|
President Trump has announced a 90-day pause on new tariffs for most countries and a steep increase to tariffs on China. The 125% tariff rate on China comes after China retaliated in an escalating trade war between the two largest economies in the world. For most other countries, a 10% tariff remains in place, but higher tariffs were paused just hours after they went into effect, causing global stock markets to shoot back up after a historic plunge. We speak with two economists, Nancy Qian and Joseph Stiglitz, about the "chaos" of the week since Trump's initial unveiling of his tariff plan on April 2, which he termed "Liberation Day." There is "no economic theory behind what he is doing," says Stiglitz. He calls Trump a "schoolyard bully" who is upending international markets based on a flawed understanding of the role of trade deficits and the feasibility of reintroducing manufacturing to the U.S. economy. "We've just never seen anything like this before," says Qian, who adds that China appears to be digging in for the long, drawn-out trade war that Trump has now ignited.
|
|
(Top headline, 1st story, link)
Related stories:
BEIJING UNLEASHES AI MOCKERY OF MAGA...
73% of Americans financially stressed...
People more worried about their jobs now than during pandemic...
Fund managers fear Trump 'might be insane'...
Bessent leads. Lutnick plays 'bad cop.' Navarro sidelined...
Budget Deficit Widens; Second Largest Ever...
In Secret Meeting, China Acknowledged Role in American Infrastructure Hacks...
|
|
(Top headline, 8th story, link)
Related stories:
THIS MEMES WAR!
BEIJING UNLEASHES AI MOCKERY OF MAGA...
73% of Americans financially stressed...
People more worried about their jobs now than during pandemic...
Fund managers fear Trump 'might be insane'...
Bessent leads. Lutnick plays 'bad cop.' Navarro sidelined...
Budget Deficit Widens; Second Largest Ever...
|
|
Most Republicans welcomed the unexpected three-month pause on several of President Trump's tariffs, but some want more clarity about the president's end game and more power for Congress over trade.
|
|
