With stocks threatening to collapse into the close, just after 3:30pm Trump’s trade advisor, and the alleged brain behind the Chinese trade war, emerged with some soothing words for stocks, saying that there are no plans to impose investment restrictions – even though Steven Mnuchin clearly said there are, and not just China but all countries – and that today’s market slide is an overreaction, clearly unable to grasp that for the US trade position to be taken seriously, the markets have to dump.
Here are the highlights:
- NAVARRO SAYS NO PLANS TO IMPOSE INVESTMENT RESTRICTION
- NAVARRO SAYS TODAY’S MARKET SLIDE IS AN OVERREACTION
- NAVARRO: THERE’S MISUNDERSTANDING ABOUT TRUMP’S TRADE POLICY
- NAVARRO: U.S. HAS THINGS TO WORK OUT WITH CHINA; TRUMP ISN’T SINGLING OUT CHINA
— Heather Long (@byHeatherLong) June 25, 2018
And while he is clearly trying to reverse the market slide on trade war fears, his core argument appears to be tangential: that the US economy is strong, and to let Trump do his job:
- NAVARRO: `THINGS ARE BULLISH’ IN U.S. ECONOMY, 4% GROWTH COMING
- NAVARRO SAYS MARKETS SHOULD LET U.S. TRADE-POLICY PROCESS WORK
Following his words, stocks have staged a furious rally, with the Dow Jones rising some 100 points, although it is unclear how long this bounce may last.