Alarm Sounded On Tariffs As Markets Tank, But Trump Seems Unconcerned
Democrats and Republicans both worry about the new trade policy
Political figures both here and abroad sounded the alarm Thursday as US stock markets plunged deep into the red as the world began to assess the impact of the sweeping tariffs Donald Trump imposed on nations worldwide.
Trump announced new tariffs on an array of countries, both large and small. These tariffs are going to raise prices on many goods consumers purchase, and are expected to inflict further financial pain on US consumers who have been seeking relief from rising prices for groceries and other necessities.
Trump, himself, seemed unconcerned about the economic consequences of his tariffs.
Markets in the United States have plunged as much as 6 percent in a single day Thursday, registering the reaction to Trump’s tariffs.
Meanwhile, both Democrats and Republicans are worried about this new Trump trade policy.
“Look, I don’t know that we should say there’s a Democratic message. There’s an American message. You’re seeing Democrats and Republicans coming out against this. Some of the most conservative Republicans,” said Rep Jared Moskowitz (D-Fla). “You’re seeing former Vice President Mike Pence coming out and telling the American people that this is a tax. This is going to increase the cost of goods. You saw Rand Paul from Kentucky coming out and saying, ‘This is a tax. It’s going to increase the costs for the American people.’
“And so Democrats and Republicans are saying this is going to be the largest tax increase on the American people since 1968,” Moskowitz added. “I don’t remember for all the, you know, speeches President Trump made for all the big rallies that he had, where he talked about, you know, having dinner with Hannibal Lecter, I don’t remember him telling the American people, ‘I’m going to institute the largest tax increase since 1968.’”
Top foreign officials also warned of the economic damage to come.
“Given the perspective damage to their own people, the American administration should eventually change course. But I don’t want to give false hope,” said Mark Carney, the new prime minister of Canada. “The president believes that what he is doing is best for the American economy. He believes that it’s best for American workers. And although their policy will hurt American families — until that pain becomes impossible to ignore — I do not believe they will change direction.
“So the road to that point may indeed be long, and it will be hard on Canadians, just as it will be on other partners of the United States,” he added. “It will require us to make difficult choices. It will require sacrifices. I have no doubt we will rise to the challenge, because that’s who we are as Canadians. We have done hard, seemingly impossible things throughout our history.”
Ursula von der Leyen, president of the European Commission, was even more dire.
“The global economy will massively suffer – massively suffer — uncertainTy will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe,” she said.
Trump, himself, said only that the market reaction was “to be expected.”
He said that the US economy would start “booming” again, but without evidence, a timeframe or even words of solace or encouragement for the pain Americans will have to endure in the meantime.
Editor’s Note: A previous version of this article reported the wrong day that US stock markets sank in reaction to Donald Trump’s tariffs. The article has now been corrected.
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