The president’s gambit is backed up by a solid stock market and an economy that gives him the leeway to keep pressing his case.
When it comes to his position on the U. S.-China trade dispute, President Donald Trump is still playing the role of a riverboat gambler on a hot streak.
Nearly a year ago, Trump was pressed, during a CNBC interview, to explain his aggressive tariff strategy both against China and other partners around the world. The S&P 500 was up nearly 5% for the year as of the July 20 appearance, and the large-cap index had risen 31% since his election victory in 2016.
“This is the time. You know the expression, ‘we’re playing with the bank’s money,'” he said.
The expression is actually “playing with the house money” and is a gambling metaphor for someone wagering with their winnings and thus not having as much to lose.
Some 10 months later, and the president’s gambit is still backed up by a solid stock market that’s gained about 42% since the election and an economy that gives him the leeway to keep pressing his case for a more level playing field.
“There’s house money here. The [U. S.] market is at virtually all-time highs, interest rates are low with very little inflation, and the whole world is investing in the United States as the safe-haven equity trade,” said Michael Yoshikami, CEO and founder of Destination Wealth Management.
