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Republicans Sing Praise Of Trump Tariffs As Economy Spirals

Republicans celebrated after President Donald Trump's half-baked "pause" on his "Liberation Day" tariffs led the stock market to rise, calling Trump a “genius” and his trade war debacle the “art of the deal.”

But those same Republicans had egg on their faces not even a day later, when the market once again plunged after investors realized that Trump's 90-day "pause" wasn't a pause at all, but rather a 10 percent tariff on nearly every country, as well as an insane 145 percent tariff on China.

"I think America needs to recognize we're in a remarkable moment. We have an actual genius of an entrepreneur and one that loves our country," GOP Rep. Burgess Owens of Utah wrote on X on Wednesday.

Owens did not amend his comment when the market tumbled not even 24 hours later, reflecting Trump’s chaotic tariff policy that amounts to a $4,000 tax hike on every U.S. household.

Not to be upstaged by Owens, GOP Rep. Ronny Jackson of Texas—who once ridiculously claimed that Trump was the picture of health—posted on X that Trump is the “UNDISPUTED MASTER of the art of the deal!"

"The days of America being taken advantage of by China and other nations are OVER! The Trump era is all about POWER and WINNING!" he wrote.

According to the GOP, it’s considered “winning” when the stock market collapses just one day later.

Meanwhile, GOP Rep. Paul Gosar of Arizona agreed "100%" with a batshit-crazy X post from creepy White House adviser Stephen Miller.

"You have been watching the greatest economic master strategy from an American President in history,” Miller wrote.

And GOP Rep. Mike Lawler of New York posted a graphic on Wednesday declaring that the “stock market posts third biggest gain in post-WWII history."

Too bad that gain was nearly erased one day later. Not to mention, the temporary gain didn't even make up what was lost after Trump’s “Liberation Day” anyway.

Similarly, GOP Rep. Nicole Malliotakis of New York wanted in on the action of praising Dear Leader, scrounging up one of Trump’s X posts from 2014.

"Deals are my art form. Other people paint beautifully or write poetry. I like making deals, preferably big deals. That's how I get my kicks,” he wrote.

Also paying homage to Trump’s The Art of the Deal, GOP Rep. Anna Paulina Luna of Florida posted a meme calling the short-lived stock market boost the "art of the deal."

Meanwhile, other GOP lawmakers have tried to criticize the few Republicans who have stood against Trump’s tariffs.

"See? Trust the President. He understands trade and economics and NEGOTIATIONS better than his critics give him credit for. The critiques from certain Senate Republicans were premature, to say the least," Rep. Dan Crenshaw of Texas wrote on X.

The Republicans who have actually been right are those like Sen. Rand Paul of Kentucky, who have said that tariffs are bad because they are a tax on consumers and will lead us to economic calamity.

“Tariffs raise the prices of goods and services. Even those who obstinately deny that basic fact will soon realize that the tariffs are a tax on the American people, whether while paying for groceries or looking at their investment portfolio,” Paul wrote in National Review op-ed.

You know things are bad when Democrats agree with Rand Paul.

Reprinted with permission from Daily Kos.

Crashing Out: Consumer Confidence Falls To Lowest Level Since Great Recession

Consumer sentiment in the United States continued its sharp plunge this month under President Donald Trump as Americans grew increasingly concerned about the prospect of a job-destroying recession in the near future—fears fueled in large part by the administration's erratic tariff policies.

The University of Michigan's Surveys of Consumers, released Friday, found that U.S. consumer sentiment plunged 11 percent at the start of April compared to last month, a decline that was "pervasive and unanimous across age, income, education, geographic region, and political affiliation."

That's according to the survey project's director, Joanne Hsu, who said that "sentiment has now lost more than 30 percent since December 2024 amid growing worries about trade war developments that have oscillated over the course of the year."

Friday's assessment shows that overall consumer sentiment has fallen to its second-lowest level since the early 1950s.

"Consumers report multiple warning signs that raise the risk of recession: expectations for business conditions, personal finances, incomes, inflation, and labor markets all continued to deteriorate this month," said Hsu. "The share of consumers expecting unemployment to rise in the year ahead increased for the fifth consecutive month and is now more than double the November 2024 reading and the highest since 2009."

"This lack of labor market confidence," Hsu added, "lies in sharp contrast to the past several years, when robust spending was supported primarily by strong labor markets and incomes."

"President Trump isn't executing an economic agenda, he's piloting a kamikaze mission."

Lindsay Owens, executive director of the Groundwork Collaborative, said in a statement that "the scariest part of today's plunging consumer sentiment numbers is that we might be looking at the high-water mark."

"The president's reckless trade policies have roiled markets, shattered retirement accounts, and halted shipping orders. We could be looking at price spikes, shortages, and even a recession in the weeks and months to come," said Owens. "Worst of all, while consumers are bracing for impact, Congress is gutting the safety net they'll need to rely on if the economic devastation continues. President Trump isn't executing an economic agenda, he's piloting a kamikaze mission."

Trump himself has admitted that his tariffs, which he partially paused for 90 days earlier this week, could spark a recession.

The Wall Street Journal reported that the president "told advisers that he was willing to take 'pain'" and "privately acknowledged that his trade policy could trigger a recession but said he wanted to be sure it didn't cause a depression."

While Goldman Sachs withdrew its recession forecast after Trump announced the partial tariff pause, Moody's chief economist Mark Zandi toldFortune that he took "no solace in the president’s announcement to delay the reciprocal tariffs for 90 days."

"Even if the administration can cut a few deals during this period, it will leave us with significantly higher tariffs, which are tax increases on American consumers and businesses," said Zandi. "This will weigh heavily on the U.S. and global economies and likely result in a recession."

"To what end?" he asked. "There will be no boost to investment in the U.S. The trade deficit will be no smaller. And there won't be any reliable increase in government revenues. It is impossible to fathom why the world is being put through all this unnecessary drama."

Reprinted with permission from Alternet.

Right-Wing Group Linked To Koch And Leo Sues Trump Over Tariffs

President Donald Trump's tariff announcement last week has not only rattled financial markets, but even a group of far-right billionaires who have a history of supporting Republican causes.

The Guardian reported that a far-right group funded by multibillionaire Charles Koch and the Federalist Society's Leonard Leo is now suing to stop Trump's new trade duties on China from taking effect. The New Civil Liberties Alliance argued that Trump's invocation of the International Emergency Economic Powers Act (IEEPA) to justify his unilateral imposition of new tariffs is illegal, and that the courts should intervene based on precedent that requires Congress weigh in on certain policy-related matters.

“This statute authorizes specific emergency actions like imposing sanctions or freezing assets to protect the United States from foreign threats,” the organization stated. “It does not authorize the president to impose tariffs. In its nearly 50-year history, no other president – including President Trump in his first term – has ever tried to use the IEEPA to impose tariffs.”

"His attempt to use the IEEPA this way not only violates the law as written, but it also invites application of the supreme court’s major questions doctrine, which tells courts not to discern policies of ‘vast economic and political significance’ in a law without explicit congressional authorization," the statement continued.

Mark Chenoweth, who is president of the New Civil Liberties Alliance, said that by filing the lawsuit in a Pensacola, Florida court, the judge would have to abide by the aforementioned precedent, or else it would ultimately "transfer core legislative power." And Sen. Rand Paul (R-KY) — who recently voted with Democrats to limit Trump's tariff powers on Canada — opined that his colleagues in the Senate Republican Conference are also likely very uneasy about the president's latest new import taxes,

“They all see the stock market, and they’re all worried about it,” Paul said. “But they are putting on a stiff upper lip to try to act as if nothing’s happening and hoping it goes away.”

The lawsuit also signals an escalation from the various arms of the Koch political machine. His Americans for Prosperity organization threw its weight behind former United Nations Ambassador Nikki Haley in the 2024 Republican presidential primary, only for her to bow out and eventually endorse Trump after Trump won the Super Tuesday primaries.

After this article appeared, a spokesperson for Stand Together contacted The National Memo with the following statement: "Stand Together, a nonprofit funded in part by Charles Koch that has supported NCLA is not involved in this case."

Reprinted with permission from Alternet.

Treasury Secretary Reportedly 'Looking For Exit' To Save Credibility

Treasury Secretary Scott Bessent is allegedly leaping for a window after dashing his “credibility” against the rocks of Trump’s disastrous tariffs, claims MSNBC host Stephanie Ruhle.

“Some [sources] have said to me, he’s looking for an exit door to try to get himself to the Fed, because in the last few days he’s really hurting his own credibility and history in the markets,” Ruhle told MSNBC’s Morning Joe, according to The Daily Beast.

Bessent, who built a $500 million fortune as a hedge fund manager before working for Trump and entangling his name in Trump’s “Liberation Day” tariff, was not a full-throated supporter of earlier tariff proposals. After Trump announced his new trade duties this week and went to play golf, Bessent found himself urging international allies not to retaliate.

“I would advise none of the countries to panic. I wouldn’t try to retaliate because as long as you don’t retaliate this is the high end of the numbers and I think the market could have certainty that this is the number, barring retaliation,” Bessent told Bloomberg. “We got a ceiling, and we can see if there’s a different floor.”

Many international trading partners refused to let Trump trample them, however. China launched reciprocal tariffs, accelerating a trade war with US goods and sending the Dow Jones down more than 2,200 points by the Friday bell ring. Canada — once a staunch U.S. ally — also will match US tariffs, according to Prime Minister Mark Carney.

Ruhle said her sources claim Trump is “not listening” to his own treasury secretary, dangerously alienating one of the more serious voices familiar with market trends in the administration.

“[Bessent] actually understands how the markets work and, what’s happening right now, is only going to hurt markets," she said.

As president-elect, Trump claimed in November that Bessent “will help me usher in a new Golden Age for the United States.”

“Together we will Make America Rich Again, Prosperous Again, Affordable Again, and, most importantly, Great Again,” Trump said.

Reprinted with permission from Alternet.

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Smart. Sharp. Funny. Fearless

Republicans Sing Praise Of Trump Tariffs As Economy Spirals

Crashing Out: Consumer Confidence Falls To Lowest Level Since Great Recession

Right-Wing Group Linked To Koch And Leo Sues Trump Over Tariffs

Treasury Secretary Reportedly 'Looking For Exit' To Save Credibility

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