The Atlantic: “The unusual requests made of Interior Secretary Doug Burgum’s staff are raising concerns all the way to the White House.”
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Trump Aides Hold Firm Despite Market Plunge
“If there was one consistent message from Trump administration economic officials Sunday morning, it was this: We’re not worried about the stock market plunging, and the cavalry isn’t coming to save you from tariffs, either,” Axios reports.
Trump Is Enacting Change on Scale Rarely Seen Before
Wall Street Journal: “No American president has disrupted so many aspects of the nation’s daily life as President Trump has in less than three months in office. His no-apologies agenda has made him the focal point of crucial decisions now being made in America’s C-suites, on factory floors, in faculty lounges, elementary-school libraries and capitals around the world—as well as around kitchen tables across the U.S.”
“He has moved with astonishing speed to enact an immigration crackdown, cut the federal workforce and demolish federal agencies. He is checking off a list of perceived enemies, firing people at will and slashing at major law firms that some advisers allege once aided investigations into his actions. Asserting a broad mandate, Trump has worked with little regard for public criticism. In typical is-he-serious-or-not form, Trump now flirts with seeking a third term.”
Stock Futures Plummet as Market Rout Escalates
U.S. stock futures dropped more than 4% on Sunday evening as the White House remained defiant even after a two-day historic stock market rout that followed President Trump’s rollout of shockingly high tariff rates on most key U.S. trading partners, CNBC reports.
New York Times: After blowout week, Wall Street decision makers brace for more chaos.
Bloomberg: Trump team rejects market fears.
‘The Tariffs Are Coming’
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.”
Washington Worries Trump Will Bail Out Zuckerberg
Politico: “Less than two weeks before the start of a landmark antitrust trial against tech giant Meta, the growing relationship between President Donald Trump and Meta CEO Mark Zuckerberg is stoking fears in Washington that the White House could pull the plug on the whole case.”
“The FTC rarely abandons an ongoing antitrust case, regardless of who’s in the White House. But a series of events over the past week has the Washington antitrust world buzzing about the fate of the case.”
Bonus Quote of the Day
“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.
7 GOP Senators Now Oppose Trump’s Tariffs
Playbook: “There are chiefly two factions among Hill Republicans worried about Trump’s tariffs: those who think they’re bad policy, and those who think they’re bad politics. (There is overlap.)”
“In the former category, you can now count seven Senate Republicans who’ve signed on as cosponsors of the Trade Review Act, which would reassert Congress’ trade authority and let it weigh in on new tariffs.”
Elon Musk Surprised Trump World
Some people “inside the administration and close to President Trump appeared confused, and surprised, about Elon Musk’s decision to publicly go after Peter Navarro (and by extension, indicate his displeasure with the president’s decision),” Semafor reports.
Wall Street Blew It
James Surowiecki: “Investors discounted everything Trump has ever said about trade and tariffs. We’re all going to pay for that mistake.”
Trump’s Extension of the TikTok Deadline Is Illegal
John Gruber: “There is no mechanism in the law for the president to issue any such extension. What he’s saying is what he said the last time: he’s instructing Attorney General Pam Bondi not to enforce the law, and pinky-swearing that U.S. companies that are breaking the law to keep TikTok available (Akamai, Oracle, Google, Apple) won’t be held responsible for it. It’s just a complete abdication of the rule of law.”
“Not a peep from Republican Tom Cotton, who, on the cusp of Trump taking office again, was crowing about the PAFACA Act coming into effect to shut TikTok down in the U.S.”
Trump and Republicans Made a Massive Bet
“The Republican Party embarked this week on a haphazard experiment in economic policymaking, wagering that the United States can weather a monumental tax increase in the form of broad tariffs on imported goods as long as Congress also cuts taxes on income,” the New York Times reports.
“It’s a mash-up that many investors, economists and even some G.O.P. lawmakers expect to be a failure.”
Said Douglas Holtz-Eakin, a conservative economist: “I always think that with gambling, at least you have a chance of winning. This is worse than that. This is betting with the mafia. You’re going to lose.”
A New Golden Age for Bootleggers
David Frum: “President Donald Trump’s high-tariff regime will impose higher prices and lower growth on Americans. It will have another effect that nobody in the administration seems to have considered at all: a tsunami of smuggling.”
“In a few days’ time, every desirable consumer good will be dramatically more expensive in the United States than on world markets. Flat-screen TVs, athletic shoes, video-game equipment, even household basics such as coffee, toilet paper, and soy sauce—all will soon cost 20, 25, 35 percent more than they cost on world markets.”
“Trump has just opened perhaps the greatest arbitrage opportunity in the history of world trade. His effort to repeat the Smoot-Hawley tariffs of the 1930s will also replicate the cross-border bootlegging of alcohol during Prohibition.”
Trump Tears Down What FDR Built
“If there’s a mirror image opposite to Donald Trump’s second-term blitz, it’s Franklin D. Roosevelt, whose first 100 days in office is the model for presidents who want to get things done,” CNN reports.
“The only president to serve more than two terms, Roosevelt remade government, used his bully pulpit and realigned political coalitions, all things Trump sees himself doing.”
“Trump, working with Elon Musk, wants to re-define Americans’ relationship with government by firing federal workers, dismantling long-functioning agencies, and branding as much government spending as possible as wasteful. He’s also realigning global trade and reworking international alliances as quickly as possible.”
Trump Has Already Botched His Own Bad Tariff Plan
Jonathan Chait: “Once you’ve said you might negotiate, nobody is going to believe you when you change your mind and say you’ll never negotiate.”
GOP Frets Over Trump Voter Turnout
“A trio of election results this week have Republicans confronting a new reality: not only are they facing political headwinds as the party in power but simultaneously grappling with a dramatic reversal in the partisan preferences of the country’s most reliable voters,” CNN reports.
“For years, Republicans were seen as the party that dominated lower profile elections outside presidential years, while Democratic voters were less consistent. But under President Donald Trump, Republicans worry their base has shifted to include low propensity voters who turn out for him but are not as motivated as Democrats to show up when he’s not on the ballot.”
Elon Musk Parts Ways with Trump on Tariffs
Only three days after President Trump announced sweeping tariffs, including a 20 percent tariff on goods from the European Union, Elon Musk said that he hoped that Europe and the United States would move “to a zero-tariff situation, effectively creating a free-trade zone,” the New York Times reports.
Earlier, Musk had taken a very public swipe at Peter Navarro, one of Trump’s most ardently protectionist advisers when it comes to trade policy.
Most Americans Negative on Trump Economic Policy
Financial Times: “This week, just before the tariff chaos, 63% of Americans had a negative view of the government’s economic policy, comfortably the highest figure since records began almost 50 years ago.”
“All-time records were also shattered for the share of people who expect the economy to further deteriorate over the next year. Just 25% of US adults said they expect their finances to look better in five years than today — lower even than at the nadir of the Great Recession.”
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