The Dow dropped 799.36 points on Tuesday, a major dip that has quelled enthusiasm for the U.S.-China trade truce. “Here is the thing,” Stephen Colbert began The Late Show on Tuesday night, “it might have been Trump’s fault, because it was.”
On Sunday, President Trump tweeted, “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.” Colbert admitted “that’s great news” and the Dow rose 400 points because of it.
“Except,” Colbert added, “the tariff deal wasn’t true, and here is how you can tell: the President said it. There’s no deal, no details, nothing. In fact, it was such a blatant lie even Fox News — even the Fox & Friends — weren’t buying it.”
Trump and his economic advisor, Larry Kudlow, attempted to walk back the fact Trump claimed China agreed to remove tariffs as the Dow then plummeted.
“President Xi and I want this deal to happen, and it probably will,” Trump tweeted. “But if not remember… I am a Tariff Man.”
Mr. President, you can’t set up Colbert like that because the CBS late-show host ran with it.
Colbert’s team put together “The Adventures of Tariff Man,” a black-and-white “misshapen Manhattanite” superhero spoof.
Trump’s Tariff Man is “faster than one of his marriages, more confused than a dog watching a magic trick, [and] able to build tall buildings without paying contractors.”
Apparently, he’s also the bane of Wall Street.