"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

ft.com/content/21454c08-8e1c-4…

America’s astonishing act of self-harm

Trump’s tariffs will upend the global economic order and tarnish US prosperity

^{The editorial board (Financial Times)}

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

view.newsletters.cnn.com/messa…

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

"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

deanobeidallah.substack.com/p/…

Trump is following Herbert Hoover’s playbook that caused the Great Depression. The Question is Why?!

Trump wants economic turmoil

^{Dean Obeidallah (The Dean's Report by Dean Obeidallah)}

"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

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

thebulwark.com/p/lamps-going-o…

The Lamps Are Going Out Around Us

We may want to believe that this is a glitch or a temporary fall. But we must be open to the likelihood that this is the end of the American-led world order.

^{William Kristol (The Bulwark)}

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

"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

wonkette.com/p/here-come-the-l…

Here Come The Layoffs!

Whee!

^{Robyn Pennacchia (Wonkette)}

"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

cnbc.com/2025/04/04/jpmorgan-r…

JPMorgan raises recession odds for this year to 60%

Tariffs from the Trump administration make a global recession more likely than not, according to JPMorgan.

^{Jesse Pound (CNBC)}

"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 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

zeteo.com/p/people-will-become…

‘People Will Become Destitute’: Trump’s Tariffs Are Already Backfiring

Francesca and Wajahat react to Trump’s “Liberation Day” tariffs backfiring. Plus, finance journalist James Surowiecki breaks down how the tariffs will ultimately take a toll on everyday Americans.

^{Team Zeteo (Zeteo)}

"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

paulkrugman.substack.com/p/how…

How a Con Man President Is Destroying Confidence

Chaos and incompetence are bad. Who knew?

^{Paul Krugman}

"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

emptywheel.net/2025/04/04/maga…

MAGAts Confess They Cannot Compete with Penguins on a Level Playing Glacier - emptywheel

When MAGAts applaud Trump's tariffs they are confessing that they think they need help to be able to compete with a colony of penguins.

^emptywheel

"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

theguardian.com/business/2025/…

Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall Street

Economists say levies of between 10% and 50% have dramatically added to the risk of a worldwide downturn

^{Richard Partington (The Guardian)}

"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

"The US dollar experienced its largest single-day decline on record, dropping by 2.1% against major currencies."

~ CNBC

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/17

cnbctv18.com/world/us-markets-…

US Stock Market Highlights: Dow slides 1,600 points, S&P 500, Nasdaq post biggest single-day losses since 2020

US Stock Market Highlights: The Dow Jones lost 1,679 points (-3.98%) to close at 40,545.93, while the Nasdaq tumbled 5.97% to 16,550.61. Over 400 S&P 500 stocks ended in the red, pushing the index 12% below its February peak.

^{Ajay Vaishnav (CNBCTV18)}

"The Chinese Ministry of Finance, calling @POTUS new tariffs on Chinese imports a 'typical act of unilateral bullying,' responds overnight with a 34% tariff on all goods imported from America. And so the President's trade war escalates."

~ Garrett Haake quoted by Greg Dworkin

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/18

dailykos.com/stories/2025/4/4/…

Abbreviated Pundit Roundup: Trump deliberately tanks the economy as Republicans sit back, do nothing

The Economist: President Trump’s mindless tariffs will cause economic havoc But the rest of the world can limit the damage I F YOU � failed � to spot America being “looted, pillaged, raped ...

^{Daily Kos}