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Paul Krugman offers a chart showing the rise in tariffs that Goldman Sachs is predicting Trump to announce today. Krugman comments:
"That bump at the left of the chart is the infamous Smoot-Hawley tariff. So if the reality is anything like this, it will be a much bigger shock to the economy than Smoot-Hawley, especially because imports as a share of the economy are three times what they were in the 1920s."
#Trump #tariffs #LiberationDay #recession #inflation #trade
/1
https://paulkrugman.substack.com/p/stop-looking-for-methods-in-the-madness
"This chart also tells you that you should ignore anyone citing the relatively mild effects of Trump’s 2017-18 tariffs as a reason not to be worried. Trump’s actions then were minor trade skirmishes, while this is all-out trade war."
The infamous Smoot-Hawley tariff played a major role, of course, in precipitating the Great Depression, worldwide economic devastation.
#Trump #tariffs #LiberationDay #recession #inflation #trade
/2
"What makes Mr Trump’s 'Liberation Day' so dangerous is its scale. In 2024, the US ran a $1.2tn trade goods deficit. Only two months from his White House return, Mr Trump has imposed tariffs on goods from Canada, Mexico, China, all steel and aluminium imports, and foreign cars and auto parts. Next up: friends in Asia, including Japan, South Korea, Taiwan, India and Vietnam."
~ The Guardian
#Trump #tariffs #LiberationDay #recession #inflation #trade
/3
"With new tariffs, slowing economic growth, chaos in government, and a debt ceiling crisis looming, America is being isolated in ways that most serve Vladimir Putin.
The Trump-Musk administration is, as predicted, oriented around solving problems for Vladimir Putin."
~ Dave Troy
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin
/4
https://america2.news/liberation-day-marks-americas-slide-towards-irrelevance/
"For Putin, there is no problem bigger than the US dollar, dollar hegemony, and the Federal Reserve. It underpins all of his conspiratorial gripes about the 'Golden Billion' that he believes runs the world at Russia's expense. ...
Tariffs solve one half of Putin's problem by totally isolating the United States and kneecapping a major source of both soft and hard power — trade."
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin
/5
"Debt default would seal the deal, sending the US into a $15 trillion tailspin of increased borrowing costs, and maximum uncertainty.
...
"We are witnessing the controlled demolition of the United States as a world power. We may survive it — when we ultimately decide to take action. But first we must suffer the humiliation that comes with having voted for a Putin puppet. Not only did we do that, but we are now being forced to live out the reality of having done that."
"Over the past 25 years, the world has bent to the vision of one man. In the course of a generation, he not only short-circuited the transition to democracy in his own country, and in neighboring countries, but set in motion a chain of events that has shattered the transatlantic order that prevailed after World War II."
~ Franklin Foer
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin
/7
https://www.theatlantic.com/ideas/archive/2025/03/putin-russia-won/681959/
"In the global turn against democracy, he has played, at times, the role of figurehead, impish provocateur, and field marshal. We are living in the Age of Vladimir Putin. …
With a like-minded counterpart in the White House, he no longer needs to make a case against democracy to his own citizens. He can crow that the system is apparently so unappealing that even the United States is moving away from it."
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin
/8
"Donald Trump has begun his 'liberation day' event announcing sweeping tariffs, saying he will sign an executive order announcing 'reciprocal tariffs on countries throughout the world'."
~ The Guardian
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin #nationalism #aggression #isolationism #NATO #Europe #Canada #Mexico
/9
“''April 2, 2025 will forever be remembered as the day American industry was reborn,' Trump began. 'For decades our country has been looted, pillaged, raped and plundered by nations near and far,' by both allies and enemies, he added."
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin #nationalism #aggression #isolationism #NATO #Europe #Canada #Mexico
/10
"U.S. stock futures cratered as President Donald Trump unveiled sweeping tariffs of at least 10% and even higher for some countries, raising the risks of a global trade war that hits the already sputtering U.S. economy.
Futures tied to the Dow Jones Industrial Average lost 911 points, or 2.1%. S&P 500 futures dropped 3.4%. Nasdaq-100 futures lost 4.3%.
Shares of multinational companies tumbled in extended trading."
~ CNBC
#Trump #Tariffs #StockMarket
/11
https://www.cnbc.com/2025/04/02/stock-market-today-live-updates-trump-tariffs.html
“At the same moment President Donald Trump claimed his universal tariffs were sure to send the stock market rocketing upward, unbeknownst to him, the values of the world’s largest companies were falling off a cliff.”
~ Liam Archacki
#Trump #Musk #tariffs #LiberationDay #recession #inflation #trade #Putin #StockMarket
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