How the trade war became the stock market’s biggest driver

The study, by the University of Chicago’s Steven Davis, was circulated by the National Bureau of Economic Research and dovetails with a recent Federal Reserve publication.

Trade policy has become both more uncertain and more protectionist under the Trump presidency, Davis writes, and it has “a capricious, back-and-forth character that amplifies uncertainty and undermines a rules-based trading order.” ‘[T]rade policy went from a virtual nonfactor in U.S. equity-market volatility in recent decades to one of its leading sources in 2018.’ Steven Davis, University of Chicago That uncertainty undermines the economy “by leading firms to delay or [forgo] investments and hiring, by slowing productivity-enhancing factor reallocation, and by depressing consumption expenditures.”

Uncertainty about trade policy in 2018 only may have lowered aggregate U.S. investment by more than 1%, the Fed said.

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Don’t u think it was about time we , the USA , stood up & quit letting other countries take us to the cleaners on trade ? Finally someone not in the hip pocket of special interest groups is standing up for fair trade deals ! Thank u Pres. Trump ! 👍

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