CNBC pundits use the drop in exports to attack the GDP result as Larry Kudlow appears to discuss the overall picture. The knuckleheaded pundits point to tariffs as the reason for the drop in exports without even contemplating (Mamet Principle) the devaluation and subsidies from foreign countries that have driven up the value of the dollar.

While currency manipulation/devaluing (EU and China) drops the prices of their export goods, their devaluation drives up the value of the dollar. The first impact from a high valued dollar is that it causes our export products to increase in price. This drops our exports, and can be a drag on the GDP growth rate. Pundits are intentionally obtuse.

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My advice to President Trump: “Tariff the bastards; all of them” !!