THE DAILY BLAST with Greg Sargent
“Madness”: Trump Tariff Fiasco Suddenly Worsens amid Brutal Poll Drop
Apr 23, 2025
Heather Long, a Washington Post columnist and economic commentator, discusses the looming economic danger posed by Trump’s tariffs as new IMF forecasts predict lower growth and increasing layoffs. She explains how Trump's blame game, targeting Federal Reserve Chairman Jerome Powell, is heightening market turmoil. Long outlines the risks of a recession linked to tariff policies and explores internal administration conflicts over these chaotic strategies, highlighting the dire implications for both the economy and Trump’s approval ratings.
21:24
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Quick takeaways
- Trump's tariffs have severely impacted the U.S. economy, prompting a downgrade in growth projections and increasing layoffs.
- Shifting blame to the Federal Reserve has backfired, causing market volatility and diminishing investor confidence in economic stability.
Deep dives
Impact of Tariffs on Economic Growth
Recent tariffs imposed by the Trump administration have significantly affected the U.S. economy, leading to a downgrade in the International Monetary Fund's projections for growth. These tariffs, particularly the 10% on most imports and especially high rates on Chinese goods, have not only raised prices but also disrupted manufacturing and prompted layoffs in key industries. Companies such as Volvo have announced substantial job cuts, citing tariffs as a critical factor influencing their decisions. The cumulative effect of these tariffs has created an environment of economic distress, raising concerns about a potential recession.
