Retail Stocks Surge On Report Trump Opposes House Version Of Border Tax

Shortly before the close yesterday, retailers tanked when in a Reuters interview, Trump said that he supports "some form" of border tax without elaborating, sending the S&P Retail Sector tumbling.




"I certainly support a form of tax on the border," he told Reuters on Thursday.  "What is going to happen is companies are going to come back here, they're going to build their factories and they're going to create a lot of jobs and there's no tax." Trump also said his administration will tackle tax reform legislation after dealing with Obamacare, the health insurance system put in place by Obama.

Not even 24 hours later, the White House appears to have flip-flopped again because earlier today, according to Axios, Goldman's ex-president Gary Cohn, and chief economic advisor to President Trump, told a group of CEOs that the White House does not support the House GOP version of a border adjustment tax, according to an attendee.

The comment was made while Cohn was being interviewed by The Carlyle Group CEO David Rubenstein, at a private event hosted by The Business Counsel in Washington, D.C.

The result: A mirror image of yesterday's selloff, as now the market no longer has to fear Trump's tweets, but his staggering position reversals, now coming inside the span of a day.