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Emboldened Democrats Plot Ways to Hammer Trump
“Democrats are going all-in against President Donald Trump’s new global tariffs, seeing a chance to keep driving a wedge in the Republican Party after four GOP senators defied Trump on his Canada tariffs,” Semafor reports.
“Sen. Tim Kaine (D-VA) said that he’s drafting a plan to force a vote on nixing the national emergency Trump declared Wednesday, which would effectively scrap the across-the-board tariffs set to kick in Saturday.”
Related for members: The Silver Lining in Trump’s Tariffs
Trump Made Up Tariff Rates
Former Treasury Secretary Larry Summers, on X:
“It’s now clear that the Trump Administration computed reciprocal tariffs without using tariff data. This is to economics what creationism is to biology, astrology is to astronomy, or RFK thought is to vaccine science. The Trump tariff policy makes little sense EVEN if you believe in protectionist mercantilist economics.”
Top Republican Looks to Yank Trump’s Tariff Power
“Sen. Chuck Grassley, a senior Republican lawmaker from the farm-heavy state of Iowa, is spearheading new legislation that would reassert Congress’ authority over tariffs amid President Donald Trump’s trade war escalation,” Politico reports.
“The measure, jointly introduced Thursday with Sen. Maria Cantwell (D-WA), would limit the president’s power to impose tariffs. It would require the president to notify Congress within 48 hours of such an imposition and for Congress to explicitly approve any new tariffs within 60 days. The bill also would allow Congress to end any tariff at any time.”
Automaker Lays Off 900 After Trump Tariffs
“Stellantis said on Thursday it was temporarily laying off 900 workers at five U.S. facilities after President Donald Trump’s tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and one in Canada,” Reuters reports.
“The maker of Ram trucks and Jeeps said the U.S. plants affected are powertrain and stamping facilities that provide parts for the two factories in Mexico and Canada that are being idled.”
Dr. Trump
President Trump on Truth Social, in all caps: “The operation is over! The patient lived, and is healing. The prognosis is that the patient will be far stronger, bigger, better, and more resilient than ever before. Make America great again!”
Trump Makes the Swamp Even Bigger
From Wall Street Journal editorial page:
“Tariffs impose costs that businesses will want to avoid. They will thus be a windfall for Beltway lobbyists as companies and countries seek exemptions from this or that border tax.”
“Mr. Trump is saying there will be no tariff exemptions. But watch that promise vanish as politicians, including Mr. Trump, see exemptions as a way to leverage campaign contributions from business. Liberation Day is Buy Another Yacht Day for the swamp.”
Newsmax Shares Plunge
Newsmax was briefly worth $30 billion this week before its share prices tumbled by 80 percent three days after its market debut, the Daily Beast reports.
In what seems like poor timing, Newsmax executives — along with Rudy Giuliani — rang the bell this morning at the market open at the New York Stock Exchange.
Trump Jets Off to Watch Golf
“President Donald Trump’s response to a tanking U.S. stock market—brought on by his sweeping tariff announcement Wednesday—is to fly to Florida,” the Daily Beast reports.
“The president is scheduled to jet to Miami on Thursday afternoon to attend a LIV Golf tournament at his golf course in nearby Doral. He is scheduled to hang there for two-and-a-half hours before attending a ‘LIV Dinner,’ his schedule says.”
Republicans Fret as Markets Tumble
Punchbowl News: “Wall Street and global financial markets are reeling from President Donald Trump’s new trade war, frightening members of his own party on Capitol Hill even as White House officials insist they have no intention of walking away from its tariff regime…”
“Bloomberg reports that the market is down 10% since Trump took office, the worst 10-week start in a new administration since George W. Bush took the White House in 2001 amid the collapse of the dot-com bubble.”
“But no president has ever owned a market downturn quite like this…”
“There’s a huge disconnect today between the rhetoric from Capitol Hill Republicans and the White House. Hill Republicans insist that this is the opening stage of a negotiation between Trump and other nations over a new era of trade relations. But the White House says that’s not the case.”
For members: Republicans Own This
Macron Asks E.U. Business to Halt U.S. Investment
“French President Emmanuel Macron wants EU businesses to stop investing in America in response to President Donald Trump’s massive tariffs,” Politico reports.
Said Macron: “It is important that future investments, the investments announced over the last few weeks, should be put on hold for some time until we have clarified things with the United States of America.”
This Is What Voters Wanted, Right?
Ian Bremmer: “The British didn’t understand what Brexit meant for their economy. But they wanted it, they voted for it, and they’ve gotten it.”
“Now it’s the Americans’ turn.”
The Silver Lining in Trump’s Tariffs
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Trump’s Tariffs Are Designed to Backfire
Rogé Karma: “Most obviously, the tariffs don’t appear to be based on actual trade barriers, which undermines their entire justification. Contrary to White House messaging, the formula for determining the new rates turns out to have been based simply on the dollar value of goods the U.S. imports from a given country relative to how much it exports. The administration took the difference between the two numbers, divided it by each country’s total exports, then divided that total in half, and slapped an import tax on countries at that rate. The theoretically reciprocal tariffs are not, in fact, reciprocal.”
“The result is that there is no clear or obvious path that countries could take to get those tariffs removed even if they wanted to. Countries can remove all of their trade restrictions and still run a trade surplus. South Korea, Mexico, and Canada, for example, export more to us than they import from us despite imposing virtually no trade barriers.”
Bonus Quote of the Day
“Trump has spent a lot of political capital in his first 100 days, but Republicans will see it as a good investment if he can ultimately deliver on tax cuts and deficit reductions. But recessions and inflation are politically devastating for any president. Trump is risking both with his trade wars, so it’s understandably making his allies extremely nervous.”
— GOP strategist Alex Conant, quoted in The Atlantic.
Lutnick Says Trump Won’t ‘Back Off’ On Tariffs
Commerce Secretary Howard Lutnick said President Trump “is not going to back off” his newly announced tariffs, CNBC reports.
Said Lutnick: “I don’t think there’s any chance… This is the reordering of global trade, right? That’s what’s going to happen.”
Americans Will Pay the Price for Reckless Tariffs
National Review: “Believing that a country is in bad shape if it imports more goods than it exports — i.e., if it has a trade deficit — is, in most cases, a harmless error in reasoning. It’s the sort of thing that seems to make sense at first glance, but any halfway decent economics professor can train it out of students in one or two lectures.”
“That error in reasoning becomes harmful when the person who believes it is the president of the United States, and he is willing to claim emergency powers to act on it unilaterally. That’s what Donald Trump has done with his executive order to raise tariffs on virtually every country on earth.”
Republicans Weigh Giving Stefanik New Role
Semafor: “As GOP leaders search for a landing spot for Stefanik after the abrupt withdrawal of her nomination as ambassador to the United Nations… they’re considering making her chair of the Elected Leadership Committee.”
“The ELC is a group of advisers to leadership — and its chair is a speaker-appointed position that got filled for the first time in more than a decade by former Speaker Kevin McCarthy.”
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