Some accounts of #Trump’s approach to #trade, …identify William McKinley, 25th POTUS, as inspiration. Others suggest that #Hitler’s Germany, which pursued an economic policy of self-sufficiency, or #autarky, may be Trump’s real role model. Wherever he got his love of #tariffs & #protectionism, the intellectual antecedents of his approach go back to English mercantilist thinkers of the 16th & 17th centuries, who also viewed trade as a zero-sum enterprise in which one side wins & the other loses.

"I’ve said before that Trump does not think of policy the way most of us do, operating instead like a low-level mob boss running a protection racket. Unfortunately, a bunch of rubes decided to give him another bite at the apple, and now the entire global economy has to pay up."

~ Marlon Weems

#Trump #tariffs #mob #MobBoss #sanctions #extortion #bullying #stupidity #incompetence
/6

https://thejourneyman.substack.com/p/here-comes-the-pain

Acc/to Olu Sonola, an economist at Fitch Ratings, the average #US #tariff rate on all imports will be ~22%, a rate last seen around 1910 [you, know what led up to the #GreatDepression]. “This is a game changer, not only for the US economy but for the global #economy,” Sonola said in a statement. “Many countries will likely end up in a #recession.”

After weeks of nervous anticipation in the #financial #markets & in the capitals of America’s #trading partners, #Trump’s “Liberation Day” #tariffs have arrived, &, even by his standards, they are shockingly high & wide-ranging. “For decades our country has been looted, pillaged, raped, & plundered by nations near & far,” Trump said on Wed to a crowd at the WH that included members of #UAW, & also elected #Republicans.

"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