Trump says he's playing with the bank's money
Trump got the expression wrong today but the point he made is clear.
The stock market rally since his election victory gives him the opportunity to be more aggressive in his trade war with China and other countries, he said today.
"This is the time. You know the expression we're playing with the bank's money," he told CNBC.
The expression is 'house money' but the point is that he will continue to play hardball until the stock market forces him to stop. The Dow Jones Industrial Average (Trump is a Dow Man) would need to fall about 30% to wipe out the gains since he took office.
Aside from poll numbers, he scores himself based on the stock market. I don't think he would tolerate a full retracement of the gains but he might not flinch on a 15% fall from here.
That his comments seem to indicate he would be willing to sacrifice some of the 'bank's money' in a trade war makes it more likely that he will follow through on the latest round of tariffs of $200B on Chinese imported goods.
