Peter Schiff: Washington’s Debt is the Crisis, not China

In Monday’s episode of the Peter Schiff Show, Peter calls out the Wall Street celebration of a supposed trade victory over China as nothing more than wishful thinking. He argues that, contrary to the media narrative, there was no real trade deal—just a retreat from an unwinnable war. As he unpacks the realities of the trade spat, Peter also turns his attention to the ballooning federal deficit and the longer-term dangers facing the US economy and currency.

Peter starts by criticizing the mainstream hype about an American victory in the trade war. He argues the markets and media are celebrating a fiction:

The big news of the day was the celebration on Wall Street of the trade deal with China. But the problem is there was no trade deal with China. It’s fake news. Now there was progress. There was a lot of progress, but it wasn’t towards any kind of deal. The only progress was the fact that Trump completely surrendered in the trade war that he started. You know, the way you would hear the Republicans spin it, including the Trump administration, like Donald Trump did what no other president was able to do because he got tough with China. He hit him hard with 145 percent tariffs and then they went crawling on their hands and knees to Switzerland to beg for a deal.