With crude oil prices soaring and China investing in new export capacity at a breakneck pace, the trade deficit will continue to pull down U.S. growth. Without a devaluation of the dollar against the Chinese yuan, U.S. growth will slow significantly in the second half of this year.
More Quotes from Peter Morici:
Businesses might ask for more (for consumer goods) but they won't necessarily get it, and then we'll see big discounts for Christmas, ... This squeeze will slow economic activity. The Fed needs to be very cautious how hard they take the economy downhill because it is already headed in that direction.Peter Morici
I think the worst is yet to come. I expect their market share to continue to shrink and their balance sheets to become more troubled.
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Based on Topics: Business & Commerce QuotesBased on Keywords: breakneck, devaluation
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