Despite global market selloffs and the S&P 500 entering bear territory, President Trump defended his new tariff policy, dubbed “Liberation Day” tariffs, predicting future “GREATNESS.” He urged critics to avoid weakness and stupidity, even coining the term “PANICAN” for those who doubt his approach. The Dow experienced a significant drop following the announcement, marking the third consecutive day of market declines. These tariffs, announced last week, have sparked a worldwide plunge in futures and foreign markets.
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Following a 2017 French military parade, Trump’s proposed U.S. equivalent faced significant opposition, with projected costs reaching $92 million for the military and over $21 million for Washington D.C. Subsequently, the plan was abandoned amidst criticism from D.C. officials and military leaders. However, recent changes in military leadership, including the dismissal of several high-ranking officials, may signal renewed efforts to pursue the parade, potentially bolstering legal defense against future challenges. This personnel shift suggests a change in the political landscape surrounding Trump’s long-held desire for a large-scale military parade.
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A new Wall Street Journal poll shows President Trump’s approval rating at 46 percent, with 51 percent disapproving, marking a negative rating. This poll, conducted by Trump’s own pollster and a Democratic pollster, also reveals that 54 percent oppose Trump’s tariffs, and a majority believe the economy is worsening. The negative approval rating follows similar trends in other recent polls and comes amidst market turmoil caused by Trump’s tariff hikes. Trump, however, maintains his stance on tariffs, attributing the economic situation to unrelated factors.
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Plans for a large military parade in Washington, D.C., on June 14th, coinciding with the U.S. Army’s 250th anniversary, are reportedly underway. The parade, envisioned as a four-mile march from the Pentagon to the White House, has yet to receive formal requests for local assistance, leaving officials with short notice and unclear details. This follows previous attempts by President Trump to organize similar events, which were met with significant cost concerns and logistical challenges. The proposed parade’s scale suggests substantial coordination will be needed across multiple federal agencies and local authorities.
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Vietnam proposed eliminating import tariffs on U.S. goods and increasing U.S. product procurement to avoid new U.S. tariffs. However, White House trade advisor Peter Navarro rejected this offer, citing a substantial trade deficit stemming from alleged Vietnamese trade practices like rebranding Chinese goods. Navarro characterized the situation as a national emergency rather than a negotiation, maintaining that the 46% tariff on Vietnamese imports would remain in effect. Vietnam’s request for a 45-day delay on the tariff implementation was also denied.
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In response to recent U.S. tariff increases, the EU reiterated its offer of a “zero-for-zero” tariff deal encompassing industrial goods like cars and chemicals. This offer, while excluding agricultural products and safety standards, aims to de-escalate the escalating trade war sparked by President Trump. The current situation has severely impacted global financial markets, causing significant losses. While the EU’s average tariffs on U.S. non-agricultural goods are low, the 10% tariff on American cars remains a point of contention.
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President Donald Trump’s imposition of tariffs on nearly all countries except Russia, Belarus, North Korea, and Cuba has sparked mixed reactions in Russia. While some experts believe Russia will benefit from the West’s shifted focus away from the Ukraine conflict, others foresee negative consequences through global economic downturn. The low volume of US-Russia trade minimizes direct benefits, yet the resulting global economic instability presents both opportunities and challenges for the Russian economy. Diverging opinions exist regarding the long-term effects, with some predicting increased trade with Europe while others anticipate harm from reduced global demand and lower oil prices.
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A 60 Minutes investigation revealed that 75% of 238 Venezuelans deported by the Trump administration to El Salvador’s Cecot prison lacked criminal records, contradicting government claims. The remaining deportees had mostly minor non-violent offenses, with a small percentage facing serious charges. This deportation practice has drawn criticism, with a federal judge citing “bad faith” and the ACLU suggesting alternative legal methods. Despite the controversy, Trump expressed approval of the arrangement with El Salvador, even suggesting willingness to deport U.S. citizens.
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Global stock markets experienced a sharp downturn Monday, fueled by President Trump’s tariffs. Frankfurt’s market saw the most dramatic decline, falling as much as 10 percent. Other major European indices, including Paris, London, Amsterdam, Oslo, and Milan, also suffered significant losses, ranging from 3 to over 6 percent. This widespread sell-off reflects intensifying global market volatility.
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John Q. Hosedrinker