Politics Weekly America Trump’s ‘Liberation Day’ and Musk’s bad week
10 snips
Apr 4, 2025 Nikki McCann Ramirez, a politics reporter for Rolling Stone, dives into the implications of Donald Trump's 'Liberation Day' speech, unveiling a controversial new tariff regime that has sparked skepticism among investors. The discussion highlights how these tariffs may dramatically affect the automotive industry and consumer pricing. Additionally, they explore Elon Musk’s potential retreat from his special government role amid backlash from his political endorsements, raising questions about his influence and the consequences of billionaire contributions in elections.
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Trump's Liberation Day and Market Reaction
- Trump introduced "Liberation Day" with a speech and chart outlining new trade tariffs.
- Global stock markets reacted negatively to this policy shift.
Timing of Trump's Speech
- Trump strategically timed his speech for after U.S. stock market closing to avoid immediate negative impacts.
- Despite this, international markets and after-hours trading still showed declines.
Two-Tiered Tariff System
- Trump's tariff plan includes a 10% base tariff on all countries except Canada and Mexico.
- Additional "reciprocal" tariffs target countries accused of unfair trade practices.