Home Depot co-founder Ken Langone, a major GOP donor, strongly criticized President Trump’s tariff policies, deeming them “bulls–t” and poorly advised. Langone specifically cited the 34 percent tariff on China and the 46 percent tariff on Vietnam as excessively aggressive and detrimental to negotiations. He questioned the flawed calculation methodology behind the tariffs, a sentiment echoed by other experts, including the economist whose work the administration cited. This criticism joins that of other prominent billionaires, indicating a growing concern among Trump loyalists regarding the economic impact of these trade measures.
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A YouGov poll reveals widespread American disapproval of President Trump’s new tariff policy, with over half of respondents viewing it as the largest peacetime tax increase in U.S. history. The poll also indicates significant public agreement that the tariffs are negatively impacting the economy. While a minority supports the tariffs, believing they address unfair trade practices, the majority favor reducing or eliminating them. The substantial opposition suggests the policy may be politically damaging for Trump and the Republican Party.
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Monday’s stock market experienced dramatic volatility due to a false report about President Trump considering a tariff pause. The Dow Jones Industrial Average ultimately fell 349 points, while the S&P 500 dropped 11 points, though the NASDAQ saw a slight increase. This followed a devastating Friday, marking the worst week for the market since 2020, triggered by Trump’s announcement of widespread tariffs. The market swings underscore investor anxieties surrounding the global economic impact of these tariffs.
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President Trump’s new tariffs, imposing significantly higher levies on numerous countries, have drawn sharp criticism from prominent business leaders. Billionaire investors like Bill Ackman and Jamie Dimon warn of a potential “economic nuclear war,” predicting decreased investment, rising inflation, and a global recession. Concerns are amplified by the uncertainty surrounding the tariffs’ duration and impact, deterring large-scale investments. This widespread opposition highlights a growing loss of confidence in Trump’s economic policies amongst the business community.
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In response to President Trump’s threat of additional 50% tariffs on Chinese imports, China’s Commerce Ministry vehemently rejected the escalation and vowed retaliatory measures. This follows China’s imposition of a 34% tariff on U.S. goods, itself a response to previous U.S. tariffs. Experts suggest that China is prepared for a protracted trade war, potentially employing further countermeasures, including restrictions on agricultural purchases and rare earth elements. The weakening of the Chinese yuan reflects the economic pressures of this escalating conflict. Ultimately, despite immediate escalation, negotiations are anticipated once both sides experience significant economic slowdown.
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In response to potential trade disputes, the EU is considering various responses, including the Anti-Coercion Instrument (ACI). While some member states advocate for exploring all available tools, including the ACI, others, such as Ireland and Italy, expressed concerns about escalating tensions with the United States. A recent poll revealed that only a minority of EU ministers explicitly supported using the full range of options. This highlights a division within the EU regarding the appropriate response to potential US trade actions.
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Major U.S. stock indexes experienced significant drops on Monday, with the S&P 500 briefly entering bear market territory, driven by uncertainty surrounding President Trump’s tariff policies. A short-lived market upswing followed unsubstantiated reports of a tariff pause, quickly dismissed by the White House. Despite a partial recovery, significant losses remain across all major indices, fueling social media commentary dubbing the event “Orange Monday” in reference to Trump’s perceived role in the market downturn. Critics largely attribute the market crash to Trump’s economic policies rather than natural market fluctuations.
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In response to President Trump’s new tariffs, a House Republican plans to introduce legislation limiting the White House’s ability to impose tariffs without Congressional approval. This bill, mirroring a bipartisan Senate proposal, would require the President to inform Congress within 48 hours of any new tariff, providing reasoning and impact analysis. Congress would then have 60 days to approve the tariff or it would expire. While facing challenges in the House, the bill has garnered initial support and could gain momentum depending on the economic impact of the new tariffs. The legislation underscores the constitutional debate over Congress’s authority on tariffs and taxes.
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President Trump’s escalating tariff policy triggered a three-day decline in U.S. and Canadian stock markets, with the S&P 500 experiencing its worst week since the COVID-19 pandemic’s onset. Initial market plunges, followed by sharp rebounds and further declines, reflected conflicting reports regarding potential tariff pauses and Trump’s subsequent threats of further increases. Global markets reacted negatively, with significant losses in Asian and European markets, alongside plummeting oil prices. Experts predict continued market volatility and uncertainty due to the ongoing trade disputes and retaliatory measures.
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Trump threatens additional 50 percent tariff on China. This isn’t just a headline; it’s a potential economic earthquake. The sheer audacity of adding another 50 percent on top of existing tariffs is staggering, especially considering China’s own retaliatory measures. This isn’t a nuanced trade negotiation; it feels like a game of economic chicken with incredibly high stakes.
The timing couldn’t be worse. China’s announcement of a 34 percent tariff increase on US goods only fuels the fire. Trump’s response—to terminate talks and threaten an additional 50 percent—signals a complete breakdown in communication and a disregard for the potential consequences. It’s a declaration of economic warfare, and the fallout could be devastating.… Continue reading
John Q. Hosedrinker 
Matt Underwood