Trump caves, Brunswick Beacon

Brunswick Beacon, 04.23.25

Trump promised “Liberation Day” when he launched what the Wall Street Journal called “the dumbest trade war in history.” We got “Obliteration Day” instead. Stocks lost $11.1 trillion in value. JP Morgan predicted a recession. Jerome Powell, the Fed Chairman Trump appointed, said Trump’s tariffs will boost inflation. Retirement accounts plummeted as what Trump called “the war with the world” triggered the stock market’s worst start to a presidential term in modern history.

Even Republicans attacked Trump. “Stupid is as stupid does,” said Republican senator John Kennedy, “Let’s not be stupid. Let’s not have a trade war.” Asked if Trump owned the economy now, Kennedy said, “There’s no question. I think once he decided to add the tariffs, he will be held responsible ― as he should.”

Republican senator Ted Cruz said, “Tariffs are attacks on consumers. I'm not a fan of jacking up taxes on American consumers.”

Republican senator Rand Paul called Trump’s understanding of tariffs “backwards and upside down.” Paul said markets offer a “very good barometer” for Trump’s trade policies, adding: “When the market tanks like this, the people who are for tariffs ought to sit up and take notice.” Paul mocked Trump’s understanding of trade, saying it’s “based on a fallacy, that somehow when you trade with someone, there's a loser and someone's taking advantage of you. Every trade is mutually beneficial. I have a trade deficit with my grocery store!"  

Fox Business anchor Maria Bartiromo called Trump's tariffs a “debacle.” Fox Business host Stuart Varney called them "the worst self-inflicted wound by an administration on a well-functioning economy." 

Fox Business analyst Charles Gasparino said that when the bond market crashed, Trump did an about-face and “capitulated.” Trump admitted he suspended tariffs for 90 days because “it looked pretty glum.” Stock markets soared after Trump caved, delivering one of their best days in history along with their resounding verdict on Trump’s tariffs: they aren’t just dumb, they’re historically stupid.

Vince Amoroso

Sunset Beach