I want to comment on President Trump’s long “announcement” of a global tariff agenda just now in the Rose Garden, but what the hell was he talking about? He rambled from “my predecessors were stupid” to “there were shenanigans during the 2020 election” to “the United States is broke because every other country has been taking advantage of us forever.” The one specific that did catch my ear is that, in the world according to Trump, the Great Depression was caused by the Sixteenth Amendment (which introduced the income tax, in 1913), and that it did not end until sometime in the 1950s or 1960s (he said it was a long time after Franklin Roosevelt left office).
The one thing I can say is that he’s gotten away from claiming all those other countries will be the ones paying the United States for the tariffs. Apparently, somebody finally got to him to point out that the United States doesn’t pay “tariffs” to any other country.
After I posted the above on April 2, I saw what happened to the world’s stock markets, and late on April 3, I emailed President Trump the following:
I just looked at my accounts: I’m not happy with you, President Trump.
The economy was good, despite your campaign rhetoric saying otherwise. And then I watched your Rose Garden bloviating yesterday, and I looked at your chart of tariffs being charged against the US. And then I looked to see just where you got those numbers. We know where they came from, we know those aren’t actual tariffs charged on us, and we know you’re destroying the country (and quite possibly the global economy).
I also notice you never did bother releasing you tax returns. Are you, indeed, working for a foreign country?
And then this morning (April 4), I found this video from CNN, in which Phil Mattingly explains where the “tariff” numbers on that chart came from.
And then I found this other CNN video, in which Jim Cramer explains just how wrong these tariff over-reactions are.
