Jessica Yellin Instagram – NEVERMIND
With markets plunging, and other nations announcing strep reciprocal tariffs the White House just now reversed course and announced the highest tariffs on other nations will be paused for 90 days. China is an exception and the Treasury Secretary announced tariffs on China will be hiked to 125%. The White House officials are trying to spin this as a success, claiming that Trump is backing off these high tariffs just hours after he imposed them, — because so many nations have reached out to negotiate. The press secretary called it “the art of the deal.”
But it is instead a reversal of Trump’s position just days ago — when press secretary Caroline Leavitt said word that Trump might delay these tariffs for 90 days is “fake news.”
Trump has the lost of the support of some of his most ardent Wall Street donors and Senate loyalists who have denounced the tariffs as destructive and one said they’d spark “economic nuclear winter.”
This creates some room for an exhale and the markets are rebounding a bit — but the uncertainty remains as does the global loss of faith in the US as a stable, reliable business partner. Trump could still re-impose tariffs and some expect he will.
Keep in mind the 10% across the board tariffs remain in place, which is still far higher than our tariffs just a week ago.
All this as Congress struggles to pass Trump’s tax-cut plan. Those efforts were made harder by the concern and upset over Trump’s irrational tariff plan. | Posted on 09/Apr/2025 23:20:34
