Novel Enemies: WSJ & Republican White House

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The WSJ is the most conservative mainstream paper, and it decided to pick a bone with White House Trade Policy, after which The White House Trade Advisor “then compared the WSJ, which has long been a leading capitalist voice in the US, to the main media outlet of the Chinese Communist Party.”!

“The Wall Street Journal editorial board warns against a tariff-fueled ‘Navarro recession’ for the second time in one week

Gina Heeb, Aug. 15, 2019, 01:27 PM
  • The Wall Street Journal editorial board lambasted the economic policies of White House trade adviser Peter Navarro for the second time in one week on Thursday.
  • That came a day after a key recession warning led to the stock market’s worst session of the year. 
  • Investors have become increasingly unnerved by slower global growth and escalating tariff disputes.

The Wall Street Journal editorial board has lambasted the economic policies of White House trade adviser Peter Navarro for the second time in one week, a day after a key recession warning sent stocks to their worst session of the year.

The Journal first took aim at the China hawk in an op-ed last week, saying the trade war could lead to a “Navarro Recession.” Navarro then compared the Journal, which has long been a leading capitalist voice in the US, to the main media outlet of the Chinese Communist Party.

“That was novel as criticisms of these columns go, but perhaps Mr. Navarro would care to comment again after Wednesday’s recession warning from the bond and equity markets? Are they Commies too?” the Journal’s editorial board wrote Wednesday in an article titled “The Navarro Recession, II.”

 “Wednesday’s market moves are an omen of the future, not destiny,” they wrote. “The key to avoiding the worst is to restore a sense of policy calm and confidence. Stop the trade threats by tweet. Call a tariff truce with China, Europe and the rest of the world while negotiations resume.”

“We’ve been warning for two years that trade wars have economic consequences, but the wizards of protectionism told Mr. Trump not to worry,” the Journal article said. “The economy was fine and the trade worrywarts were wrong.”

 

The Trump administration has argued that its trade policies would ultimately protect Americans from what it has found to be unfair business practices abroad, such as intellectual property theft in China.

“Someone should tell Mr. Trump that incumbent Presidents who preside over recessions within two years of an election rarely get a second term,” the editorial board wrote.