Rapid scheduled disassembly: the economics of Donald Trump
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If your plane is about to crash into a cliff, the key is to speed up:
U.S. President Donald Trump on Tuesday ramped up a burgeoning trade war with Canada, saying he will double tariffs set to take effect within hours on all imported steel and aluminum products from Canada to 50%, amplifying a focus on tariff increases that has sent financial markets reeling and business leaders ringing alarm bells about weakening consumer demand.
Trump’s latest salvo was in response to the premier of Ontario’s announcement that he would place a 25% surcharge on the electricity Canada’s most populous province supplies to 1.5 million U.S. homes unless Trump drops all of his tariff threats against the northern U.S. neighbor.
If you voted for Trump because you thought prices and unemployment rates were too low, congratulations!
Buyer’s remorse, however, seems like the more common reaction:
Stocks plummeted Tuesday, reversing an earlier attempt to stage a comeback after President Trump said he’s boosting tariffs on Canadian steel and aluminum to 50%.
In addition, Trump threatened to “substantially increase” duties on cars imported into the US from Canada. He said in a post on Truth Social that these tariffs “will, essentially, permanently shut down the automobile manufacturing business in Canada. Those cars can easily be made in the USA!”
The S&P 500 flirted with correction territory, falling about 1.4% to trade at just around 5,530, levels not seen since September. The Dow Jones Industrial Average (^DJI) shed roughly 700 points, or 1.7%, dragged down by shares of Verizon (VZ). The tech-heavy Nasdaq Composite (^IXIC) dropped 1.3%.
He’s running the country like a business (Trump University.)