Another tumultuous week on The Street has investors worried again. Stocks took a dive after President Trump announced he was imposing tariffs on imported steel and aluminum. Apparently, the market believes this has already caused a trade war. The market has become rather prone this year to large swings and knee-jerk reactions to the President following through on his campaign promises.
It is a bit of a shift for a president or any politician for that matter to actually deliver on their campaign promises. Good, bad or indifferent, we should expect President Trump to continue to do just that as he has shown he intends to stick to what he campaigned on.
The parallels to Atlas Shrugged are difficult to resist. Donald Trump exhibits similar modus operandi to the main protagonists in Ayn Rand’s famous dystopian novel of a United States suffering under increasingly burdensome laws and regulations. Trump’s campaign agenda and his policy initiatives are reminiscent of John Galt’s enterprise to return the USA to a more productive economy and steel magnate Hank Rearden’s battle against oppressive government and a freeloading public to produce the best steel he can.
President Trump seems to be making a dash to capitalize on the thin Republican congressional margins he currently enjoys and ride the wave of support of the tax cuts he was able to get passed late last year. He has ramped up his effort to push through legislation and executive orders before the typical midterm election seat losses.
This effort is on the cusp of turning 2018 into a more typical midterm year. Trump seems to be plowing full steam ahead with his agenda as incumbent presidents have historically done in the midterm year so they can prime the pump in the following pre-election year to help them gain reelection. It’s starting to look like this midterm year is turning into an old school bottom picker’s paradise, setting us up for a Worst Six Months (May-October) midterm correction and a late Q3 bottom.
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