Axios: “When everything gets more expensive everywhere because of tariffs, that starts a cycle for businesses, too — one that might end with layoffs, bankruptcies, and higher prices for the survivors’ customers.”

“The cycle is just starting now, but the pain is immediate.”

“The formula used by the Trump administration to levy reciprocal tariffs contains a serious math error that over-inflates the impact by about a factor of four, economists at the American Enterprise Institute said,” Axios reports.

“The conservative think tank says the error led to tariff rates massively higher than they should have been to achieve the goals the administration sought.”

Commerce Secretary Howard Lutnick said the Trump administration will remain steadfast in its reciprocal tariffs on major U.S. trading partners even in the face of a global stock market sell-off, CNBC reports.

Said Lutnick: “The tariffs are coming. He announced it, and he wasn’t kidding. The tariffs are coming. Of course they are.”

He added: “There is no postponing. They are definitely going to stay in place for days and weeks. The president needs to reset global trade. Everybody has a trade surplus and we have a trade deficit.”

“This is the biggest self-inflicted wound we’ve put on our economy in history… Until we have a reversal, I think we’re going to have a real problem.”

—Former Treasury Secretary Larry Summers, quoted by Politico.