President Donald Trump lashed out at his predecessors on Saturday, declaring the U.S. is no longer the “piggy bank nation” that the world has “been robbing.”
The president defended his trade wars in a tweet after returning to the White House from an afternoon visit to Trump National Golf Club.
“When you are the piggy bank nation that foreign countries have been robbing and deceiving for years, the word tariff is a beautiful word indeed,” Trump argued.
“Others must treat the United States fairly and with respect,” Trump demanded. “We are no longer the ‘fools’ of the past!”
When you are the “Piggy Bank” Nation that foreign countries have been robbing and deceiving for years, the word TARIFF is a beautiful word indeed! Others must treat the United States fairly and with respect – We are no longer the “fools” of the past!
— Donald J. Trump (@realDonaldTrump) June 1, 2019
The U.S. stock market has left $5 trillion on the table over the past 17 months due to President Trump’s multi-front trade war, Deutsche Bank estimated on Friday.
“While other factors also arguably played a role, the trade war has been key in preventing a recovery in global growth and keeping U.S. equities range bound. Foregone U.S. equity returns from price appreciation for 17 months are worth $5 trillion,” Binky Chadha, the bank’s chief strategist, wrote in a Friday note to clients obtained by Marketwatch.