U.S. President Donald Trump openly challenged U.S. allies on Wednesday by increasing tariffs on all steel and aluminum imports to 25% as he vowed to take back wealth “stolen” by other countries, drawing quick retaliation from Europe and Canada.
The Republican president's use of tariffs to extract concessions from other nations points toward a possibly destructive trade war and a stark change in America’s approach to global leadership. It also has destabilized the stock market and stoked anxiety about an economic downturn.
“The United States of America is going to take back a lot of what was stolen from it by other countries and, frankly, by incompetent U.S. leadership,” Trump told reporters on Wednesday. “We’re going to take back our wealth, and we’re going to take back a lot of the companies that left.”
Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce.
He has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2.
The EU announced its own countermeasures on Wednesday. European Commission President Ursula von der Leyen said that as the United States was “applying tariffs worth $28 billion, we are responding with countermeasures worth 26 billion euros,” or about $28 billion. Those measures, which cover not just steel and aluminum products but also textiles, home appliances and agricultural goods, are due to take effect on April 1.
U.S. Trade Representative Jamieson Greer responded by saying that the EU was punishing America instead of fixing what he viewed as excess capacity in steel and aluminum production.
“The EU’s punitive action completely disregards the national security imperatives of the United States – and indeed international security – and is yet another indicator that the EU’s trade and economic policies are out of step with reality,” he said in a statement.
Meeting on Wednesday with Ireland’s Taoiseach Micheál Martin, Trump said “of course” he wants to respond to EU's retaliations and “of course” Ireland is taking advantage of the United States.
“The EU was set up in order to take advantage of the United States,” Trump said.
Last year, the United States ran a $87 billion trade imbalance with Ireland. That's partially because of the tax structure created by Trump’s 2017 overhaul, which incentivized U.S. pharmaceutical companies to record their sales abroad, Brad Setser, a senior fellow at the Council of Foreign Relations, said on X.
Canada sees itself as locked in a trade war under the pretext that its center for fentanyl smuggling and that its natural resources and factories subtract from the U.S. economy instead of supporting it.
“This is going to be a day to day fight. This is now the second round of unjustified tariffs leveled against Canada,” said Mélanie Joly, Canada's foreign affairs minister. “The latest excuse is national security despite the fact that Canada’s steel and aluminum adds to America’s security. All the while there is a threat of further and broader tariffs on April 2 still looming. The excuse for those tariffs shifts every day.”
Canada is the largest foreign supplier of steel and aluminum to the United States and plans to impose retaliatory tariffs of Canadian $29.8 billion ($20.7 billion) starting Thursday in response to the U.S. taxes on the metals.
Canada's new tariffs would be on steel and aluminum products, as well as U.S. goods including computers, sports equipment and water heaters worth $14.2 billion Canadian ($9.9 billion). That's in addition to the 25% counter tariffs on $30 billion Canadian (U.S.$20.8 billion) of imports from the U.S. that were put in place on March 4 in response to other Trump import taxes that he’s partially delayed by a month.
Trump told CEOs in the Business Roundtable a day earlier that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.
“The higher it goes, the more likely it is they’re going to build,” Trump told the group. “The biggest win is if they move into our country and produce jobs. That’s a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country.”
Trump on Tuesday had threatened to put tariffs of 50% on steel and aluminum from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on electricity sold to Michigan, Minnesota and New York.
Democratic lawmakers dismissed Trump's claims that his tariffs are about national security and drug smuggling, saying they're actually about generating revenues to help cover the cost of his planned income tax cuts for the wealthy.
“Donald Trump knows his policies could wreck the economy, but he’s doing it anyway,” said Senate Democratic Leader Chuck Schumer of New York. “Why are they doing all these crazy things that Americans don’t like? One reason, and one reason alone: tax breaks for billionaires, the north star of the Republican party’s goals.
In many ways, the president is addressing what he perceives as unfinished business from his first term. Trump meaningfully increased tariffs, but the revenues collected by the federal government were too small to significantly increase overall inflationary pressures.
Outside forecasts by the Yale University Budget Lab, Tax Policy Center and others suggest that U.S. families would have the costs of the taxes passed onto them in the form of higher prices.
With Wednesday's tariffs on steel and aluminum, Trump is seeking to remedy his original 2018 import taxes that were eroded by exemptions.
After Canada and Mexico agreed to his demand for a revamped North American trade deal in 2020, they avoided the import taxes on the metals. Other U.S. trading partners had import quotas supplant the tariffs. And the first Trump administration also allowed U.S. companies to request exemptions from the tariffs if, for instance, they couldn’t find the steel they needed from domestic producers.
While Trump's tariffs could help steel and aluminum plants in the United States, they could raise prices for the manufacturers that use the metals as raw materials.
Moreover, economists have found, the gains to the steel and aluminum industries were more than offset by the cost they imposed on “downstream’’ manufacturers that use their products.
At these downstream companies, production fell by nearly $3.5 billion because of the tariffs in 2021, a loss that exceeded the $2.3 billion uptick in production that year by aluminum producers and steelmakers, the U.S. International Trade Commission found in 2023.
Trump sees the tariffs as leading to more domestic factories, and the White House has noted that Volvo, Volkswagen and Honda are all exploring an increase to their U.S. footprint. But the prospect of higher prices, fewer sales and lower profits might cause some companies to refrain from investing in new facilities.
“If you’re an executive in the boardroom, are you really going to tell your board it’s the time to expand that assembly line?” said John Murphy, senior vice president at the U.S. Chamber of Commerce.
The top steel exporters to the U.S. are Canada, Mexico, Brazil, South Korea and Japan, with exports from Taiwan and Vietnam growing at a fast pace, according to the International Trade Administration. Imports from China, the world's largest steel producer, account for only a small fraction of what the U.S. buys.
The lion's share of U.S. aluminum imports comes from Canada.
© Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
119 Comments
Underworld
Trump vows to ruin the US economy.
Newgirlintown
The man taking a wrecking ball to the economy and the environment.
JeffLee
Don't be shocked. This is what a majority of US voters wanted, notably most of America's business people. Hardly anyone in the business community spoke out about Trump and his tariffs during the campaign. When American business people grumble about politicains, it tends to be about free-trade-loving Dems, even though history shows that the US economy performs better when Dems are in charge.
deanzaZZR
Trump could absolutely wreck an economy the size of Ireland. Trump is drunk with power.
I'veSeenFootage
I surmise he's not talking about the wealth stolen from the middle class by billionaires like Musk and himself.
TaiwanIsNotChina
Actually he cannot as Ireland is part of the EU.
stickman1760
The notion that other countries “stole”America’s wealth is complete and utter nonsense.
Yrral
Trump will get more legal hell from Perkins Coie,they have enlisted another law firm to.represent , going legal.beastmode on.his Presidency
deanzaZZR
I'm pretty sure Trump had to take an economics course or two at U Pennsylvania. In one ear and out the other comes to mind.
bass4funk
Then Europe and the rest of the world can be quiet while we level up the playing field.
deanzaZZR
He most certainly can. Tariffs are applied at the national level, not an economic block.
Of course I hope Trump does not as I am quite fond of Ireland for a number of reasons.
wallace
Trump claimed there is a $350 billion trade deficit with the EU—wild Trump claims. However, trade of imports and services, which Trump always leaves out, leaves a $16 billion trade deficit—very different from his $350 billion claim.
bass4funk
Just laughable utter nonsense.
BB
He's a simpleton who has scared anyone near him with a brain into silence, lest they be cast out. Inflation will pick up, and companies will be reluctant to hire or invest because there's too much uncertainty. Good time to be in Japan...
I'veSeenFootage
I can easily prove that billionaires are stealing and hoarding wealth.
Can you prove that they aren't?
WoodyLee
""The Republican president's use of tariffs to extract concessions from other nations points toward a possibly destructive trade war and a stark change in America’s approach to global leadership. It also has destabilized the stock market and stoked anxiety about an economic downturn.""
well, someone has to do it and Pres. Trump happens to come at the right time .
The U.S. is getting SCREWED left right and center by the so called ALIES / PARTNERS and no one is able to stop it. American manufacturers are getting slaughtered and are struggling to keep up with CHEAP, FAKE, LOW QUALITY raw materials and products pouring in to the country at 1/4 of what the U.S. makers charge, in many cases imports are even cheaper than Wholesale!! how could they survive and compete?? Not a chance.
THIS RIP OFF MUST STOP.
thelonius
These tariffs are to collect money for a tax cut. Nothing to do with trade imbalances, fentanyl, bringing manufacturing jobs back, etc…
OssanAmerica
The usual Trump victim syndrome now projected onto the whole nation.
WoodyLee
TRADE WAR IT IS, and let the chips fall were they may.
lincolnman
"Triple D" - that's what I'm calling Trump from now on - "Donald the Demented Dimwit"....
Even his own conservative economists in his cabinet say that Tariffs are just a tax on consumers - and will spike inflation...
Haven't we learned from history's example after example - every Repub since Nixon has either crashed the economy or been impeached - and some crashed the economy, were impeached, and started needless wars....
Trump with his tariffs, belligerence, and lies is showing us he's going to do all three...
Just what our MAGA-fans voted for, right?
Peter Neil
the u.s. doesn’t have the aluminum production capacity to meet market demand.
i’m sure it will all change in a few hours, as usual.
onedragon
We live in such a negative world now, as the collective on this site dis-like change or anything to do with Trump. It seems like everything the Trump administration is doing thus far has been getting very high marks from the people which I think is refreshing.
Other countries' leaders do whatever they want not thinking or allowing their citizens to participate.
Japan are you listening?
Peter Neil
the wealth of america has been stolen by billionaires and multi-millionaire ceo’s who don’t pay taxes, social security or medicare. and corporations paying no or little taxes, being supported by government incentives and contracts - looking at you elon.
funkymofo
The economic illiteracy of the maga voter.
Flute
Is the guy implying that one of the objective is to have an agreement on production in order to force price high against the customer. Not sure but I think that one is not legal in EU and perhaps even US people/company at the receiving end will not be so pleased to face artificially increased price.
Narciss, nobody ?
And who is going to actually do these job ? I do not remember USA having a crazy high unemployment rate moreover considering the current massive expulsion of workers.
I'veSeenFootage
You must not have seen Trump's popularity poll.
https://www.natesilver.net/p/trump-approval-ratings-nate-silver-bulletin
bass4funk
It’s starting, good sign
https://money.usnews.com/investing/news/articles/2025-03-05/volvo-cars-may-move-some-production-to-the-us-over-tariffs
https://www.wsj.com/business/japan-beer-maker-asahi-looks-to-invest-more-in-the-u-s-as-president-trump-wields-tariffs-c23eaab1
include:
• General Motors (GM): In January 2025, GM announced a $7 billion investment across four Michigan plants to boost battery cell production, aiming to become North America’s leading electric vehicle producer.
• GE Appliances: Since 2016, GE Appliances has invested over $2 billion in its U.S. plants and distribution centers. In May 2024, they opened a water heater plant in Camden, South Carolina, and have increased spending on U.S. suppliers by two-thirds over the past five years.
• Intel: The company is investing $12 billion in two semiconductor fabrication plants near Phoenix, Arizona
• U.S. Steel: Investing $3 billion in a new steelmaking facility in Osceola, Arkansas
• Nucor: Planning a $2.7 billion investment in a steel plate mill in Brandenburg, Kentucky
• Generac Power Systems: After the pandemic, Generac moved some production from China to the U.S. and announced plans to open a new plant in Trenton, South Carolina, in 2024.
• Lockheed Martin: Allocating $16.5 million for a new Missile System Integration Lab in Huntsville, Alabama, adding to its existing 25 facilities in the state and expecting to create 200 additional jobs.
• Whirlpool: Relocated production of its KitchenAid hand mixers from China to its Greenville, Ohio facility
• Caterpillar: Built a new factory in Athens, Georgia, moving production from Japan back to the U.S.
• Siemens: Announced a $285 million investment in U.S. manufacturing, including new facilities in California and Texas
• Merck: Opened a $1 billion vaccine manufacturing facility in North Carolina
I can easily prove that billionaires are stealing and hoarding wealth.
Yes.
This is just the beginning
https://www.upi.com/Top_News/US/2025/02/05/ADP-jobs-repirt-increase/1591738765912/
I think it’s now safe to say that Nate’s overall predictions particularly looking at the Presidential election exit polls are just way off
ThePunisher
The madness of Trump, and the pathetic sycophants who are too scared of him to speak up.
This is going to crash the US economy hopefully. Fingers crossed it's the millions of little people down the bottom - the Trump voters - who really suffer. I genuinely hope they struggle to put food on the table for their families, and cannot pay their power bills.
travelbangaijin
Think of all the rice America could not sell to Japan - that felt like stolen rice
Bob Fosse
“Why are they doing all these crazy things that Americans don’t like? One reason, and one reason alone: tax breaks for billionaires”
Bingo.
lincolnman
Wanna know what kind of “businessmen” Trump and Musk are?
Trump’s Truth Socia’s stock price is down nearly 60% from its high, and Trump’s losses are over $3 billion…
Musk Tesla’s stock price is down nearly 50% and Musk has lost close to $800 billion…
These are the two Morons we have running our economy ... and just like with their private companies, their incompetence and mismanagement is taking it into the gutter…
Get ready for the TMD - the Trump-Musk-Depression…
bass4funk
So poor people create jobs now? How? That thought process is exactly why California, Chicago, NY and the rest of the West Coast are dying out.
funkymofo
Yeah yeah, tell us some more about how trickle-down economics works.
Numerous studies, including one by David Hope and Julian Limberg of the London School of Economics, have found that tax cuts for the wealthy do not significantly impact economic growth, employment, or GDP per capita.
Instead of benefiting the broader economy, tax cuts for the wealthy often lead to increased income inequality, as the wealthy use their increased income to further accumulate wealth, rather than investing in ways that benefit the broader economy.
Trickle-down economics assumes that the wealthy will reinvest their tax savings, but research suggests that they often hoard their wealth or invest in ways that don't create jobs or boost economic growth.
The International Monetary Fund (IMF) has even suggested that increasing the income share of the poor and middle class actually increases growth, while increasing the income share of the top 20% results in lower growth.
HopeSpringsEternal
No surprise, Trump's made it clear LONG ago, US under his leadership will re-industrialize and obviously that requires robust domestic steel and aluminum industries.
MANY companies, especially auto, pharma and chips shifting production to the US to avoid tariffs and benefit from lower taxes, regulations and energy costs.
Already happening, Biden Admin experienced +110K lost manufacturing jobs in just 2024, but in Feb this year, Trump's first full month, 10K new jobs created. Expect this trend to continue for years to come.
I'veSeenFootage
This in no way proves that the billionaires are not hoarding wealth. You're equating job creation with transfer of wealth, which is laughably simplistic. McDonalds or Amazon employs millions of people around the world, very few of them are rich.
Let me just ask you a very simple question : the inequality gap between the richest and the rest of us is getting bigger every day and has never been bigger in the history of the country. The top 1% now holds 30.8% of the total US net worth. Since 1975, nearly $80 trillion has been redistributed from the bottom 90% to the top 1%.
How could this be possible without theft and hoarding by said 1%?
These are not "predictions". It's a popularity poll.
HopeSpringsEternal
The hollowing out of America's industrial might is over, American manufacturing, supply chain resiliency and national security are back.
Musk announced Tesla will double US auto production in next two years, including ramping up production of their new Tesla Semi and Cyber Cab = Exiting Times!
Blacklabel
“Inflation cools in first full month of Trump term but egg prices soar”
Inflation is down already! Isn’t that wonderful?
but my eggs! lol
Blacklabel
CNN —
“Inflation slowed more than expected in February and cooled for the first time in five months, but…..”
the desperation is hilarious.
HopeSpringsEternal
Trump's focused on delivering for the American workers and why he won union and working class vote in Nov.
Wall Street might not like the uncertainty but longer term it'll be a tremendous boost to the US economy in terms of investment, jobs and wealth creation in general.
Companies like Tesla and SpaceX proof manufacturing goes hand in hand with technology. American voters get it and support DJT's economic agenda = MAGA
I'veSeenFootage
MAGA assured us the current economy, up to yesterday, was the result of the terrible Biden policies, and that correcting them would take a lot of time. So of course this inflation cooling must also be thanks to Biden! Right? I mean, it would be very hypocritical to say otherwise. Because not "a lot of time" has passed at all.
TokyoLiving
50% Pirate..
And 50% Clown..
jforce
Tank the economy, blame Biden, and then remake it with oligarch billionaires. The working class will get nothing from this. The auto industry is far too integrated in North America to have any chance of change in Trump's term as prez. All for show. Enjoy your isolation America. You've lost the trust of the world in a mere 8 weeks. Let's tank Tesla, and boycott all American goods.
Blacklabel
if the price of eggs and the current stock market is too, sure ok?
HopeSpringsEternal
Trump's economic agenda entails Govt. Efficiency via DOGE's advisory digital audit to downsize Govt, send Govt. functions back to states, cut regulations, increase energy production etc.
Above will 're-focus' US economy from Govt. led to private sector led
Big push to attract investment by lowering cost of doing business for those doing so within US and raising costs for those just trying to access US markets = Reciprocal Tariffs, either pay $Up or Open Up YOUR markets to US Companies
Americans want an economy that works for THEM, why they elected DJT, as BIG changes to Biden's status quo economic failures needed ASAP!
lincolnman
This is a perfect example of how the ultra-rich bamboozle, scam, and manipulate the poor MAGA masses...
"Give us huge permanent tax breaks (much smaller temporary ones for you) and we'll use that money to add more jobs - we'd never think of using it to buy another mansion, yacht, or private jet"....
Of course, Trump also sided with Musk just last month agreeing to replace US "mediocre" workers with lower paid immigrants...
The MAGA little guy is getting scammed and played - his MAGA heroes are firing him at work, gutting his medicare and social security, and losing all his retirement savings as the market tanks...
The next four years they'll be jobless, homeless, and in poverty....and in 2028 they'll vote for the folks that did all that to them again...
Sound like a deluded, sick cult?
HopeSpringsEternal
Great thing about a supply side driven economy Trump's now building in America with more and more US manufacturing and resource extraction is it lowers prices and thus inflation and interest rates.
Plus, if other countries, and they are, lower their tariffs then even more global production and lower prices for ALL consumers, along with greater economic activity.
Combine that with greatly reducing (DOGE) US Govt. via restructuring and streamlining and there's even more downward pressure on interest rates and inflation, so rate sensitive areas like housing can finally Take OFF, making homes finally more and more affordable!
I'veSeenFootage
OK, great. So when you called the inflation cooling "wonderful", you were of course praising Biden for it! Right? That's what you were doing?
John-San
IT been 5 years you the USA have taken 50 billion in down payment but no Subs, Not even a lend/lease option. Where are our subs. Corruption is rife in the USA. Bunch of theifing dogs.
DeeZee
Trump is making American rich again and the tariffs will make America billions of dollars in profits
Blacklabel
once I see your team crediting Biden for the current stock market and egg prices, sure I will be doing that.
oddly im not seeing that Biden ownership from your side. Seems all is owned by Trump already?
Blitzwing
That is an awful thing to wish on anyone. Come on dude, be better.
I'veSeenFootage
So you saying the stock market is horrible and the price of eggs is way too expensive, and that's Biden's fault too? Or are you saying the cooling of the inflation is thanks to Trump, so therefore the horrible stock market and price of eggs is also his fault? Which one is it? Just want to be clear on your position.
stickman1760
America re-industrializing? Good
Maybe some here can get real jobs now instead of spending their days tapping out Trump talking points on Japan Today.
why did the rust belt occur
oh, foreigners stole our jobs! Actually, they worked harder but go ahead and tell yourselves the jobs were stolen if it makes ya feel better.
HopeSpringsEternal
DJT Economic North Stars? US Worker priority, lowering inflation & interest rates, attracting risk capital to create jobs & production, and making sure US markets only accessed by those providing equal access to their markets OR $Pay Tariffs OR reshore production within US
soudan
So presumably you only buy Made in America stuff, right? You shun the cheaper foreign products and products made form those materials? Including the phone and or computer you are readign this on - possibly mamny part sof the car you drive and so on. So actually someone can stop it ...you, WoodyLeeToday. You can stop it - you and all the other patriotic discerning consumers in the US. Yet is seems you and millions of other Americans choose not to. You present a baseless argument, I'm afraid.
Bob Fosse
That big list of projects you posted, read it again. Most of them started under Biden. Doh.
Jimizo
They don’t live in the US and couldn’t care less if these measures hurt people living in the US. I think universal healthcare in Japan may have attracted them.
Anyway, their uncertainty about tariffs has been settled by Trump. Tariffs are a good thing in themselves. That’s now clear - at least for today.
Let’s see what comes next.
Bob Fosse
in 2012 lol.
Finger on the pulse as always
HopeSpringsEternal
Right now, MANY countries Busy negotiating with US regarding tariffs with the launch of US global reciprocal tariffs set to commence 2 April. Expect MANY countries to lower tariffs, like the EU and India already have.
Consumers & Businesses Globally will benefit from lower tariffs = Lower Prices & Greater Economic Activity!
bass4funk
Knowing that Trump was going to win, unlike the Trump hating libs, they knew what Biden was doing was wrecking the economy and the private business sector, they watched Trump, they know the people are a lot smarter, it paid off in the end, so yes, a lot happened under Biden but not for the reasons the left think. They all saw the Trump train coming.
Garthgoyle
He's a troll who's got a lot of power and money.
Bob Fosse
Biden gave Intel funding for the new plants.
Caterpillar in 2012? Come on man.
I'veSeenFootage
Of course not. Because I'm not a partisan lunatic or a member of a cult and I look at things objectively. I know it seems to be a very strange concept for some. If you want my honest opinion:
The current inflation cooling is the continuation of the trend the Biden policies started, a trend that will come to a halt once the consequences of Trump's policies accumulate over time.
The price of eggs is the consequence of several factors which can't be blamed on Biden nor Trump (but Trump isn't doing anything to bring it down, even though he promised he would, and on "day one").
The stock market, which fluctuates daily and is heavily influenced by immediate and short-term actions (unlike the economy as a whole) is a direct consequence of Trump's chaotic behavior.That's about it.
HopeSpringsEternal
People from all countries should ask how do high tariffs benefit them?
Less choice and higher prices result, only beneficiaries are the companies protecting 'their' markets.
DJT's unleashing a global reduction in tariffs, so ALL consumers and MOST companies will greatly benefit from lower prices and increased global market access.
What's not to like? Tariffs not unlike Peace in Ukraine, MOST of world will Benefit, but a FEW will be unhappy, as their $money making scheme & thirst for power ends
bass4funk
That wasn’t the issue, the issue was, the majority of these companies are moving back, more to follow, we have 4 years, that will happen. Again, if these corporations thought Biden/Harris were good for their business and country they would have not decided to make this move
HopeSpringsEternal
What few understand is that 'tariffs' are a $transmission mechanism from the "protected companies" to Govt. Bureaucrats and Politicians - often called kickbacks or lobbying
Tariffs are a giant 'grift' designed to hurt Consumers and benefit the "Elite".
DJT's not interested in helping the Elite Permanent Unelected Bureaucratic State in DC or anywhere else in case you haven't noticed.
Bob Fosse
The issue is you trying to pass off something that happened 13 years ago under Obama as a victory for 47. You posted it.
Huh?!
Again, these corporations MADE the move under Biden.
You can’t pick and choose which bits of Biden’s economy 47 inherited you like and don’t like.
lincolnman
When Trump loses Fox News, you know MAGA-world is in turmoil....
"The barrage of bad economic news as Donald Trump's flip-flopping on tariffs has sent the U.S. stock market reeling and business leaders calling the White House to complain, has also led Trump-friendly Fox News hosts to no longer be able to ignore what is happening. According to MSNBC analyst Ja'Ham Jones, hosts and fellow analysts at the conservative network have read the room — and are becoming openly critical of the burgeoning trade war. And they're letting their viewers know it will be far from smooth sailing for an extended amount of time.
Combined with high-profile Fox host Maria Bartiromo expressing incredulity at Trump's inability to assure worried conservatives that a recession is not on the horizon, Jones noted that recently on Fox Business, conservative economist Brian Wesbury warned, “We’ll have some pain” — which the MSNBC columnist noted was a breakthrough moment."
As the MSNBC analyst wrote, "Now that the cat is officially out of the bag, many contributors and hosts on the president’s favorite news network, Fox News, and its sister channel, Fox Business, seem to have rallied around a common conclusion: Pain is on the horizon."
https://www.msn.com/en-us/money/markets/cat-is-officially-out-of-the-bag-as-fox-news-admits-trump-economic-chaos-analyst/ar-AA1AMTZp?ocid=windirect&cvid=2d333caa66764be09cfd96042e226471&ei=52
First the Wall Street Journal, now Fox Business....what's the next MAGA-media outlet to start calling out Trump's lies?
wallace
Tariffs lead to price increases for the consumer. Increased prices lead to inflation. Not difficult to understand. The tariffs on Canadian aluminum will increase the price in the US for making cans for beers and cokes.
HopeSpringsEternal
Lincolnman, would above explain why the leaderless Democratic Party has never polled so badly since WWII?
DJT policies are very popular, far more popular than his personality in truth. Democrats have no solutions to offer, and nobody misses Biden or his terrible economy.
Because of DJT and largely his economic agenda including reciprocal tariffs, US Optimism about the direction of the Country = Now Highest since mid 1990s
HopeSpringsEternal
High US tariffs will result in either OTHER countries and their companies lowering their tariffs, OR reshoring production to the US OR $paying higher tariffs.
DJT 1.0 had tremendous success with tariffs on China, no inflation or price pressures, China's makers absorbed almost all tariff costs. This time will be no different, only FAR more will decide to either lower tariffs or reshore to US.
wallace
US stock market loses $4 trillion in value as $Trump plows ahead on tariffs. Dow falls by almost 900 points in market rout after $Trump says he won't rule out a recession.
In the early weeks of Donald Trump’s second presidential term, the S&P 500, after reaching all-time highs, is down 2.6% since Trump’s January 20th inauguration.
bass4funk
Probably will be rough for a little while, ride out the turbulence and smooth gliding will follow, just needs some time
lincolnman
And the numbers tell the story....
"A new CNN poll released Wednesday is the latest survey to suggest that Trump’s chaotic presidency — most notably his government cuts and his unpredictable tariffs gambit — has squandered whatever goodwill and mandate he walked into office with.
The top line is that Trump’s approval on the economy is worse than it’s ever been. Americans disapprove of his handling of it by 56 percent to 44 percent. CNN’s polling through Trump’s two terms had never before found a majority disapproving of Trump on the economy.
The network’s new survey is the second poll this month, along with one from Reuters-Ipsos, to show Trump hitting a new low on the economy, which was his most consistently positive major issue during his first term.
71 percent of independents disapprove of his handling of tariffs, as do 20 percent of people who said they voted for Trump in 2024.
66 percent of independents and 17 percent of Trump voters say he’s “too extreme.”
There is clear worry about how far Trump and Elon Musk are going to overhaul the American government. Fully 69 percent of independents say they’re more concerned that the cuts will go “too far” in targeting “important” government programs than that the cuts won’t go far enough. And 27 percent of Trump supporters fear that, too.
Musk is a growing liability. His image numbers have long been declining, but the new poll adds this: Seven in 10 independents say Musk has neither the right experience nor the judgment “to make changes to the way government works.”
https://www.msn.com/en-us/news/politics/new-poll-crystallizes-trump-s-self-inflicted-wounds-on-musk-and-tariffs/ar-AA1AMjoG?ocid=windirect&cvid=2d333caa66764be09cfd96042e226471&ei=107
And the message is clear - Trump 2.0 is crashing and burning....
GuruMick
There is no middle ground with people where Trump is involved.
Remember when leaders promised to lead the whole nation, not just those that voted for them.
wallace
Thought you said it has been tough for the last four years?
Many are now losing money. Buyers remorse is in the post.
HopeSpringsEternal
Markets go up and down all the time, now a natural and healthy correction. Markets don't like 'short-term' the uncertainty of the major trade policy and economic change agenda of DJT vs. Status Quo Biden
Once DJT's policies are better understood by market participants and success results, meaning jobs and economic growth, along with reduced inflation and interest rates, Markets will be VERY Happy!
One must be reminded that the Biden Govt. Budget continues via continuing resolutions until 30 Sept, including record deficits, up 38% thru Feb vs. prior year
bass4funk
Worse actually overall…
And most will recover despite the lefts doom and gloom reporting
Tokyo Guy
Just let him ruin everything. He's clearly on a crash course to do so, quite possibly intentionally. Then, when the carnage finally ends, maybe, just maybe, people (outside the cult) will realise that republicans and healthy economies just don't mesh, least of all with someone at the helm who clearly has no idea what he's doing.
In the meantime, if anyone finds the spine belonging to the democrats, please return it.
Harris voters knew this was coming, but nothing less than economic and social ragnarök will convince the other two thirds now.
HopeSpringsEternal
Big difference between Big Media, Wall Street and DC Permanent Establishment, many of whom are clearly unhappy. Normal Americans feeling great, why?
Secure borders, wars ending, interest rates and inflation dropping, criminals being deported, manufacturing investment flowing into US creating jobs, US energy production taking off and US Companies finally getting a fairer shake with global trade via reciprocal tariffs.
Above, why US Optimism about Direction of Country, highest in many Decades = stark turn-around from Biden
Speed
My Japanese buddy's US stocks are all in freefall. He's bummed.
bass4funk
No, he’s not.
If Democrats think they even have a slight chance retaking the House, think again.
https://nypost.com/2025/01/29/us-news/democrats-unfavorability-rating-reaches-new-high-poll/
Harris voters knew this was coming, but nothing less than economic and social ragnarök will convince the other two thirds now.
https://www.axios.com/2025/01/30/democrats-popularity-trump-poll-2024
Wasabi
trump is the end of the USA as the "leader of the free world" (self proclaim), and the economic power. Now this country is only the world pain-in-the-ass and best putin's friend.
stickman1760
A lot of people who supported Trump are not in a position to ‘ride it out”
h said he would lower prices on Day 1. Another massive lie.
bass4funk
Well, we suffered a lot through the last 4 years and tightened our belts, but it will get better, Americans are pretty resilient
Here we go with that crap again! If libs believed that verbatim that’s on them. It was a figure of speech and nothing more, not literal, so no lie.
https://nypost.com/2025/03/12/business/egg-prices-start-to-drop-after-bird-flu-shortage-caused-massive-hikes/
nishikat
While GE Appliances is now owned by Haier, a Chinese company, the majority of GE Appliances are still manufactured in the United States
(Internet source)
OK
HopeSpringsEternal
As Trump often says, "success will be what unifies the nation". There is no 'middle-ground' on policies like Trade, Border, War, illegal immigrants etc.
Given the Biden Admin debacle, including record trade deficits, Govt. deficits, wars and inflation, most Americans quite happy to go in the OPPOSITE direction!
I'veSeenFootage
Still waiting on you to explain how billionaires aren't hoarding wealth.
lincolnman
When you have to resort to the absurd twisted logic that "Trump never lies" and then say "Don't believe what he says"...
You may be a Trump supporter...
i wonder if they think Trump was speaking "literally" when he said the "COVID vaccine was safe", "I believe in the sanctity of life", "RFK Jr is the world biggest liberal lunatic", and "EVs are a scam and a hoax"....
HopeSpringsEternal
Some billionaires DO hoard well, especially those on Wall Street. Others, especially in Tech, do the opposite and put the capital to work to CREATE new products and services that make society more Productive and Richer!
DJT's clearly leaning into Tech and not too worried Wall Street, especially regarding trade and tariffs.
bass4funk
They will all go away, it’s NYC
Carter should have never given it away and now the Chinese control the gateway to the U.S.??? Don’t know about you, but if it were the opposite, they wouldn’t stand for it, neither should we
With every reason, there’s a lot we can do to Canada, but now Ontario is wising up and it looks like Trump will eventually get the deal he wants in the end, free and fair trade.
Wrong!
https://apnews.com/article/mexico-us-canada-free-trade-agreement-fa29352ff219a4ab76a8f158d72d2651
She’s the only designer????
Relax, we will get over this rough patch, but the Dems, at this point…..only a miracle can save the dying party.
I'veSeenFootage
But the previous trade deal was made by Trump himself during his first term. So it was a bad deal? Why did he make it then?
HopeSpringsEternal
Remember, USMCA trade agreement has clauses that allow it to be LEGALLY revised. What's DJT's now doing based on trade data$ of agreement, especially companies coming from OTHER countries 'arbitraging' tariffs
ok1517
Besides many other things, Donald ain't good at math or economics either.
Must have skipped a couple of lessons at school.
At least looking at my ETF (S&P500) the US economy doesn't look good at all.
Actually going down (for me roughly a 50% loss within less than 2 months).
Going down faster than that Boobert at the theater!
But as long as Donald, Elonia and the rest of their clan got it made - no worries!
MAGAs, the ones on the right, and others like them (also) asked for it - now they got it!
Chabbawanga
Kind of rich coming from the country that has the worlds reserve currency.
lincolnman
Trump’s approval is only 45 percent; it’s the lowest in the era of polling of any president at the outset. Only 34 percent of independents approve of this performance. Abysmal. Fifty-five percent overall say the cuts to government are doing more harm than good, and 60 percent say federal employees are essential. The Elon Musk gambit is just blowing up in his face.
Trump is underwater on the economy. In the Marist poll, a plurality say Trump’s changes are making it worse. And 57 percent expect prices to keep rising. Americans don’t see him getting prices under control
The Wall Street Journal and Fox News, two of the most conservative pro-Trump news outlets, say his tariffs will lead to massive inflation...
And Musk's Tesla sales are tanking so badly he had to give him an infomercial at the WH and beg his supporters to buy one - this after saying repeatedly that EVs were a "scam and a hoax"....
It's a MAGA-meltdown...
itsonlyrocknroll
BREAKING NEWS: Trump Takes Questions From Reporters While Hosting Ireland's Taoiseach In Oval Office
https://www.youtube.com/watch?v=GCvCMDreXek
I think the message is clear, for Ireland, the EU, President Trump cannot hide his contempt.
Within the first five minutes President Trump brings reciprocal tariffs front center,
Donald Trump makes the point in front of Ireland's Taoiseach.
bass4funk
Not a bad deal, but it seems Canada is running up the tab on us and I get it, their worried about their economy, understandable, but that doesn’t mean we have to suffer as a result and thank God this President gets it, it will bring these people to the table, that’s the goal and then both sides can renegotiate a new and better deal where both nations come out as winners.
stickman1760
Oh right, the old don’t take him literally line
turns out words don’t matter for Trump supporters
ArtistAtLarge
This is NOT going to end how MAGAts think it will. Nor, oddly enough, how America's enemies think it will either.
I'veSeenFootage
But how could they "run up the tab" on the US if the trade deal was a good one? If something allowed Canada to run up the tab, that means the trade deal was bad. Trump himself keeps criticising it (seemingly forgetting he's the one who made it). So is he right in criticising it? Or are you wrong when you say it wasn't a bad deal?
bass4funk
If it were 20% I’d worry
It’s already rebounding and as the months go on, people will see it re-stabilize
Doubt it, a little, yes, but massive? No.
Wait, so which is it??? Libs now hate EVs?? So they hate gas and they hate EVs, so what’s next, shoes?
Lib logic 101
They do, that’s why we voted for him
HopeSpringsEternal
April 2nd is Trade Liberation Day for US Consumers and Businesses - Reciprocal Trade Tariffs go into Effect!
itsonlyrocknroll
Please watch all 50 minutes,
President Trump is very angry, nearly every other sentence, breathing firing at Democrats.
Can you not sense, political scores are yet to be settled?
Its personal, every thought, every policy of Joe Biden's administration is to be suffocated out of existence.
stickman1760
44 percent approval rating on the economy. So much winning I’m tired of it already
rainyday
The rest of the world needs to de-couple itself from the US economy as much and as quickly as possible before it takes everyone down with it. The political risk of doing business there is too great and the functioning of its legal system and also the entire Federal government can no longer be trusted from the perspective of outside investors and trading partners.
If the US wants to declare a trade war with the rest of the world while simultaneously destroying the internal institutions that allow its markets to function then we have no choice but to let them play around with that little experiment for a while. There is however no reason to allow it to impose the costs of that decision on the rest of us.
By 2028 I would expect a much more multi-polar world economic order will have emerged with the US largely relegated to the sidelines while China, India the EU and other countries shaping its terms to their benefit. In his first two months Trump looks like he has permanently lost Europe as an American ally.
Japan might be next, though it is more dependent on the US for security since it doesn't have the same potential for self sufficiency that the EU does. Still, if Trump follows through and declares a trade war on Japan like he is signalling the political calculus in Japan might shift and who knows what will follow.
The American world order is pretty much dead now - its downfall is starting to look like that of the Soviet Union in some respects (internal factors tearing it apart from within while its international alliances collapsed with surprising speed).
bass4funk
Not wrong but just imagine... How expensive life for Canadians would get if they had to start paying for their own Military. Currently 1.3% on Defense. Less Than $27 B.
They benefit greatly from being next to the most highly skilled, equipped fighting force on the planet.
Canada's ENTIRE defense spending $27 Billion. is 24.3% ($6.5B) more than the US spends on Jet Fuel per year.
https://x.com/thatskaizen/status/1899561608453738812?s=46&t=YGWP_lcRZjddiWlx4QxURQ
TaiwanIsNotChina
Put sanctions on all Irish products and the EU will put sanctions on all US products. That is what actual solidarity is about.
HopeSpringsEternal
It looks like Greenland and Ireland, based on the election and on today's Oval Office meeting are moving into the DJT camp. Common Sense makes Sense!
DLT will Make Trade Fair Again!
TaiwanIsNotChina
Typical fascist talk. Fortunately he is all bark and no bite.
TaiwanIsNotChina
Do you think Greenland will join BRICS next?
I'veSeenFootage
What does any of this have to do with the question I asked? Was Trump's USMCA deal a bad one or not?
Bob Fosse
lol no you wouldn’t. You’d dismiss it and then start getting all hypothetical.
itsonlyrocknroll
GuruMick,
Please watch, all 50 minutes, Donald trump II, is a much more focused, unleashed, unfettered.
No pauses to politically diplomatically contemplate, pause for second thought.
I suggest Donald trump II is a President that wants, is relentless that his beliefs values will be listened to acted upon.
November 5th 2024 is his independence day like it or not.
Maybe those assassination attempts has much more emotional personal change than the media realise.
Chabbawanga
According to what metric?
Economic growth forecasts have been revised down.
Decline in DXY.
Decline in US stocks.
Homeowner survey showed nearly 600,000 have lost their job in Feb
bass4funk
I would
Yeah, but it’s not going there so….
itsonlyrocknroll
The manner in which President Trump brushed Ireland's Taoiseach aside is remarkable, astonishing in its lack of diplomacy.
Also, Donald Trump dwells upon matters of war in Ukraine, his tone highly personal, emotional, reflective yet his body language rather abstract.
It is surreal.
The media corps simply falling over each other barking questions.
patkim
To be fair, the U.S. throughout history has also stolen 'wealth' and resources from other countries, so those countries then have a right to seize that as well.
Trump and his fellow rich people can be blamed for taking much of the wealth of America, but constantly avoiding paying taxes, or not following through with payment for services done.
Azzprin
.
More likely trump will take more from the USA citizens.
They are the ones who are paying his tariffs, not the rest of the world.