It’s getting hard to keep up with all of Trump and company’s “revisions.” Now its tariffs and Epstein; next week it could be immigration or Iran. From David Haggith at thedailydoom.com:
We almost caught the big one! (Which one is the big one who was almost caught?)
The stock market threw a tantrum today when it heard that Trump is increasing tariffs. The very fact that investors recoiled from the news shows they are as lunatic in their irrational exuberance as I said they are. There was nothing to be surprised by here. For the reasons I pointed out, it has always been clear that Trump believes a good deal is one where Americans pay more taxes! It’s as simple as that. Investors were fools to price stocks up in hopes that tariff damage was coming down.
The TACO trade
Trump was only delaying his tariffs because stock and bond markets originally balked, but he made it clear throughout that a good deal was one where Americans get to pay higher taxes on their imports than foreigners have to pay on imports from America, which, of course, they are free to dodge because they have every other country in the world to trade with, and we don’t (without paying high tariffs on all of them because high tariffs on everyone is the goal).
Trump has said all along he intends to reduce income taxes by adding tariffs because other countries pay for those taxes. We’ll see soon enough just how much other countries pay by either subsidizing their own industries so those businesses can lower their prices to Americans or by those businesses reducing their prices on their own to offset the American tax on Americans to where Americans don’t pay any increase. My belief is that you are going to see Americans holding most of the bill.
Trump is already extending and pretending on his 90-day tariff deadline. This time we have a lighter seasoned TACO (Trump Always Chickens Out). Having already backpedaled a little on his ninety-day extension by having his Press Secretary, Karoline Leavitt, notify the nation that the July deadline this week is not that important, Trump is now pulling a soft fade. He told everyone as we went into the weekend that he would be starting to send letters out to about ten nations a week, telling them what their unilaterally decided higher tariffs will be since they didn’t negotiate.
Most of the countries are in Asia.
The tariff pause kabuki was set to expire tomorrow but WWE Moshe Trumpstein (Israel) pulled out a wrestling chair?