We have, by far, the largest economy in the world. In GDP terms, our economy is $7 trillion more than our nearest competitor, China. The World's Top 20 Economies Prior to the beginning of last week our economy was on fire, and the stock market was setting records nearly every week. Essentially, we have full employment. Wages are up. GDP is up. Our economy has been on a tear for nine years. So, what seems to be the problem? To be more specific, what exactly is the problem Trump is trying to solve with his harsh tariffs? Why in the world start a trade war with the second largest economy in the world and the one economy American consumers rely upon most? Why drive up prices? Why place inflationary pressures on our economy and, perhaps, cause a recession? Sure, there are inequities in the trading relationship between the U.S. and China, but there are always inequities in every trading relationship with every country, even Canada. And, yes, China is stealing a portion of our I.T. But, Trump's tariffs are like taking a blowtorch to light a birthday candle. What has been the result? The stock market is the canary in the coal mine. How has it done since Trump's tweet signaling trouble ahead? Large cap stocks, or those in the S&P 500, have now lost $1.1 trillion since Trump surprised markets with his May 5 weekend tweets. Today the Dow Jones Industrial Average dropped 617.38 points, or 2.4%, to 25,324.99 and posted its worst session since Jan. 3. The S&P 500 also had its worst day since early January, falling 2.4% to 2,811.87. The Nasdaq Composite dropped 3.4% — its biggest one-day loss of the year — to 7,647.02. Instead of cooperating and fulfilling Trump's fantasies concerning the outcome, China retaliated by raising tariffs on $60 billion in goods. There are no talks scheduled. Beginning with Monday of last week millions of Americans have lost millions of dollars in retirement savings, and it is likely to get worst. “I think this is a prelude of things to come,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. “We should expect more volatility for the foreseeable future.” All of this is the responsibility of Donald J. Trump. Thank you, Mr. President. No doubt Vladimir Putin is proud of your performance.