until Trump came along.
    - dragonwriter 7y ago
      > Clinton is a horrible president Well, “was a president”; horrible is subjective, but the present tense is objectively incorrect. > that let China stole all the jobs and factories from US Ludicrous hyperbole, at best. > lied about extramarital affairs Like Trump. > and associated with the rapist Epstein. Also like Trump. > Trump talks crap about alot of things, but that's it Er, no. See above, for just a couple of things you've overlooked. > NOBODY stood up to China until Trump came along. Others have, but not with as much short-term harm to the US. The long-term payoff from the high-cost strategy is dubious.
      - meetatmont 7y ago
fzeroracer 7y ago
All of the indicators are flashing bright red for an incoming recession and furthering this pointless one-upmanship will just further speed things along. He's already increasing the tariffs even further and eventually things are gonna crash.
- DollarGuru 7y ago
  That is his game plan. Trade deficit complaints are all a ruse to constraint markets leading to resession and crash. Then his wealthy cronies can buy up stocks at a huge discount before the next president comes along and fixes everything.
  - toomuchtodo 7y ago
    He won’t be re-elected if we have a recession. Note how he called the Fed chairman the enemy today for not lowering the discount window rate 100 basis points.
    - perl4ever 7y ago
      It's an interesting question whether there is any chance he could be re-elected. The site fivethirtyeight.com has a page that shows approval polling of presidents since Truman overlaid with Trump. The only President significantly more unpopular than Trump at this point in their Presidency was Carter. The only Presidents who were roughly as unpopular at this point, were Obama and Reagan, oddly enough, both of whom of course were re-elected. But I think those facts fail to capture what is unique about Trump's polling. Every President since Truman, excepting Trump, has had high points where they had well over 50% approval. Trump's polling is uniquely nearly flat since the beginning of his presidency. He's currently about 42% approve, 54% disapprove, and it's getting worse, but this is actually not the worst rating he's had - late 2017 was worse. In other words, there seems to be no trend.
  - chadcmulligan 7y ago
    I think you give him to much credit, the only plan he has is to make him look great, any grandstanding that makes him look good is what he does.
kwoff 7y ago
"plummet": Closed 25,628.90 -623.34 -2.37% According to http://www.dogsofthedow.com/histogram-m.htm http://www.dogsofthedow.com/histogram-m.htm "95% of the time the Dow has a daily change between ±2.1%; and 99% of the time the Dow has a daily change between ±3.2%."
SlipperySlope 7y ago
Good time to buy stocks at reasonable prices. Is it true that 63% of voters believe the president will be re-elected?

40 points by remarkEon 7y ago

Point of order: Does the US president have authority to "order" US companies to move out of China? (My instincts scream: no. At least not by tweeting...)

scohesc 7y ago
Not by tweeting, but I'm sure the US Government could through legislation implement something along the lines of "If you have any operations in america and the majority of your manufacturing/imports/etc. is in China, you have to move your manufacturing processes in x timeframe or subject to penalties."
- groundlogic 7y ago
  Sure, by a presidential order.
  - remarkEon 7y ago
    Yeah he could probably do it by connecting certain components to "National Security".
metalliqaz 7y ago
No he doesn't. It would require the law to change and he doesn't have that power. However he keeps increasing tariffs far enough I guess it's the same thing.
- joezydeco 7y ago
  This seems like the most likely plan, since that's the only lever Trump can operate. He could declare a 10,000% tariff on iPhones if he wanted.
tareqak 7y ago
I am not a lawyer. The role doesn't have that de facto power, but he could enact things that effectively make it the de jure law by forbidding US companies doing business with the US federal government from using anything that sources some or all of its goods and services that have a dependency on a Chinese supply chain. The anti-BDS rules that some states have is what I would consider to be the precedent here [0]. Given that the president also has frequent campaign rallies, he can persuade voters to boycott companies that again source components from a Chinese supply chain. His official campaign baseball caps aren't made in China though some unofficial ones are sold on Amazon that come from China [1]. I guess the same would go for US flags. [0] https://en.wikipedia.org/wiki/Boycott,_Divestment_and_Sanctions#United_States https://en.wikipedia.org/wiki/Boycott,_Divestment_and_Sancti... [1] https://www.snopes.com/fact-check/donald-trump-hat-china/ https://www.snopes.com/fact-check/donald-trump-hat-china/
Fjolsvith 7y ago
Heard an opinion that he used that phrasing in order for it to get translated into Chinese a certain way.

bediger4000 7y ago

The grammar and style of Trump's tweet puts me in mind of some Usenet folks, like maybe John Grubor (google "John Grubor medpot" to get a flavor). What's going on here?

deleted 7y ago
[deleted]
- deleted 7y ago
  [deleted]
basementcat 7y ago
Considering his popular support, his style of communication is likely very similar to those of his constituents (a large segment of the electorate).

metalliqaz 7y ago

His mind is gone, if he ever had one.

lowdose 7y ago
The rest of the world feels sorry for the USA. If the next generation is copying the current President behavior like millennials did with Clinton it is going to be a very Machiavellian future. Clinton basically declared receiving oral sex not as a sexual act which lead to teens viewing and practicing this one liner as truth. Lying more than the previous 44 presidents combined is not a proper example. Trump should have been impeached period.
- meetatmont 7y ago
  first of all, the rest of the world is in recession (including your homeland Europe). US's economy is healthy and growing, and US has record low unemployment rate. The rest of the world want to emigrate to US if they could. second of all, Clinton is a horrible president that let China stole all the jobs and factories from US, lied about extramarital affairs, and associated with the rapist Epstein. Trump talks crap about alot of things, but that's it. NOBODY stood up to China until Trump came along.
  - dragonwriter 7y ago
    > Clinton is a horrible president Well, “was a president”; horrible is subjective, but the present tense is objectively incorrect. > that let China stole all the jobs and factories from US Ludicrous hyperbole, at best. > lied about extramarital affairs Like Trump. > and associated with the rapist Epstein. Also like Trump. > Trump talks crap about alot of things, but that's it Er, no. See above, for just a couple of things you've overlooked. > NOBODY stood up to China until Trump came along. Others have, but not with as much short-term harm to the US. The long-term payoff from the high-cost strategy is dubious.
    - meetatmont 7y ago

fzeroracer 7y ago

All of the indicators are flashing bright red for an incoming recession and furthering this pointless one-upmanship will just further speed things along. He's already increasing the tariffs even further and eventually things are gonna crash.

DollarGuru 7y ago
That is his game plan. Trade deficit complaints are all a ruse to constraint markets leading to resession and crash. Then his wealthy cronies can buy up stocks at a huge discount before the next president comes along and fixes everything.
- toomuchtodo 7y ago
  He won’t be re-elected if we have a recession. Note how he called the Fed chairman the enemy today for not lowering the discount window rate 100 basis points.
  - perl4ever 7y ago
    It's an interesting question whether there is any chance he could be re-elected. The site fivethirtyeight.com has a page that shows approval polling of presidents since Truman overlaid with Trump. The only President significantly more unpopular than Trump at this point in their Presidency was Carter. The only Presidents who were roughly as unpopular at this point, were Obama and Reagan, oddly enough, both of whom of course were re-elected. But I think those facts fail to capture what is unique about Trump's polling. Every President since Truman, excepting Trump, has had high points where they had well over 50% approval. Trump's polling is uniquely nearly flat since the beginning of his presidency. He's currently about 42% approve, 54% disapprove, and it's getting worse, but this is actually not the worst rating he's had - late 2017 was worse. In other words, there seems to be no trend.
- chadcmulligan 7y ago
  I think you give him to much credit, the only plan he has is to make him look great, any grandstanding that makes him look good is what he does.

kwoff 7y ago

"plummet": Closed 25,628.90 -623.34 -2.37% According to http://www.dogsofthedow.com/histogram-m.htm http://www.dogsofthedow.com/histogram-m.htm "95% of the time the Dow has a daily change between ±2.1%; and 99% of the time the Dow has a daily change between ±3.2%."

SlipperySlope 7y ago

Good time to buy stocks at reasonable prices. Is it true that 63% of voters believe the president will be re-elected?