Economy Update April 6th (Futures down 4% - Nasdaq projected to open down 25% from February highs)

[pinger]

Congress is either going to have to act to take back the power to levy tariffs or use the 25th amendment to get rid of this fucking moron.

He's torching the economy and has no idea how trade works on a fundamental level.

This isn't a fucking joke anymore. All of this is lunacy.

He has less than a first graders understanding of economics.

It's obvious that people have tried to explain this to him, but he thinks he is the smartest person in the room.

So he just substitutes his own definitions and says he is correct.

 

[HockeyBjj]

That was the most picture perfect dead cat bounce. Econ 101 text books will screenshot that

 

[Corona]

With this small bounce I expect goatnald to lead us to unseen highs imo.

 

[Rod1]

Your sentence assumes that the elites' interests align with our own, and that any decision not made in our interest must not be their choice. Our interests don't align. The 0.1% stands to benefit from an economic meltdown, and they can use it to make the 99% desperate and easier to control. It's an absolute win for them.

Nobody benefits from an economic meltdown, some people may profit but overall its a net loss for everyone.

That's why everyone except Trump and the Cult of the Deplorables are against this trade war.

 

[Rod1]

He has less than a first graders understanding of economics.

It's obvious that people have tried to explain this to him, but he thinks he is the smartest person in the room.

So he just substitutes his own definitions and says he is correct.

Yup, as much conspiracies about an intentional cratering of the market so that the elites can buy for cheap or any sort of conspiracy, the fact remains that Trump is just a moron, like Rex Tillerson said.

America can't just get over the fact that they elected the dumbest of the dumb, so they either have to make of Trump a genius or an evil genius but a genius nonetheless.

 

[mkess101]

So China retaliates with tarriffs of their own, and Trump responds by threatening to increase theirs to 50%.

Exactly how far away are we from him threatening to slap tarriffs of "a zillion gajillion percent" on someone?

 

[mkess101]

Even billionaire Trump supporters are publicly stating what a shit show this is.

https://www.axios.com/2025/04/06/ackman-trump-tariffs-nuclear-winter

 

[Scerpi]

Congress is either going to have to act to take back the power to levy tariffs or use the 25th amendment to get rid of this fucking moron.

He's torching the economy and has no idea how trade works on a fundamental level.

This isn't a fucking joke anymore. All of this is lunacy.

 

[Rob Battisti]

Idk Jeff

 

[ermac88]

He has less than a first graders understanding of economics.

It's obvious that people have tried to explain this to him, but he thinks he is the smartest person in the room.

So he just substitutes his own definitions and says he is correct.

One of his MANY glaring flaws as a human being, is that he believes he's the smartest man in the room.

That coupled with an unwavering support from a cult-like following, solidifies his narcissistic hubris and has devastating consequences.





No one knows more about economics or trade.

Jesus christ.

 

[Rod1]

Trump already said he doesn't wants zero for zero tariffs, he wants zero trade deficits, so an impossibility.

 

[Bballfan123]

eh, thats false. We still have some industry in the states, just not anything near what we did at our peak and people make decent wages.

Every factory job in the Midwest pays $14/hr and is brutally hard they're the lowest of the low not even immigrants will do them in Ohio

 

[Islam Imamate]

The article you posted literally says "20% instead of the 10% he originally proposed". Which is exactly what I stated earlier--I remember him saying 10% but that he could have amended it. Either way, there's no mention of it being all at once, across the board where it comes down like a hammer on the world.

Read the article, the tariffs were always across the board

Trump had touted a 10% trade tariff on all imported goods and 60% tariffs on imports from China.

The universal 10% proposal "was a pretty big escalation of the tariff threats coming from the former president compared to the tariffs enacted in his first term in size and in scale," Watson said "And of course, if he did 20% or something between 10 and 20, it would further magnify that."

Shame on me for not thinking them dumb or arrogant or diabolical (or at combination) to do it this way? Sure? But I also didn't vote for him so...

With all due respect yes I'd say shame on you for not knowing the signature economic policy of one of the two major candidates while also touting how both sides are the same. How can you fairly judge them to be roughly as bad as one another when you're not even aware of the signature policies they're running on?

No, see my post in response to @Islam Imamate
Trump's first term was 4 years of him being a narcissistic asshole, but sans him do9ng anything batshit crazy in regards to the economy. There was precedent that we could look to and not think he'd do something like...IDK...drop MASSIVE BLANKET tarriffs on every trade partner we have and DO IT ALL AT ONCE.

I mean, sure, to be fair his narcissism alone i suppose would hint at him being capable of something like this. But me assuming it was pretty unlikely wasn't me "buying propaganda" it was me looking at 2016-2020 and seeing absolutely nothing approaching this level of economic irresponsibility.

He implemented tariffs last time and the only reason they weren't steeper is because the GOP establishment was still in tact at the time. In the four years he was out of office he consolidated his hold on the party such that now there are only sycophants and those pretending to be sycophants out of fear of losing reelection or worse. This was obvious to anyone following the Stop the Steal movement culminating in the Jan 6th debacle which went from a national embarrassment for the GOP to a core part of the party platform.

 

[chardog]

quick there's a bounce back in the market
hey buy the dips crew it's time to keep buying
sell your house sell your wife sell your kids, keep buying the dips
fucking trumpers

this didnt age well

 

[mkess101]

Read the article, the tariffs were always across the board



With all due respect yes I'd say shame on you for not knowing the signature economic policy of one of the two major candidates while also touting how both sides are the same. How can you fairly judge them to be roughly as bad as one another when you're not even aware of the signature policies they're running on?

He implemented tariffs last time and the only reason they weren't steeper is because the GOP establishment was still in tact at the time. In the four years he was out of office he consolidated his hold on the party such that now there are only sycophants and those pretending to be sycophants out of fear of losing reelection or worse. This was obvious to anyone following the Stop the Steal movement culminating in the Jan 6th debacle which went from a national embarrassment for the GOP to a core part of the party platform.

He implemented tariffs previously akin to what previous presidents from both parties did.

What he's doing now is completely and utterly unprecedented, and while sure him increasing tariffs was an expectation, to the degree he has is something he didn't even claim. Potentially 50% on China? That's so far beyond the scope of what anyone expected it's hard to even fathom.

 

[Islam Imamate]

He implemented tariffs previously akin to what previous presidents from both parties did.

Is that really true though? If anything the US has been moving towards free trade for decades which is specifically what Trump was railing against as a candidate. Its one of the unique attributes of his campaigns and presidency. Biden to some extent assimilated some of that economic populism as evidenced by his scrapping of the acquisition of US Steel by Nippon Steel as well as imposing tariffs on certain Chinese goods like solar panels and electric cars but I think its fair to say that protectionism has been popularized by Trump after over half a century of free trade pllicy by the US.

What he's doing now is completely and utterly unprecedented, and while sure him increasing tariffs was an expectation, to the degree he has is something he didn't even claim. Potentially 50% on China? That's so far beyond the scope of what anyone expected it's hard to even fathom.

Again read the article I linked, he ran on 10%-20% tariffs across the board as well as 60% on China. And what we've seen from his are 10% tariffs across the board with higher ones on countries like China, if anything in the case of China he went soft compared to what was promised on the campaign trail. Its true that even based on his campaign promises the tariffs he announced were radical but idk why anyone wouldn't expect him to impose broad tariffs when it was his signature economic policy. You could ask him about childcare and he'd bring up tariffs as a solution.

 

[Phisher]

 

[Rod1]

He implemented tariffs previously akin to what previous presidents from both parties did.

No he didn't he scrapped the TPP and scrapped NAFTA, they managed to convince him to renegotiate those back again but that was the old GOP when they were actually a party and Trump was an outsider.

to the degree he has is something he didn't even claim.

He claimed he was going to end the trade deficit which he sees as a net loss and said he will use tariffs to do it.

In 2016, Trump promised he would equalize the trade deficit in a single day.

TRUMP: “I will take care of that situation so fast in one day that situation will be equalized. One day, okay?” [Campaign Rally, Spokane WA, 5/7/16]

TRUMP: “In fact, it is amazing that for years we have had massive deficits now it is getting higher and it is getting worse. These countries are treating us like we are children because we have leaders that don’t know what is going on…Unless I become President. You will see a drop like you have never seen before.” [Trump Campaign Rally, Manchester NH, 6/30/16]

Trump says America’s leaders, not China, are to blame for the trade deficit because they are “stupid” and don’t negotiate good deals.

TRUMP: “I don’t blame China. I blame our leaders for being taken advantage of by Mexico and China and Japan and everybody.” [Trump Campaign Rally, Dallas TX, 6/16/16]

TRUMP: “On trade, our trade deficit now nearly $800 billion a year. We have a deficit. Think of it, of almost $800 billion a year. You really say who’s negotiating these deals?” [USA Thank You Tour 2016, Fayetteville NC, 12/6/16]

TRUMP: “I want free trade too. I’m a free trader but you can’t have free trade when you have stupid people doing the negotiation. You can’t because we are being beaten on every front and you can’t do it. I’ll tell you what trade deficit with China $505 billion a year. Who makes a deal like that?” [Trump Campaign Rally, Spokane WA, 5/7/16]

TRUMP: “I don’t blame China. I told that to President Xi. I was in Beijing, making a speech, saying how they’re ripping us off. And guess what? He wasn’t too happy. I looked at him. I said, ‘He’s not happy.’ And I said, ‘I better change the speech quickly.’ So I said, ‘I don’t blame him. I blame our Presidents.’ And I’m right.” [Trump Remarks at Signing Of Phase One Trade Deal With China, Washington DC, 1/15/20]

TRUMP: “No, no, China’s good. They’ve done nothing wrong. They’re wonderful people. They are wonderful people. I don’t blame China by the way, I blame our leaders for allowing this horrible—you know what and pillage, it’s the R-word.” [Trump Campaign Rally, Dallas TX, 10/17/19]

As president, Trump railed against trade deficits, and falsely claimed that the deficits were decreasing.

TRUMP: “We have trade deficits with everybody. Virtually every country in the world, we have trade deficits with them. That’s going to be changing. It’s already changing, but it’s going to be changing fast.” [Trump Remarks Before Lunch With Republican Members Of The Senate, Washington DC, 12/5/17]

TRUMP: “The United States has an $800 billion dollar yearly trade deficit because of our ‘very stupid’ trade deals and policies. Our jobs and wealth are being given to other countries that have taken advantage of us for years. They laugh at what fools our leaders have been. No more!”


You can accuse him of many things, but lying about tariffs isn't one of those

 

[lowlife]

I feel like I missed an opportunity today. Unless president dumb fuck makes another crazy announcement I think we're relatively safe in the short term. Still very bearish over the mid to long as the real impact of the added taxes materializes.

 

[Rod1]