Bloomberg Daybreak: Europe Edition Trump Tariffs Kick In, Treasuries ‘Fire Sale', Market Turmoil Spreads
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Apr 9, 2025 The podcast dives into the chaos triggered by Trump’s steep tariffs, sparking fears of a looming recession. Chinese officials express confidence in counteracting any economic shocks, while U.S. consumers rush to stockpile goods. The impact on global trade is profound, with rising costs and anticipations of retaliation from China. Market volatility is palpable, leading to challenges in U.S. Treasury auctions and troubled investor sentiment across Europe. The discussion paints a vivid picture of a world grappling with trade war uncertainties.
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Trump's Tariffs Take Effect
- Roughly 60 countries with trade surpluses with the US now face higher import charges.
- This follows a 10% baseline tariff on most US trading partners implemented on Saturday.
Trump's Tariff Revenue Claim
- At a fundraiser, Trump claimed tariffs generate $2 billion daily for the US.
- He framed this as a win and dismissed critics as enemies.
Impact of Tariffs on US Consumers
- Einar Tangen argues US consumers, not China, bear the cost of tariffs.
- He predicts rising discontent among Trump's voter base as this realization dawns.