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The impact of Trump’s about-face on tariffs
Manage episode 476351232 series 3444119
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President Trump announced yesterday he is delaying the reciprocal tariffs he had imposed on dozens of countries for 90 days. But, he said, he is ratcheting up pressure on China, which he has accused of ripping off the United States for decades.
This came a week after “Liberation Day,” when Trump declared a national emergency to pave the way for the most sweeping trade duties since 1910. This move had sent global markets into a tailspin and unleashed a flood of concern from the business community.
Though Trump’s announcement caused an initial recovery on Wall Street, Jeff Stein warns that it might not last.
Stein is the White House economics reporter at The Washington Post. He warns, “We could still very well still be flirting with a recession, we could be flirting with permanent damage to our relationship with our allies, to our credibility to get things done on the world stage.”
Stein joins Diane to explain what all this chaos means for global trade, the U.S. economy and what could happen next.
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