TARIFFS | Who is truly tariffed for Trump’s tariff wars?
To the editor:
Trump continues to rattle the markets with his tariff debacles, on and off and up and down like a little kid. In only 63 Trading Days since Trump’s inauguration day, the SP500 has fallen by 14% making it the worst start to a new year ever, as well as the worst start to a new presidential term since 1928.
Trump has managed to set the markets on end, with The Wall Street Journal stating, “DOW headed for Worst April since 1933, and Investors are sending a “NO CONFIDENCE” Signal regarding his policies. This is all based on the volatility Trump has caused with his failing Trade Wars. The chief economist of the International Monetary Fund (IMF) is now projecting a 40% chance of a recession due to Trump’s tariffs. Trump’s Treasury Secretary has stated that Trump’s tariffs cannot be sustained and must come to an end.
Trump may be getting a hint that this was not the correct way to address tariffs, because he is now looking for a scapegoat, as he thinks “he can do no wrong.” His initial scapegoat happened to be Head of the Federal Reserve Board Jerome Powell. Trump, using his childish name-calling of Powell as a “major loser” whose “termination cannot come fast enough.”
Jerome Powell stood up to this bully and said he would not resign until his term is over in 2026. Trump finally backed down on his threat, after his advisors told him that firing Powell would throw the U.S. into financial turmoil. It’s no wonder how Trump has been bankrupted six times in the past.
Congress is responsible for dealing with tariffs, yet they have not granted Trump the authority to impose these tariffs. As such, Trump is violating the law by imposing them through his executive order. It appears that Congress is coming to that realization, but they are afraid to push this, as they are afraid of Trump’s retaliation.
In Trump’s Trade War, there have been ZERO deals, even though Trump brags he has lots of deals in the works. But is this really making “America Great Again,” or are we just drowning in Trump’s pride and his belief “He’s the best business man”? So far, according to MSN, Trump’s Tariff War has cost the U.S. Economy $6 trillion!
Americans need to give Republican and Democratic representatives our feedback and tell Trump to stop threatening other countries with his bullying tactics, playing political games by waiting for other countries to make a deal; instead, he should be proactive and propose a win-win deal. This way everyone can feel good about the outcome, as the current tactics are showing calamitous results.
Ronald Swan
Cape Coral