Trump’s ‘Reciprocal’ Tariffs Aren’t Quite What They Seem. Here’s the Real Story
The massive tariffs that President Donald Trump announced for dozens of trading partners Wednesday were pitched as “reciprocal,” simply aiming to match the tariffs other countries charge the United States.
But the methodology behind Trump’s attempt to rebalance trade has nothing to do with the tariff rate that foreign countries impose on the US.
The Trump administration instead used a grossly oversimplified calculation that it said factored in a broad set of issues such as Chinese investment, alleged currency manipulation and other countries’ regulations. The administration’s calculation divided a country’s trade deficit with the US by its exports into the country times 1/2. That’s it… (Continue to full article)
More Than 50 Countries’ Approached US About Lowering Tariffs: Treasury Secretary
Treasury Secretary Scott Bessent claimed Sunday that “more than 50 countries” have approached the Trump administration to bring down “non-tariff trade barriers,” reduce tariffs, and halt “currency manipulation” on their side.
“More than 50 countries have approached … the administration about lowering their non-tariff trade barriers, lowering their tariffs, stopping currency manipulation,” Bessent said on NBC’s “Meet the Press” to moderator Kristen Welker. Trump defends tariffs as markets plunge: ‘I don’t want anything to go down’
“And … they’ve been bad actors for a long time… (Continue to full article)
Senate Passes Budget, Setting Up Showdown With House Over Trump Agenda
Senate Republicans voted early Saturday morning to pass a budget resolution that will be critical to advancing President Trump’s legislative agenda, but the measure breaks with House Republicans on several big issues, setting the stage for a showdown between the two chambers later this year.
The Senate voted 51-48 to pass the measure after a holding a long series of votes on amendments, which kept senators pacing around the chamber for hours.
Sens. Rand Paul (Ky.) and Susan Collins (Maine) were the only Republican to vote against it.. (Continue to full article)
Al Green Says He’ll Present Articles of Impeachment Against Trump in Next 30 Days
Rep. Al Green (D-Texas) said he will bring articles of impeachment against President Trump in the next 30 days, telling protestors at an anti-Trump rally in Washington that he does not “deserve” to hold the executive office.
“We need a Senate that will convict him this time, and I want you to know, from my heart, from my heart, I understand that he is a Goliath. He is a Goliath. He has control of the generals in the military. He has control of the Justice Department. He has control of the Republican Party, but my friends, my friends, for every Goliath, there is a David,” Green said while addressing demonstrators at D.C.’s “Hands Off!” rally on Saturday.
“And I want you to know, Mr. President, this David is going to bring articles of impeachment against you within the next 30 days. Within the next 30 days, I’m bringing articles of impeachment. I’m coming for you. Mr. President, this David is coming for you… (Continue to full article)
Senate Passes Trump Budget Framework to Begin Process of Ending Taxes on Tips, Overtime and Social Security
The Senate passed a budget framework early Saturday to begin the process of enacting President Trump’s signature campaign pledges — including his plans to cut taxes on tips, overtime pay and Social Security benefits.
The 51-48 vote unlocks the “reconciliation” process that allows legislation to pass the Senate with a bare majority rather than the typical 60-vote threshold.
The package is currently ill-defined, but its initiation was a significant win for Trump, who has called on allies to cram many of his top policy requests into “one big beautiful bill…. (Continue to full article)
Trump’s Tariffs Trigger Biggest Oil Price Drop Since 2021
Oil prices plunged this week as a one-two punch of sweeping U.S. import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.
The combined effect of Donald Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts and China’s retaliatory actions have wiped off $10 per barrel from global oil prices, with ICE Brent falling below $65 per barrel for the first time since August 2021. Seeing backwardation barely change compared to the beginning of the week, one could assume that US tariffs are the defining factor for the price change, nevertheless this week will not go down well in the history of oil markets… (Continue to full article)
Devaluing the US Dollar: How to Make America Poorer Again
n recent days, we have read numerous articles about a possible agreement between the US administration and its main trading partners to devalue the US dollar. It has been named “The Mar-A-Lago Accord”, a concept inspired by the Plaza Accord of 1985, which aimed to devalue the US dollar to address trade imbalances. That plan failed.
The objective, according to the financial media, would be to weaken the US dollar, boost US export competitiveness, and rebalance global trade. Another proposal involves restructuring US debt by swapping existing obligations for longer-term bonds, such as 100-year Treasury bonds, to ease fiscal pressures. However, this would be a dangerous and potentially counterproductive idea.
The Mar-A-Lago Accord concept starts from two wrong premises, which are to believe that US exports are not large enough due to a strong currency and that debt is too high because of a robust US dollar. Both are simply incorrect… (Continue to full article)
Are You Ready To Pay A 104% Tariff On All Products From China?
How many products do you have in your home right now that were made in China? If you are like most Americans, that number is very high.
We should have never allowed ourselves to become so dependent on cheap Chinese goods, but we did. Walmart, Target and our dollar stores are absolutely teeming with products that were manufactured in China, and now those products are about to get much more expensive.
The 34 percent “retaliatory tariff” that the Trump administration recently imposed on the Chinese was on top of a 20 percent tariff that the Trump administration had already imposed on them. The White House has confirmed this
Unfortunately, the 54 percent tariff that we were potentially facing will now rise to 104 percent thanks to an additional 50 percent tariff that will go into effect on April 9th… (Continue to full article)
