America’s factories are getting crushed by Trump’s trade war, not the Fed

New York CNN Business — The trade war is doing real damage to the American economy, and it’s showing up in manufacturing. We have now tariffed our way into a manufacturing recession in the US and globally.” " Peter Boockvar, chief investment officer at Bleakely Advisory “As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected,” Trump tweeted minutes after the report was released. It’s the trade war,” Ethan Harris, head of global economics at Bank of America, told CNN Business. The Fed has never moved faster.” The ISM report provides stark evidence of the trade war’s fallout. “If consumers’ confidence seriously falters,” Ian Shepherdson, chief economist at Pantheon Macroeconomics wrote on Tuesday, “the US could tip into the first recession ever caused directly by the actions of the President, rather than the action of tight monetary policy on an overstretched private sector.” Or as, Bleakley Advisory Group’s Boockvar put it, “using tariffs as the tool to push back against China was a really dumb idea and history will not look kindly upon the strategy.” No wonder the White House is shifting the blame on the Fed.