Markets soared today, as the chart at the left and below reflects. Mentioning that the U.S. and China will meet in a few weeks is all that it takes for some investors to get motivated. CNBC’s Jim Cramer sounded off today on the question if China, trade, recession, and more. Given how those have – for better or worse – fueled big market swings in manufactured housing and other stocks too, that will be our focus this evening.
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Jim Cramer: US economic strength empowers Trump to continue to play hardball on China trade
· “Trump is set in his ways because he doesn’t see any weakening” in growth compared to the drag that China’s economy has been experiencing, argues CNBC’s Jim Cramer.
· “The Chinese still need it more than we do,” said Cramer, pointing to the strong U.S. labor market and the strong American consumer.
· Cramer was reacting to China announcing Thursday that top U.S. and Chinese trade negotiators agreed to meet early next month for another round of talks.
President Donald Trump can continue to take a hard line on China trade because the U.S. economy keeps chugging along, CNBC’s Jim Cramer said today.
“Trump is set in his ways because he doesn’t see any weakening” in the U.S. growth compared with the drag that China’s economy has been experiencing, Cramer stated in the video above.
“The Chinese still need it [the trade deal] more than we do,” Cramer said, pointing to the strong U.S. labor market, with Thursday data on weekly jobless claims showing only a small uptick and the ADP private payrolls report for August coming in much better than expected.
Investors are consider those numbers for hints on what the government’s monthly employment report might show when it’s released tomorrow.
“What I’m surprised at is how strong the [U.S.] consumer is,” Cramer said, while dismissing the notion that the U.S-China trade war and the billions of dollars of import tariffs on both sides caused American manufacturing to slow. “Manufacturing has been in recession in this country for ages,” he said,
Left of center CNBC said that the latest round of tariffs went into effect Sunday, with the U.S. imposing 15% duties on about a third of the additional $300 billion worth of Chinese goods earmarked for levies.
More tariffs on both sides are set to go into effect Dec. 15, if President Trump and China don’t come to some agreement.
What CNBC didn’t say in this report is this.
Given the ongoing controversies about Democratic front runner former VP Joe Biden, and the president’s recent caution to China that after he wins in 2020, the deal on China ‘will get tougher,’ that too may be a factor in China coming back to the table. Chinese leaders have shown remarkable interest in U.S. politics. Several of their tariffs have targeted areas in swing or battleground states. If China thinks that the 45the president is going to get re-elected, the odds that a deal happens sooner than later could rise.
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