Declaring a “national emergency that threatens our security and our very way of life,” President Donald Trump, after markets closed on Wednesday afternoon, announced sweeping tariffs on nearly every nation across the globe—tanking stock market futures in the U.S. and abroad, unleashing global “chaos,” and pushing the so-called “fear index” to “extreme.” Just 24 hours after what he dubbed “Liberation Day,” the President, on Thursday afternoon, will land at Miami International Airport and head straight to his Trump National Doral Golf Club for the LIV dinner, ahead of this weekend’s golf tournament, which he is expected to attend.As global leaders prepare to make contact with President Trump to stave off what may become a “global trade war,” he will not be in the Oval Office, but in Florida—likely hitting the greens for the remainder of the week, something he himself accused federal workers of doing back in February. (At the same time, the House of Representatives has shut down, stalled by internal Republican divisions.)Some critics are blasting Trump’s decision to head to his golf club during this “national emergency,” which he has a long history of doing.And as Thursday morning unfolded, CNN chief media analyst Brian Stelter posted a screenshot of CNBC’s coverage of the “global selloff.”READ MORE: ‘Parade of Incompetence’: Trump Security Adviser Set Up Numerous Signal Chats on Key CrisesBusiness media company Morning Brew offered this graphic of how the stock markets are reacting.Economists and economic experts are stunned by Trump’s massive tariffs, deemed “worse than the worst case scenario,” according to multiple financial experts.MSNBC’s Stephanie Ruhle, who spent decades in finance and financial journalism, criticized Trump tariffs.”Folks who were unhappy with the economy did NOT vote for tariffs. They voted for Trump’s promise to lower inflation. His choice of action – tariff implementation will INCREASE inflation,” she noted.And calling it “another large step toward a new old era of trade protectionism,” The Wall Street Journal Editorial Board blasted “Trump’s New Protectionist Age.””Blowing up the world trading system has consequences that the President isn’t advertising,” they warned, adding they could result in “shrinking world trade and slower growth, recession, or worse.”They also declared that “Trump’s tariffs look ‘reciprocal’ in name only,” which brings up the question of how and why Trump imposed these tariffs.”Economists and U.S. trade partners are raising questions about how the White House calculated the tariff rates it claimed other countries ‘charge’ the United States,” CNBC reports.Meanwhile, economist Justin Wolfers explained why he says Trump’s thinking on tariffs is “bananas,” and “indescribably crazy.””Take a simple example,” offered Dr. Wolfers, a public policy scholar and professor of economics. “I run a trade deficit with Trader Joe’s buying their meals, while they buy none of mine. My trade deficit as a share of my imports is 100%. By Trump’s trade logic, this deficit is evidence they’re imposing 100% tariffs on the meals I try to sell them.”RELATED: ‘Just Plain Dumb’: Trump’s Smuggled Fentanyl Tariff Mocked”The White House ‘reciprocal’ tariff bears no relation to actual tariff barriers,” he adds. “It’s equal to half of the trade deficit (as a share of imports). This is indescribably crazy.”Pointing to the “calculations” from the U.S. Trade Representative, Wolfers adds, “Obviously this is nonsense. Even crazier is that they’ve written what they think is a defense of this. I know not everyone speaks economist algebra, so lemme translate: This is muddled nonsense.”Others, too, have criticized Trump’s method and calculations.”Trump’s tariff chart was ‘illogical and absurd,’ full of ‘factually incorrect’ numbers about what other countries charge the U.S.,” tech analyst Dan Ives “of Wedbush Securities wrote to clients this morning,” Stelter also reported.”Trump doesn’t seem to mind the optics of Trump abandoning the White House to skip town early for his golf club after setting the world ablaze with the tariff announcements,” MeidasTouch News writes.See the social media posts above or at this link.READ MORE: ‘Paralyzed’: Johnson Mocked for Shutting House Down After ‘Brutal’ Defeat
Trump says U.S. drug prices will drop under new deals with pharma companies
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