The Peter Schiff Show Podcast Will the Trade War Prick America’s Bubble Economy? – Ep. 369
Jul 7, 2018
49:24
"Bring on the Trade War!"
Today is Jobs Friday, but before I get to the jobs report, I want to talk a little bit about the escalation of the trade war, In fact, some stories I'm reading are that the trade war began today, or last night. A lot of the tariffs are finally being imposed. The market reacted positively; the Dow was up 100 points today. The NASDAQ was up 100 points as well, which is percentage-wise a much bigger increase - 1.34% move - so who cares about a trade war? "Bring it on! America is going to win the trade war because we've got the least to lose because we've got the biggest deficits.
Dollar Sold Off Despite Trade War and Jobs Number
The dollar, meanwhile, sold off today. The dollar index closed at 94, barely held the 94 handle. It traded below briefly, despite what many people consider a stronger Nonfarm Payroll report. So, the dollar went down despite the beginning of the trade war and despite the supposed strong jobs number. To me, the dollar topped out at 95; I expect us to crack below 94 next week, and if we break below 93, if we get into the 92's I am pretty sure the rally is over, technically speaking and we're heading for new lows relatively quickly.
Who is the Industrial Powerhouse?
Let me get back to the trade war that we are supposedly going to win. One of the most interesting things about it, is when you look at the goods each side is imposing tariffs on. When you look at that, you can see which country is the industrial powerhouse and which country is a third world country masquerading as an economic power. Here are the goods made in China that Trump wants to tax the American citizens on:
Aircraft tires
Scales
Nuclear reactors
Cranes
Boat motors
Bulldozers
Aircraft engines
Boring machines
Aircraft engine parts
Construction vehicles
Air & gas compressors
Oil & gas drilling platforms
Combine harvesters
Plows
Industrial heating equipment
Chicken Incubators
Dairy milkers
Plows
Livestock equipment
Machinery for processing meats
Paper making machinery
Machinery for molds, cements
Printer & copy machine parts
Machinery for glass products
Printer & machinery for making rubber
Industrial ovens
Industrial magnets
AC & DC generators
Lithium batteries
Electric transformers
Radar & radio equipment
Equipment for circuit breakers
Television parts & video recorders
LED's
Electronic traffic signs
Trains & rail parts
Large vehicles
Diesel cars & trucks
Motorcycles
Helicopters
Microscopes
Airplanes
Our Sponsors:
* Check out Avocado Green Mattress: https://avocadogreenmattress.com
* Check out Boll & Branch: https://boilandbranch.com/SCHIFF
* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com
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Today is Jobs Friday, but before I get to the jobs report, I want to talk a little bit about the escalation of the trade war, In fact, some stories I'm reading are that the trade war began today, or last night. A lot of the tariffs are finally being imposed. The market reacted positively; the Dow was up 100 points today. The NASDAQ was up 100 points as well, which is percentage-wise a much bigger increase - 1.34% move - so who cares about a trade war? "Bring it on! America is going to win the trade war because we've got the least to lose because we've got the biggest deficits.
Dollar Sold Off Despite Trade War and Jobs Number
The dollar, meanwhile, sold off today. The dollar index closed at 94, barely held the 94 handle. It traded below briefly, despite what many people consider a stronger Nonfarm Payroll report. So, the dollar went down despite the beginning of the trade war and despite the supposed strong jobs number. To me, the dollar topped out at 95; I expect us to crack below 94 next week, and if we break below 93, if we get into the 92's I am pretty sure the rally is over, technically speaking and we're heading for new lows relatively quickly.
Who is the Industrial Powerhouse?
Let me get back to the trade war that we are supposedly going to win. One of the most interesting things about it, is when you look at the goods each side is imposing tariffs on. When you look at that, you can see which country is the industrial powerhouse and which country is a third world country masquerading as an economic power. Here are the goods made in China that Trump wants to tax the American citizens on:
Aircraft tires
Scales
Nuclear reactors
Cranes
Boat motors
Bulldozers
Aircraft engines
Boring machines
Aircraft engine parts
Construction vehicles
Air & gas compressors
Oil & gas drilling platforms
Combine harvesters
Plows
Industrial heating equipment
Chicken Incubators
Dairy milkers
Plows
Livestock equipment
Machinery for processing meats
Paper making machinery
Machinery for molds, cements
Printer & copy machine parts
Machinery for glass products
Printer & machinery for making rubber
Industrial ovens
Industrial magnets
AC & DC generators
Lithium batteries
Electric transformers
Radar & radio equipment
Equipment for circuit breakers
Television parts & video recorders
LED's
Electronic traffic signs
Trains & rail parts
Large vehicles
Diesel cars & trucks
Motorcycles
Helicopters
Microscopes
Airplanes
Our Sponsors:
* Check out Avocado Green Mattress: https://avocadogreenmattress.com
* Check out Boll & Branch: https://boilandbranch.com/SCHIFF
* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com
Privacy & Opt-Out: https://redcircle.com/privacy