CNBCのインスタグラム(cnbc) - 9月24日 20時01分

The U.S. and China fired their latest billion-dollar shots in the escalating trade war this week. One market watcher is ready to declare a winner.
The monetary impact of tariffs tips the trade war in favor of the U.S., Steve Chiavarone, portfolio manager at Federated, told CNBC. "When we add up all the impact of tariffs, they come up to just a fraction of the stimulus being added into the economy in the U.S. and I think the market is really starting to ferret that out." By Chiavarone's calculation, the sum of tariffs over the next three years amounts to just one-tenth of the effect of stimulus. He estimates that tax cuts, repatriation and government spending should bring in around $2 trillion through to 2020, while this round of tariffs could total $200 billion over the same stretch.

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