Dave Portnoy reacts to Donald Trump’s shock trade deal with China

By DANIEL MATTHEWS

Dave Portnoy is predicting more stock market madness on Monday after Donald Trump announced a shock trade ‘deal’ with China.

The US economy has experienced a turbulent couple of months after the president announced sweeping tariffs on countries including China, Canada and Mexico.

Chinese president Xi Jinping warned there would be ‘no winners’ in a trade war that quickly sent shockwaves through the global economy.

But on Sunday, secretary of the treasury Scott Bessent revealed that there had been ‘substantial progress between the United States and China in the very important trade talks’.

After the news broke, Barstool founder Portnoy took to social media. ‘Stock Market gonna be a movie tomorrow,’ he wrote alongside three rocket emojis.

Portnoy, whose net worth is reported to be more than $100million, was last month estimated to have lost $20m amid Trump’s controversial new tariffs.

Dave Portnoy is predicting more stock market madness after news of a USA-China trade ‘deal’ 

It was announced on Sunday that ‘substantial progress’ had been made in pivotal trade talks

Chinese president, Xi Jinping, had warned that there would be ‘no winners’ in a trade war

‘This is a decision that one guy made that crashed the whole stock market,’ he fumed. ‘That’s why we’re calling it Orange Monday… the stock market is getting crushed. I’ve lost 20 percent of my net worth’

The Barstool founder threw his weight behind Trump ahead of last year’s election but then turned on the president over the tariffs.

‘You think if I’m losing money, if the stock market is tanking that only affects rich people?’ he continued. ‘We’re probably affected the least.

‘Yeah I’m losing $20m, but I still have plenty of money… it all shakes down. Look at Barstool Sports, alright? This economy tanks. Our advertisers, who do business overseas and sell products and advertise with us. They sell less products. 

‘It gets more expensive. What’s the first thing they cut? Ad budgets. Ad budgets that we get.

‘Suddenly we’re not getting as much money,’ he went on, juxtaposing the two business models to make his point. ‘Suddenly I have to fire Nate [a Barstool staffer] and lay people off.’

But on Sunday, US trade representative Jamieson Greer said: ‘Just remember why we’re here in the first place – the United States has a massive $1.2m trade deficit, so the president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that emergency.’

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Dave Portnoy reacts to Donald Trump’s shock trade deal with China

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