"Experts said Trump’s sweeping border taxes of between 10% and 50% on the US’s traditional allies and enemies alike had dramatically added to the risk of a steep global downturn and a recession in the world’s biggest economy."

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/16

"As world leaders reacted to the US president’s 'liberation day' tariff policies demolishing the international trading order, about $2.5tn (£1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe."

~ Richard Partington

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/15

https://www.theguardian.com/business/2025/apr/03/global-markets-turmoil-trump-tariffs-wall-street-downturn

"The pure insanity of Trump’s tariffs is best (ahem) personified by his inclusion of Heard and McDonald Islands, which are inhabited largely by penguins."

~ Marcy Wheeler

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/14

https://www.emptywheel.net/2025/04/04/magats-confess-they-cannot-compete-with-penguins-on-level-playing-glacier/

"Business still hasn’t grasped how bad things are. For while tariffs are dominating the news right now, they’re part of a broader pattern of malignant stupidity. It may take a while before we see the effects of DOGE’s destruction of the government’s administrative capacity, or RFK Jr.’s destruction of health policy, but we will see those effects eventually."

~ Paul Krugman

#Trump #tariffs #StockMarket #economy #crash #recession #inflation #stupidity #incompetence
/13

https://paulkrugman.substack.com/p/how-a-con-man-president-is-destroying

“The vast majority of us will be worse off. It’s not that complicated: Tariffs are a tax. Some of that tax will be eaten by the foreign producer… some of it will be eaten by the importer. But a big chunk of it will be paid by American consumers.”

~ James Surowiecki

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #jobs
/12

https://zeteo.com/p/people-will-become-destitute-trumps-tariffs-backfire

"The economist puts the odds of a recession this year now at 60%, up from 40% before the tariff rollout. Even if the global economy does avoid a recession, the U.S. may not be as lucky, Kasman said."

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #jobs
/11

"The tariffs announced this week by President Donald Trump have significantly increased the chances of a U.S. and global economic downturn, according to JPMorgan. “These policies, if sustained, would likely push the US and possibly global economy into recession this year,” wrote head of global economic research Bruce Kasman in a note late Thursday."

~ Jesse Pound

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #jobs
/10

https://www.cnbc.com/2025/04/04/jpmorgan-raises-recession-odds-for-this-year-to-60percent.html

"According to a report from recruiting firm Challenger, Gray & Christmas released on Thursday, 275,240 people lost their jobs last month. That is a fuckton of people. In fact, it is the third highest number of jobs lost in a single month since they first started tracking job cuts in 1989, the other two being the first two months of the COVID pandemic.

~ Robyn Pennacchia

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #jobs
/9

https://www.wonkette.com/p/here-come-the-layoffs

Andy Kaczynski, quoted by Bulwark, reminds us of a "top banker" quoted by media after Trump's election, who said he felt "liberated" because he could now say the words "pu—y" and "ret-rd" with fear of being "cancelled." Kaczynski wonders if Financial Times can check in on that banker about how "liberated" he's feeling right now.

#Trump #tariffs #StockMarket #economy #crash #SmootHawley #recession #inflation #stupidity #incompetence #destruction
/8

Andrew Egger looks at how FOX News chose to handle Trump's "Liberation Day" as the market crashed: FOX opened the day digitally jubilant with an announcement that Trump has revived "the American dream."

But as the markets cratered, FOX began slowly burying all ledes with that news and fell silent about our "liberation" and how we've living "the American dream."

#Trump #tariffs #StockMarket #economy #crash #recession #inflation #stupidity #incompetence #Fox
/7

https://www.thebulwark.com/p/lamps-going-out-around-us-trump-markets-nato-american-decline

"Callers to my radio show—as well as when I posed this question [of why Trump is crashing the economy] online—overwhelmingly responded that Trump is doing this because he is a 'Russian asset.' His goal is to 'Make Russia Great Again' at the expense of the United States."

#Trump #tariffs #StockMarket #economy #crash #SmootHawley #recession #inflation #stupidity #incompetence #destruction #Putin #PutinsPoodle
/6

"CNBC’s Jim Cramer warned two weeks ago that Donald Trump was 'manufacturing' a recession with his potential massive tariffs. As Cramer correctly explained, history books tell us that the massive tariffs imposed in 1930 known as 'Smoot Hawley' by GOP President Herbert Hoover 'was a direct cause of the of the Depression.'”

~ Dean Obeidallah

#Trump #tariffs #StockMarket #economy #crash #SmootHawley #recession #inflation #stupidity #incompetence #destruction
/5

https://deanobeidallah.substack.com/p/trump-is-following-herbert-hoovers

And what did Trump do yesterday as the market crashed? Stelter quotes Jeff Zeleny on CNN: Trump did not "fly to a factory"; "he did not use the presidential bully pulpit to sort of sell this tariff plan." Instead, he flew to Florida for a LIV Golf event.

#Trump #tariffs #StockMarket #economy #crash #recession #inflation #MobBoss #stupidity #incompetence #destruction
/4

Brian Stelter points to an AP article in March drawing attention to these words of Trump last August:

"If Harris wins this election, the result will be a Kamala economic crash, a 1929-style depression. 1929. When I win the election, we will immediately begin a brand new Trump economic boom."

#Trump #tariffs #StockMarket #economy #crash #recession #inflation #MobBoss #stupidity #incompetence #destruction
/3

https://view.newsletters.cnn.com/messages/17437726770173f149ef9ebf8/raw

"Donald Trump’s decision on April 2 2025 to enact sweeping “reciprocal” tariffs on US trade partners will go down as one of the greatest acts of self-harm in American economic history. They will wreak untold damage on households, businesses and financial markets across the world, upending a global economic order that America benefited from and helped to create."

~ Financial Times

#Trump #tariffs #StockMarket #economy #crash #stupidity #incompetence #destruction
/2

https://www.ft.com/content/21454c08-8e1c-4335-84f9-ef2d0e1aeb14

James Fallows thinks that with Trump's "Insane Clown Posse" approach to governing,

"What we appear to have ... is trade-policy-as-MAGA-rally. He is mad and wants to flex. He hasn’t thought through to what might happen next."

#Trump #Musk #tariffs #economy #LiberationDay #recession #inflation #StockMarket #stupidity #MAGA
/28

https://fallows.substack.com/p/launching-the-economic-version-of

"Is Trump an economic ignoramus, or just a pathological liar? Both, most likely. It is precisely because his lies promote policies that wreak such havoc that news outlets, Democrats, and anyone who cares about truth must reject the notion that fact-checking no longer matters."

~ Jennifer Rubin

#Trump #tariffs #economy #LiberationDay #recession #inflation #stupidity #lies #FactChecking
/5

https://contrarian.substack.com/p/truth-still-matters

”I’d like to imagine that Trump will admit that he messed up, cancel the whole thing, and start over. But he won’t, because that would spoil the dominance display. Ignorant irresponsibility is part of the message.”
—Paul Krugman, Will Malignant Stupidity Kill the World Economy?
#trump ’s #dominance #stupidity #irresponsibility

"To be clear, it's not just journalists asking 'WTF?' Economics professor Justin Wolfers wrote on Bluesky that the 'Incoherent, ill-informed tariffs based on fabrications, imagined wrongs, discredited theories and ignorance of decades of evidence.'"

#Trump #tariffs #economy #LiberationDay #recession #inflation #stupidity
/4