#FederalReserve Chair #JeromePowell is speaking

Says #Trump #tariffs were far higher than expected & that larger than expected tariffs mean higher #inflation, slower growth.

"We face a highly uncertain outlook with elevated risks of both higher #unemployment & higher inflation," undermining both of the #Fed's mandates of 2% inflation & maximum employment, Powell said in prepared remarks for a business journalists' conference.

#ETTTTS #economy #recession #geopolitics #USpol

Disgusting: The majority of the nations listed for “reciprocal” #tariffs on the 8-pg document distributed to reporters by the #Trump admin are #poor, #developing economies. They include some of the world’s poorest nations -- #SouthSudan, #Burundi & the #CentralAfricanRepublic -- as well as countries in the throes of #war, notably #Sudan.

#RevengePolitics #racism #xenophobia #aporophobia #WhiteChristianNationalism #economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

The White House clarified that yes, as I posted earlier in this 🧵, the tariff numbers in the charts #Trump held up include BOTH reciprocal levies & the 10% baseline. So #Europe will face a 10% reciprocal tariff + a 10% baseline. #China will face a 24% reciprocal tariff, + the 10% baseline. Etc.

#RevengePolitics #economy #tariffs #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump says he will charge the #UK a 10% #tariff. Remarkable, since the US runs a #trade surplus w/Britain, it’s a close ally & the country has been trying to negotiate a trade deal w/Trump.

Trump says he will also establish a “universal baseline tariff” of 10% that will apply to ALL COUNTRIES, in ADDITION to the numbers he’s already announced. That means a country like China will face a 44% tariff on top of the 20% already imposed.

#RevengePolitics #economy #inflation #recession #geopolitics

That is also on top of #Trump’s other #tariffs that China will also face, including 25% tariffs on autos & 25% tariffs on metals.

Trump says to foreign countries, “If you want your tariff rate to be zero, then you build your product right here in America.”

#RevengePolitics #economy #tariffs #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump claims that experts have been wrong about #NAFTA, #China & his first-term #tariffs & that they will be wrong again about his current trade actions. 🙄

Futures on the S&P 500, which allow investors to trade when exchanges are not officially open, began to tumble after Trump started outlining the tariff rates. The index had ended the day higher, but futures are now down more than 1%.

#RevengePolitics #economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump touts manufacturing jobs that have been created since his 2nd term began as well as the fact that some consumer prices have eased. The issue is that neither of those very modest trends are likely to continue w/these #tariffs, economists say. A new report released this week showed that manufacturing activity contracted in March & businesses in that sector are now expecting much slower growth & higher prices.

#economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump said #grocery & other #prices are starting to come down, & that his policies are bringing down #inflation. In fact, inflation has picked up in the first weeks of his term, & economists almost universally expect #tariffs to further drive up prices.

#FactCheck #TrumpLies #RevengePolitics #economy #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

“There’s a reason this came at 4 PM ET, with #markets closed,” said Jorn Fleck, senior director with the Europe Center at the Atlantic Council.

He said the #tariff on the #EU, his area of expertise, is a “very high number” that will be painful for #consumers & #businesses on both sides of the Atlantic.

#RevengePolitics #economy #tariffs #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

People had been expecting #Trump to announce high #tariffs, but these numbers are stunning. In addition to a 10% tariff on ALL COUNTRIES, dozens of other countries face extra tariffs between 10 & 50%. That will force some manufacturing back into the US, but will also definitely raise costs for American #consumers & #manufacturers & incite #TradeWars on many fronts.

#FactCheck #TrumpLies #RevengePolitics #economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

Many of these tariff rates seem much higher than some economists & policymakers had been expecting.

#Trump says the US will calculate a tariff rate for other countries based on #tariffs & “other forms of cheating” — whatever that means.

He says #China will face a 34% tariff, while the #EU will be 20%. #Japan will be 24% & #India 26%.

#RevengePolitics #economy #tariffs #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump calling the #trade deficit a “national emergency” that threatens US #security, lays out his *legal* argument for his actions.

“They rip us off,”Trump says of the #EU, announcing a 20% #tariff on the 27-nation bloc.

Trump holds a chart showing reciprocal tariff rates for US trading partners & says he will charge half of that much? There is no explanation for the calculations that he is using to justify the #tariffs. Likely because they’re arbitrary revenge tactics.

#economy #geopolitics

#Trump again criticizes the creation of the #IncomeTax in the US in 1913, arguing that it’s a mystery why the nation ever instituted one. American policymakers embraced the income tax for 2 reasons: to collect more taxes from the #rich & to pay for a growing federal govt.

Conversly, #tariffs disproportionately burden #LowIncome Americans, who spend more of their earnings on goods that tariffs make more expensive.

#economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump claims that the price #eggs have gone down under his watch after an outbreak of #BirdFlu. But economists warn that #tariffs of the kind that Trump is pursuing are likely to lead to much higher #prices for #consumers. The big question is whether that will translate to persistently higher #inflation.

#FactCheck #TrumpLies #economy #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump claims that many countries have targeted the #US w/ “non-monetary barriers,” like currency manipulation, subsidies, exorbitant taxes & theft of intellectual property.

Trump specifically talked about the #EuropeanUnion’s value-added tax, which he has long despised. #VAT rates are common outside of the United States, & the U.S. is actually an outlier for not having one.

#FactCheck #TrumpLies #economy #tariffs #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#Trump called the announcement “our declaration of economic independence” & described it as one of the most important moments in American history.

Trump said his #tariff policies would generate “trillions and trillions of dollars to reduce our taxes & pay down our national debt.”

Again, the opposite is true according to most financial experts.

#economy #inflation #recession #Trumpcession #geopolitics #USpol

#Trump just claimed other #America has for many years been “loot pillaged & raped” by other nations. More proof he has no idea what it means to be raped.

#economy #tariffs #inflation #recession #TrumpTariffs #Trumpcession #geopolitics #USpol

#GiftArticle

Secret #Pentagon memo on #China, #HomelandSecurity has #HeritageFoundation fingerprints

An internal guidance memo from #Defense Secy #PeteHegseth focuses on deterring China’s seizure of #Taiwan & shoring up homeland defense. In some instances, the document is nearly a word-for-word facsimile of a report from the conservative think tank behind #Project2025.

#Trump #USpol #geopolitics #NationalSecurity #leak
wapo.st/3Y3I0sf

#Gabbard was asked if she knew the percent of fentanyl in the #US that came from #Canada. Clearly concerned that she was about to contradict #Trump, he asked if she could get back to the cmte on that. Senator Heinrich told her, “it’s less that 1%.”

#USpol #geopolitics

Acc/to another informed source of #AFP, "hate & conspiracy messages" were blamed on the French researcher by #US authorities. An #FBI investigation into him was announced, for which "the charges have been abandoned," continues this source.

…This incident comes as… #Trump has increased his shocking announcements targeting the #scientific community (brutal #BudgetCuts, #censorship of certain subjects in subsidized research...).

#law #geopolitics #USpol #authoritarianism #science #ThoughtPolice

White House aides prep new #tariffs on imports worth trillions for April 2, laying the groundwork for an escalation in global economic hostilities that #Trump has called “Liberation Day.”

The admin has already unnerved investors with duties on #Canada, #Mexico & #China, & yet, advisers are readying a move to dwarf all previous tariffs.

#economy #finance #Trumpcession #geopolitics #USpol #idiocracy #kakistocracy
washingtonpost.com/business/20…