Donald Trump recently clarified that he isn’t intentionally crashing the stock market, despite announcing significant tariffs that caused a notable decline. Speaking from Air Force One, he dismissed concerns about potential market pain, stating, “I don’t want anything to go down, but sometimes you have to take medicine to fix something.” His sentiments suggest he views the current economic turbulence as necessary for long-term improvement.
Last week, Trump unveiled tariffs targeting several countries, including 49% for Cambodia and 20% for the European Union. This aggressive approach resulted in steep declines in the stock market, sparking fears of a "Black Monday." Observers are increasingly concerned about the risks associated with such sweeping tariffs, especially given that even members of Trump’s administration privately question the wisdom of his policies.
Research from the American Enterprise Institute points out that the administration’s calculation errors resulted in tariffs that were much higher than intended. This miscalculation raises questions about the overall strategy and its potential impact. Surprisingly, Trump’s Secretary of Agriculture, Brooke Rollins, refuted AEI’s findings but admitted she hadn’t actually read their analysis.
The internal sentiment among some Trump officials is one of resignation. They feel that trying to change his mind on tariffs might not only be ineffective but could also provoke a stronger pushback from him. One official’s comment, “Ride it out,” highlights a troubling acceptance of the situation.
There isn’t just unease among officials. Significant GOP donors are voicing their worries too. One donor expressed concern that the situation could be worse than if Bernie Sanders were in charge, illustrating the depth of anxiety about the economic direction under Trump’s leadership. This discontent could lead to varying reactions among supporters and the general public, reflecting a growing disbelief in the decision-making process.
While Trump maintains that the country’s economy will ultimately recover, many are left to wonder how deep the pain will be and for how long. The stakes are high, and the echoes of past economic strategies remind us that choices made in times of turbulence can greatly shape the future.
For more insights, you may consider reviewing the American Enterprise Institute’s report on tariffs here.
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Source linkDonald Trump,Market,Stock Market,Tariffs,trade,trade war
