Trumpcession

While this cud-chewing blog talked cows yesterday, the markets were having a big one.

The Dow took its worst tumble of the year. Tesla led the Nasdaq into a scary, deep hole. Crypto crashed. The S&P gave up 2.7% and after three weeks of bleeding took it towards the correction mark. Bond prices spiked and yields fell on bets of harder times ahead.

And the smart guys at JPMorgan Chase said the odds of a global recession are now 40%, “due to extreme US policies.” Even Tariff Man himself would not rule out an American recession during a weekend interview on Fox News.

Is there more to come?

This statement from a US-based RBC capital markets derivative analyst, Wu Silverman, caught my attention: “There’s going to be a period where I think it’s going to be panic at the disco. We haven’t gotten there yet but as these levels climb there will be unwinds and more uncertainty that triggers even more.”

Meanwhile US inflation is rising, American mortgage rates are swelling, the gutters in Washington are running red from Elon’s chainsaw and consumer confidence has taken a hit, according to surveys. Also a majority of folks now think their president screwed up. In just over six weeks.

Tariffs on Canadian oil is making driving more costly. New taxes on our lumber will further push US house prices. Tariffs on Canadian potash are about to send food prices higher. Electricity costs yesterday jumped for the people in New York, Minnesota and Michigan (1.5 million accounts) who use Ontario power, now tariffed. At midnight the US slaps massive new taxes on our steel and aluminum. Three weeks from tomorrow, the blanker 25% levy hits all of Canada’s exports. And then there will also be overall American reciprocal taxes.

Worse, Trump is now in open war with the Canadian economy. With me. With you. With the offspring of Murray’s cows.

On Monday night, when most 78-year-olds are snoozing, Trump was posting this: “Canada is a tariff abuser, and always has been, but the United States is not going to be subsidizing Canada any longer. We don’t need your cars, we don’t need your lumber, we don’t need your energy, and very soon you will find that out.”

Then, Tuesday morning, the rogue president woke up and decided he’d double the tariff on our steel and aluminum exports – to a breathtaking 50% – to punish Premier Doug Ford. Trump declared a ‘national emergency on electricity’ and posted: “Based on Ontario, Canada, placing a 25% Tariff on “Electricity” coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD This will go into effect TOMORROW MORNING, March 12th.”

Within a few minutes of the announcement the Dow shed another 500 points.

Less than two months into the job, with an unelected oligarch given free reign to savage the federal work force, with the US picking Russia over Ukraine and throwing historic allies under the bus while the American economy hurtles from robust growth towards recession, taking the global economy with it, is there any doubt left? He’s nuts.

For the time being, there’s no place to hide. So don’t try. Stay the course with a balanced and diversified portfolio. Never sell into a storm. Do not let emotion guide you. Turn off BNN and CNN. Understand that one man may reign down chaos temporarily, but is incapable of altering the course of history or seriously denting the world’s biggest economy. This president cannot last.

Trump has proven to be whimsical, unpredictable and has attempted to grab king-like power. He is bullying Canada, purposefully attacking our economy and prosperity for the goal of shredding our freedom and independence. If he can turn his back on NATO and Europe’s current heroic war in favour of Russia dictator and aggressor, he is fully capable of trying to annex Canada with its unfathomable natural wealth. After all, why else would he be doing this? Because he hates Trudeau, who quit? Seriously?

He won office promising people cheaper eggs, houses, mass deportations, more jobs and a new golden age of wealth. Now they have inflation, higher rates, consumer and energy prices on the rise plus a looming recession and layoffs, while most of the world – except for the evil bits – suddenly distrusts or fears the USA.

Americans made a grave error. Despite that, do not bet against America. Let it play out. Elbows up. Head down. Helmut on. And don’t forget your Sock Doctor jock cup.

He plays dirty.

About the picture: “Long time reader of your blog,” writes Michelle. “Thanks for the always solid advice especially during troubled times. You do a great service for many Canadians. It is very appreciated even on days it doesn’t seem so from your comments section. Attached is a photo of my dog, Bowser. He lived until almost 16 and left us this past November. He was the best furry friend anyone could ask for.”

To be in touch or send a picture of your beast, email to ‘[email protected]’.

Source: https://www.greaterfool.ca/2025/03/11/trumpcession/