Summary
Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.
The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.
Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.
Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.
This is all so the American companies don’t actually have to compete with anyone else. Instead of lowering their prices to be competitive to give better deals to customers, they game the system and force everyone else to raise prices to match theirs.
There are people who are benefiting from this. People like elon musk who don’t need to worry about, say, affordable electric vehicles from China.
I’d like to call Republicans the Party of Useful Idiots, but I genuinely believe they’re working in tandem with the Establishment Democrats at this point. It’s a two-pronged strategy to ensure the disparity in wealth never decreases.
The rich get richer while the working class squabbles over bullshit.
That whole story assumes the population of the USA will continue to have the capacity to buy stuff… this assumption is ever less likely as the USA is heading into the worst recession they have ever experienced
You have to remember the people doing this are fucking idiots who have convinced themselves they’re smarter than everyone else.
Exactly… Yesterday Trump’s “liberation day” clearly proved this
Depression.
It’s a depression.