Trump has been proven correct again -- we finally have the "terrible Biden-Harris economy" Trump told us about during his campaign!
The 1930s playbook redux: 1) Stock market/real estate crash 2) Rise of protectionism 3) Sovereign debt crisis 4) Which leads to a banking crisis 5) Rise of authoritarianism (like Hitler, Franco, Mussolini, Stalin, etc.) 5) WW III 6) Post war peace
At some point some of the Trump supporters may decide that the combination of lost jobs, falling stock markets, and rising inflation isn't helpful in their lives. Kind of like when Covid hit but entirely engineered by Trump without the govt subsidies to help one through hard times. Canada will try to help it's displaced people in the economy; I'm not sure the US govt can afford to even if it had the moral awareness that it should do so. Trump's a "let them eat cake' kind of guy. Amazing really that his economic policies ( that are fully supported by some on here ) are modelled after what occurred early Great Depression.
“There will be blood”: JPMorgan warns of 60% global recession odds under Trump Tariffs https://economictimes.indiatimes.co...under-trump-tariffs/articleshow/119965761.cms
So basically Trump took a paper on how NOT to set tariffs and defined his tariffs based on the paper. "After all, he said, his study had been written to discourage exactly the kinds of policies Trump was rolling out. Certainly, nobody from the administration had consulted with him." The White House cited these economists to justify its tariffs. They aren't thrilled. https://finance.yahoo.com/news/the-...ts-tariffs-they-arent-thrilled-193615537.html
So how are those tariffs working out? Goldman Sachs raises odds of US recession to 45%, second hike in a week https://www.reuters.com/markets/us/goldman-sachs-raises-odds-us-recession-45-2025-04-07/ April 7 (Reuters) - Goldman Sachs has raised the odds of a U.S. recession to 45% from 35%, the second time it has increased its forecast in a week amid a growing chorus of such predictions by investment banks due to an escalating trade war. Goldman has raised its estimate from 20% early last week on fears that U.S. President Donald Trump's planned tariffs would roil the global economy. Days later, Trump announced steeper-than-expected duties, which have ignited a sell-off in global markets.
Walmart warns on Trump tariff risk to profits https://finance.yahoo.com/news/walmart-warns-on-trump-tariff-risk-to-profits-111212081.html
Pausing tariffs will not stop car prices in the U.S. from going up thousands of dollars. Auto suppliers Novares, Valeo demand upfront payment to cover tariff cost https://finance.yahoo.com/news/auto-suppliers-novares-valeo-demand-150545463.html PARIS (Reuters) - French automotive suppliers Novares and Valeo are asking customers to cover the full cost of new U.S. duties upfront, company executives said, underlining the hit to global carmakers from President Donald Trump's tariffs on car imports. The U.S. began collecting tariffs of 25% on foreign auto imports from April 3, which Trump says will boost U.S. manufacturing and jobs. But the measure, which remains in place even after Trump paused reciprocal tariffs on trade partners on Wednesday, is expected to raise car prices by thousands of dollars, reducing demand and hurting job growth. Suppliers, already under pressure from recent years' switch to electric vehicles with fewer parts, say they are in no position to absorb any of the cost. Pierre Boulet, chairman of France's Novares, which supplies plastic parts to one in three vehicles produced worldwide said "for us, it's simple," either payment in advance "or no customs clearance." The privately owned company has five factories in Mexico, with some of its products now subject to the new U.S. duties. Valeo, a specialist in driver assistance and lighting systems, is also asking customers to pay the full tariff cost, including both automakers assembling cars in the U.S. and American spare parts distributors. "We are working to obtain full compensation for the new customs duties, passing on 100% of the corresponding costs to our customers, and we have already obtained the agreement of more than 50% of them," said Valeo chief executive Christophe Perillat. "For spare parts, we are taking the same approach," he added. Valeo has 13 factories in Mexico. Only a portion of imports from Mexico and Canada are currently affected by the duties, as components that comply with the 2020 USMCA free trade agreement are exempt. But more products could face duties from May 3. Most goods shipped by tyre maker Michelin from both countries to the U.S. are currently also exempt from the new tariffs, the company told analysts late on Wednesday, according to a transcript of a conference call. But it added that no definitive conclusions can be made yet on a topic that is "evolving by the day". The group produces around 70% of the tyres it sells in the U.S. on American soil, with the remainder imported from Canada and Mexico.