Don’t listen to everyone telling you it’s the China trade war ruining everything when it’s obviously Jay Powell.

Having more or less admitted—in the most Trumpian, least responsibility-taking way possible—that his big, beautiful trade war with China is likely to hurt Americans in their fight in another major war, that on Christmas, and, oh yea, that we’re losing said trade war, the president is moving into an area where he is perhaps most conspicuously successful: finding scapegoats for his own failures. Not that it takes a very stable genius with a very, very large brain to guess who Trump and Peter Navarro came up with.

Jay Powell, if he’s not already immune to them, should get used to those kinds of tweets (until he gets fired and replaced by Mario Draghi, anyway), because the fading orange bean-bag chair in the Oval Office has added another impossible condition to the Chinese trade deal he’s already acknowledged will probably never happen.

“It actually helps China more than us, but will be reciprocated,” he wrote. “Millions of jobs are being lost in China to other non-Tariffed countries. Thousands of companies are leaving. Of course China wants to make a deal. Let them work humanely with Hong Kong first!”

Trump Says Fed Should Cut Rates as Global Growth Concerns Jar Markets [WSJ]
Trump Ties Trade Deal to China Action in Hong Kong, Suggest Meeting With Xi [WSJ]

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