Morning Joe Trump announces sweeping new tariffs
Aug 1, 2025
Jen Palmieri, former White House Director of Communications for President Obama, and Jared Bernstein, former chair of the Council of Economic Advisors under President Biden, discuss Trump's new tariffs and their global impact. They delve into the chaos surrounding the policies, rising consumer prices, and the potential for economic instability. The conversation touches on public sentiment and accountability, unveiling how these developments could influence the MAGA movement and voter attitudes as elections approach.
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Trump's Tariff Strategy
- President Trump finalized tariffs ranging from 10% to 41% on dozens of countries despite ongoing trade talks.
- This unpredictable tariff deployment reflects his long-standing belief in tariffs as a negotiating tool.
Tariffs Causing Economic Stagflation
- U.S. economic growth has slowed from over 2% to around 1% since Trump's tariff-driven trade war began.
- This has caused stagflation: slower growth combined with higher prices affecting American consumers and the Fed.
Tariffs Hurt Consumers Eventually
- Tariffs initially squeeze corporate profits but inevitably lead to higher prices for American consumers.
- Consumer price increases are already visible in furniture, toys, apparel, and electronics.