WINONA, Minn. – Investors returned in cautious numbers to Fastenal, pushing shares to a four-day high of $76.83 at 1:33 p.m. when President Trump reversed himself and toned down tariff hikes that precipitated a global panic. For the day the hometown Winona company Fastenal closed at $76.47. on the New York Stock Exchange.
> 52-week high: $84.88.
> Friday: $75.42.
> Monday: $72.16.
> Tuesday: $71.20.
> Wednesday: $76.47.
Investors were desperate for any sign that Ttump was backing off the massive tariffs he imposed Thursday night. For five days he stood by his new tariffs as essential to punish other nations for what he proclaimed was ganging up on the United States with unfair practices.
Global relations by ultimatum
Economists were confounded. Trade policies normally are subject to going negotiations – a course that Trump abandoned with sudden tariff increases of 25% to 134%. It was a my-way or no-way ultimatum to the world. Then at 1:33 p.m. he surrendered. He announced a 90-day pause — except for China, which he kept at 134% for retaliating with a reciprocal mega-tariffs against U.S. goods. Why Trump’s sudden reversal? He was spooked when Japan withdrew new financing for U.S. projects and debt, which analysts said would have pushed the world to the brink of Depression on a 1930s scale Also, U.S. business executives hammered Trump on the phone all weekend about supply-line disasters, corporate meltdowns and massive joblessness. He was mindful too, although not admitting it, about 1,400 citizen street rallies over the weekend against a broad range of his unpopular initiatives. His polls were nose-diving. The respected Quinnipiac Poll found growing disapproval of the Trump presidency – unusual for a new president in the so-called “honeymoon period.” The percentage seeing Trump’s tariffs as hurting the U.S. economy was 62% .Trump also was beseeched behind closed doors members of Congress whose constituents were increasingly alarmed over what was going on.
Trump data, stats, lies
In rolling back his new tariffs, Trump saved face by calling it “a 90-day pause.” He claimed he needed time to work out lower tariffs wity 76 capitulating nations. Yes, he peated: “76” had begged him not to keep the new tariffs: “They’re kissing my ass, begging me” to cut them a deal. It smacked of his blustery vulgarity as a distracting rhetorical trick. He did not list the 76 countries, and aides told news reporters thar it was none of the public’s business. In short, whether Trump was fudging the number or outright lying was unclear. Analysts agreed, however, that Trump’s tariff crisis still had more chapters to go but nonetheless had further undermined the U.S. reputation as a reliable and honest ally and player internationally.
Verbatim
Quinnipiac University poll: “Voters more than 3 to 1 see Trump’s tariffs hurting U.S. economy in the short term but less bearish on long-term impact, The biggest economic worry tight now? Voters across the board say higher prices.”