David Mericle of Goldman Sachs sees a 1 in 5 chance of a recession over the next year, raising the odds only slightly because “the White House has the option to pull back policy changes” if the risks to the economy “begin to look more serious” (Tuesday Review Journal). This statement is one-sided, at best.
Other nations are not playing this game with President Donald Trump. They are not willing to turn tariffs off and on at his beck and call. Adding more angst to our unfortunate hand is the fact that the citizens and businesses of these subject countries have decided to no longer purchase goods from the United States. They won’t be moving products on and off their shelves, and their citizens certainly aren’t going to suddenly appreciate the cards being dealt to them just because Mr. Trump changed his mind.
Not everything is a game, and Mr. Trump will find this out the hard way. The real victims of this gamble are Americans who depend on 401(k)s and investments for their retirement and those on fixed incomes who will no longer have the necessary chips to participate.
