Trump just sent the economy into a 623-point downspin immediately after the Fed Chairman soothed it

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The American economy was taken for a wild ride today as President Trump’s reckless trade war with China continues to take a toll on investor confidence and sent the markets into chaos.

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The United States awoke this morning to the news that China was leveling tariffs on $75 billion worth of American goods like crude oil, automobiles, soybeans, pork, and corn.

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Desperate, insecure, and frustrated, President Trump reacted the only way he knows how — a furious Twitter outburst full of threats and vitriol — and lashed out at both President Xi of China and his own Federal Reserve Chairman Jay Powell.

In an astonishing tweet, he “ordered” all American companies to begin looking for “alternatives” to China, which is obviously one of the United States’ largest trading partners.

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That, of course, sent the markets into a flurry and prompted a 573 point drop in the Dow Jones. Just moments ago, Jay Powell had been coaxing the markets back into stability by himself at a banker’s meeting in Jackson Hole, Wyoming.

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“Our challenge now is to do what monetary policy can do to sustain the expansion so that the benefits of the strong jobs market extend to more of those still left behind, and so that inflation is centered firmly around 2 percent,” said Powell.

This was all for naught, however, as Trump doubled down on his aggressive behavior towards China and declared that he would be adding on another $250 billion in tariffs on Chinese goods.

The Dow Jones ended the day 623 points down with Treasury yields creeping towards “recession-warning” territory.

Original reporting by Alexandra Scraggs at Marketwatch.com.

Natalie Dickinson

Natalie is a staff writer for the Washington Press. She graduated from Oberlin College in 2010 and has been freelance blogging and writing for progressive outlets ever since.

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