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After President Donald Trump’s tariff announcements on April 2 wiped $5 trillion dollars from the stock market, the Republican Party is scrambling.
Farmers, who were a part of Trump’s base, are “struck and shocked” by the tariffs, the president of the South Dakota Farmers Union told Lauren Scott of CBC News, saying they will have a “devastating effect.” Rob Copeland, Lauren Hirsch, and Maureen Farrell of the New York Times report that Wall Street leaders who backed Trump are now criticizing him publicly, with one calling for someone to stop him. The size of yesterday’s peaceful protests around the country, less than 100 days into Trump’s term when he should be enjoying a honeymoon, demonstrated growing fury at the administration’s actions.
Yesterday, in the midst of the economic crisis and as millions of protesters gathered across the country, the White House announced that “[t]he President won his second round matchup of the Senior Club Championship today in Jupiter, FL, and advances to the Championship Round tomorrow.” This afternoon, President Donald J. Trump posted a video of himself hitting a golf ball off a tee, perhaps as a demonstration that he is unconcerned about the chaos in the markets.
When Trump administration officials Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and National Economic Council director Kevin Hassett appeared on this morning’s Sunday shows, their attempts to reassure Americans and deflect concerns also sounded out of touch.
Bessent, a billionaire, told Kristen Welker of NBC’s Meet the Press that the administration is creating a new, more secure economic system and that Americans “who have put away for years in their savings accounts, I think don’t look at the day-to-day fluctuations of what’s happening.” He went on to suggest that the losses were likely not that significant and would turn out fine in the long term.
Lutnick insisted that the tariffs are about national security and bringing back manufacturing, although the administration has frozen the Inflation Reduction Act funding for the manufacturing President Joe Biden brought to the U.S., overwhelmingly in Republican-dominated districts. Lutnick kept hitting on the MAGA talking point that other countries are ripping the U.S. off, and insisted that the tariffs are here to stay.
On This Week by ABC News, Hassett took the opposite position: that countries are already calling the White House to begin tariff negotiations. Host George Stephanopoulos asked Hassett about the video Trump posted on his social media account claiming that he was crashing the market on purpose, forcing him to say that crashing the economy was not part of Trump’s strategy. Hassett claimed that the tariffs will not cost consumers more and that Trump is “trying to deliver for American workers.”
The tariffs not only have forced administration officials into contradictory positions, but also have brought into the open the rift between old MAGA and billionaire Elon Musk.
Trump’s tariff policy reflects the ideas of his senior counselor on manufacturing and trade, Peter Navarro, a China hawk who invented an “expert” to support his statements in his own books. Musk, who opposes the tariffs, has taken shots at Navarro on his social media platform X. On Saturday, Musk directly contradicted Trump and MAGA when he told a gathering of right-wing Italians that he wants the U.S. and Europe to create a tariff-free zone as well as "more freedom of people to move between Europe and North America." On the Fox News Channel this morning, Navarro retorted that Musk “sells cars” and is just trying to protect his own interests.
© 2015 Mutual Fund Observer. All rights reserved.
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