Markets experienced some volatility this week but trended up. Many analysts believe that much of this movement was a rebound from last week’s decline. Additionally, news of President Trump and North Korean leader Kim Jong Un’s scheduled meeting helped boost the markets.
Are Trade Wars Coming?
Last Thursday, President Trump announced that the US plans to impose steel (25%) and aluminum (10%) tariffs. Shortly thereafter, news broke that Gary Cohn, Director of the National Economic Council and top economic advisor to the President – would resign. Coupled together, this news rattled financial markets. Stocks fell as investors feared it might set a precedent for future protectionist trade policies and additional tariffs.
Government now Owns 30% of All US Consumer Debt