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Welcome to record: Today, I focus on the economic impact of Donald Trump’s tariffs, as the consequences of the president’s largely uncontrolled power have become clearer and more shocking.
What’s the latest? More losses were suffered today, with the Dow falling more than 4,000 since Trump filed tariffs on Wednesday afternoon. The market fell last time in 2020, when the economy was systematically shut down to fight 19.
What’s next? A 10% full tariff will take effect on Saturday. Targets for specific countries, higher tariffs Effective on April 9.
There may be more tariffs. The president threatens to impose a 50% tariff on Chinese goods after China threatens to retaliate against Trump’s new tariffs on U.S. goods, unless Beijing backs off. This is the latest sign of Trump’s tariffs launching a global trade war.
Who can stop Trump’s tariffs? A minority of Senate Republicans Support a bill that would undermine Trump’s power to impose tariffs without the blessing of Congress. But even if all Democrats participated, the legislation did not support enough Covering Trump’s veto power It seems unlikely to become law.
What is the overall situation? Even before Trump took office, observers debated whether his talk about the massive tariffs was bluff or blueprint. It seems that investors have bet on the former, and now the tariffs have taken effect and the financial shock is real.
How bad would this be? It depends mainly on Trump. Other countries are sending teams to negotiate, which means that some tariffs are still likely to be lifted, he said. But if most of these taxes move forward, economists predict higher prices and slower growth, if not total recession.
So, it’s time to log out…
If you need distractions, please let me point out this incredible live stream Condor Nest – Two eagles are equipped in the Big Bear Valley, California. (Thanks a lot to readers who have made suggestions via email!) If market turmoil makes you wonder what to do, my colleague Allie Allie Volpe on how to get started Emergency Funds for Tough Times. Thank you very much for reading. See you tomorrow.
