The stock market slowly realizes that the tax cuts Trump promised aren’t coming anytime soon, while his decision to withdraw the United States from the Paris Climate Change agreement has given stocks more reason to drop.
All three major indexes are currently down after it was widely reported that Donald Trump intends to withdraw the United States from the Paris Climate agreement.
— Bloomberg (@business) May 31, 2017
CNBC included this quote in their report on the state of the market that sums up the impact of the Trump agenda:
“The longer the [Trump] agenda drags out, the more it will have a negative impact on the market,” said Jeff Carbone, managing partner of Cornerstone Financial Partners.
Environmental groups are also hammering Trump’s decision.
The Sierra Club said in a statement, “Donald Trump has made a historic mistake which our grandchildren will look back on with stunned dismay at how a world leader could be so divorced from reality and morality. Trump has abandoned the standard of American leadership, turned his back on the what the public and the market demand, and shamelessly disregarded the safety of our families just to let the fossil fuel industry eek out a few more dollars in profits. This is a decision that will cede America’s role internationally to nations like China and India, which will benefit handsomely from embracing the booming clean energy economy while Trump seeks to drive our country back into the 19th century.”
Friends of the Earth U.S. President Erich Pica said in a statement provided to PolticusUSA, “Donald Trump is on a mission to sacrifice our planet to the fossil fuel industry. By pulling out of the Paris Agreement, Trump will make the United States the world’s foremost climate villain. The rest of the world must move forward aggressively without the world’s leading historical contributor of greenhouse gas emissions. Friends of the Earth U.S. calls on all nations to assert heavy economic and diplomatic pressure to compel the Trump Administration to take serious climate action to protect people and the planet.”
The fact that environmental and business leaders are agreeing that Trump’s agenda is bad for the country is proof that as President, Trump is doing the exact opposite of making America great.