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March 26, 2018, 11:31 a.m. EDT

Robert Shiller: An economic crisis looms amid the chaos brought by Trump

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By Shawn Langlois, MarketWatch

AFP/Getty Images
Robert Shiller warns of an economic crisis.

‘I think his timing is just his own personal timing for this: He’s been president for a year, it’s about time he does something that gets people’s excitement going. He has a philosophy of life that that’s what you have to do: If you want to stay famous, celebrity — which he obviously relishes — you’ve got to be constantly creating news.’

That’s what Nobel Prize-winning Yale economist Robert Shiller said to CNBC over the weekend about the president’s role in the ramp-up in U.S.-China trade tensions.

Speaking in Beijing Saturday, Shiller went on to slam Trump as a “showman,” whose actions are “totally unbecoming for a president.”

He warned that the “chaos” brought by a trade war could have a devastating impact.

“The immediate thing will be an economic crisis because these enterprises are built on long-term planning, they’ve developed a skilled workforce and ways of doing things,” Shiller told CNBC. “We have to rediscover these things in whatever country after the imports are cut off.”

Watch the interview:

On Monday, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.76%  and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.47% , on the heels of their worst weekly performance in years, both surged on reports the U.S. and China are conducting behind-the-scenes talks to avert a global trade war. For more on the market’s big day, read Market Snapshot.

US : Dow Jones Global
+575.77 +1.76%
Volume: 331.19M
May 27, 2022 5:49p
+100.40 +2.47%
Volume: 2.17B
May 27, 2022 5:49p

Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.

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