The un"stable genius" Moron-in-Chief has concluded his dumb tariff experiment by backing off and reversing course.
Everyone, including economics experts and Nobel Prize winners, told him that tariffs have never worked and won't work. But the Orange Baboon thinks himself better than anyone on the planet, simply by his gut-driven feeling that he can win anything by his strong will.
I know people like that. Brawn and guts can succeed where brain fails. They're usually military numskulls who think that because they know how to fire a gun, they can win any argument and therefore are always right, even though they have really have no arguments, except the threat of violence.
Now the Moron-in-Chief is no military person. He's a draft dodger whose wealthy father "intervened" in high places during the Vietnam War and claimed that his baby Donald has bone spurs and so is handicapped and cannot be sent to war. So what does he replace his violence-by-gun with? Violence by any other means: Sue anyone about anything to scare them. He's got money he inherited from his father and can spend it on endless legal avenues and criminal lawyers that most people can't afford.
Brutality doesn't have to be physical. Donald Dumb certainly proves it. 99% of the Republican cowards huddled under his boot prove it. They are afraid of him. He can sue them. He can pay their rivals to defeat them in elections.
TThe idiot kept repeating that "tariff" is the "most beautiful word in the dictionary, even though I find it highly unlikely that this jackass ever opened a dictionary. He doesn't even read the briefings he received from the bonded slaves around him. He hasn't read a single book in his life. He gets all his information from watching the highly educational and informative Fox News.
If he had opened the dictionary, he would have learned that "tariff" came to the English language from Arabic - تعرفة. Literally, the word "tariff" is derived from the Arabic "taʕrif," meaning "notification." It was introduced into English in the late 16th century and refers to a schedule of duties imposed by a government on imported or exported goods.
After fumbling his way using his gut to wreck the world's economy, the jackass has now backed off and postponed his tariffs for a second 90 days.
=====================================================
Fox Business Correspondent Spots Why Trump Was 'Forced To Back Off' On China Tariffs
Ben Blanchet
Tue, May 13, 2025
Trump Was 'Forced To Back Off' On China Tariffs
A veteran Fox Business Network correspondent on Monday declared that both President Donald Trump’s administration and China “blinked” when it came to negotiations between the countries on significantly easing tariffs.
Charles Gasparino — in one of several posts on X, formerly Twitter — stressed that he “didn’t say we won” in response to a social media user who suggested Gasparino saw the deal as a U.S. victory.
“Trump raised tariffs on the world, the markets, particularly the bond market — which we need to finance our debt — rebelled,” Gasparino wrote in a separate post.
“Trump then was forced to back off. End of story. Film at 11 of the president spinning this as a major victory. Ok sorry, I couldnt help myself.”
Gasparino argued last month that the Trump administration had a “weak negotiating hand” at the time with the U.S. nearing a recession and markets being “on edge.”
“We need people to buy our debt, and China supplies us with a lot of cheap goods,” Gasparino said in an appearance on Fox News’ “The Story.”
“We could see inflation ratchet up dramatically if we don’t get a deal with them. And [Chinese President] Xi [Jinping] knows this.”
The deal announced Monday sees the countries agreeing to a 90-day pause on tariffs, with the U.S. bringing its 145% tariffs down to 30% on Chinese imports and China dropping its 125% tariffs down to 10% on U.S. imports.
Gasparino on Monday wrote that the tariffs have taught a “little lesson on how markets exert their power,” adding, “how when you have to depend on them as we still do (and remember its really the budget deficit thats causing the trade deficit and we need the budget deficit to maintain our standard of living) you cant go to trade war with the world without bad stuff happening.”
BREAKING: Trump raised tariffs on the world, the markets, particularly the bond market -- which we need to finance our debt--rebelled. Trump then was forced to back off. End of story. ...The president spinning this as a major victory. Ok sorry, I couldnt help myself.…
— Charles Gasparino (@CGasparino) May 12, 2025
Even the conservative Wall Street Journal’s breathed a sigh of relief on Monday when Donald Dumb retreated from his tariffs on China, describing it in an op-ed as “more surrender than victory.”
“Rarely has an economic policy been repudiated as soundly, and as quickly, as President Trump’s Liberation Day tariffs—and by Mr. Trump’s own hand,” wrote the newspaper, whose board has been a fierce critic of Trump’s second-term trade policies, particularly his tariffs.
A “tragedy” of Trump’s “shoot-America-in-the-foot-first approach,” said the paper, “is that he’s hurt his chances of rallying a united front of countries against Beijing’s mercantilism.” It added, “By targeting allies with tariffs, Mr. Trump has eroded trust in America’s economic and political reliability.”
The Journal said that markets have forced Trump “to back down from his fever dream that high tariff walls will usher in a new ‘golden age' "...which “didn’t last two months, and it was more leaden than golden,” it added.
China and the U.S. agreed, in the agreement announced Monday, to pause the majority of tariffs for 90 days.
American tariffs on Chinese imports will sink from 145% to 30%. Chinese tariffs on U.S. imports will reduce from 125% to 10%.
Further, in an interview with CNN’s “The Arena,” Larry Summers (treasury secretary in former President Bill Clinton’s administration) said “it’s very clear” that Trump was the one to blink here.
“He had said that he was determined to impose these policies for an indefinite period,” Summers said. “China didn’t make any consequential or significant change in its policies.”
As part of the deal, the U.S. will slash the additional import taxes it levied on Chinese imports last month to 30% from 145%. In exchange, China said it will reduce tariffs on U.S. imports to 10% from 125% for the next 90 days.
“Look, sometimes it’s good to blink when you make a mistake, it’s usually best to correct it and retreat, even if it’s a little bit embarrassing,” he said.The economist, though, conceded that while he was heartened to see the administration “less committed to disastrous policies” than he originally feared, the U.S. has not fully averted the possibility of entering a recession.
No comments:
Post a Comment