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Instead of strategically imposing tariffs, Trump has chosen to "give the country the most massive tax increase in its history, possibly exceeding $1 trillion on an annual basis."
As stocks "nosedived" on Thursday, economists, policymakers, and campaigners around the world continued to warn about the impacts of U.S. President Donald Trump's trade war, which includes a 10% universal tariff for imports and steeper duties—that he claims are "reciprocal"—for dozens of countries, set to take effect over the next week.
"This is how you sabotage the world's economic engine while claiming to supercharge it," wrote Nigel Green, CEO of the international financial consultancy deVere Group. "Trump is blowing up the post-war system that made the U.S. and the world more prosperous, and he's doing it with reckless confidence."
As Bloombergdetailed after the president's "Liberation Day" remarks from the White House Rose Garden:
China's cumulative tariff rate of 54% includes both the 20% duty already charged earlier this year, added to the 34% levy calculated as part of Trump's so-called reciprocal plan, according to people familiar with the matter. The European Union's rate is 20% and Vietnam's is 46%, White House documents showed. Other nations slapped with larger tariffs include Japan with 24%, South Korea with 25%, India with 26%, Cambodia with 49%, and Taiwan with 32%.
In Europe on Thursday, "the regional Stoxx 600 index provisionally ended down around 2.7%," while "the U.K.'s FTSE 100 was down 1.6%, with France's CAC 40 and Germany's DAX posting deeper losses of 3.3% and 3.1%, respectively," according toCNBC.
In the United States, CNBCreported, "the broad market index dropped 4%, putting it on track for its worst day since September 2022. The Dow Jones Industrial Average tumbled 1,200 points, or 3%, while the Nasdaq Composite fell 5%. The slide across equities was broad, with decliners at the New York Stock Exchange outnumbering advancers by 6-to-1."
American exceptionalism.
[image or embed]
— Justin Wolfers ( @justinwolfers.bsky.social) April 3, 2025 at 12:14 PM
However, as Economic Policy Institute (EPI) chief economist Josh Bivens noted last week, "because most households depend overwhelmingly on wages from work as their primary source of income and not returns from wealth-holding, the stock market tells us nothing about these households' economic situations."
And Trump's tariffs are expected to hit U.S. households hard, as the cost of his taxes on imports are passed on to consumers.
"Tariffs can be a legitimate and useful tool in industrial policy for well-defined strategic goals, but broad-based tariffs that significantly raise the average effective tariff rate in the United States are unwise," Bivens and EPI senior economist Adam Hersh stressed in a Thursday statement—which also called out Trump for mischaracterizing one of the think tank's 2022 analyses.
"Further, the second Trump administration's rationale, parameters, and timeline for tariffs have been ever-shifting," Bivens and Hersh continued. "As the original post cited by the administration argues, tariffs should not be a goal unto themselves, but a strategic tool to pair with other efforts to restore American competitiveness in narrowly targeted industrial sectors."
Instead of strategically imposing tariffs, Trump has chosen to "give the country the most massive tax increase in its history, possibly exceeding $1 trillion on an annual basis, which comes to $7,000 per household," warned Center for Economic and Policy Research co-founder and senior economist Dean Baker. "And this tax hike will primarily hit moderate and middle-income families. Trump's taxes go easy on the rich, who spend a smaller share of their income on imported goods."
Baker—like various other economists and journalists—also took aim at Trump's claims that the tariffs are reciprocal, explaining:
Trump's team calculated our trade deficit with each country and divided it by their exports to the United States. Trump decided that this figure was equal to that country's tariff on goods imported from the U.S.
Trump's method of calculating tariffs is comparable to the doctor who assesses your proper weight by dividing your height by your birthday. Any doctor who did this is clearly batshit crazy, and unfortunately so is our president. And apparently none of his economic advisers has the courage and integrity to set him straight or to resign.
However, outside Trump's administration, the intense criticism continued to mount, including from groups focused on combating the fossil fuel-driven climate emergency, which also endangers the global economy.
Andreas Sieber, associate director of policy and Campaigns at 350.org, said Thursday that "Trump's tariffs won't slow the global energy transition—they'll only hurt ordinary people, particularly Americans."
"Despite his claims he 'gets' economic policy, his record tells a different story: Tariffs are tanking U.S. stocks and fueling inflation," Sieber added. "The transition to renewables is unstoppable, with or without him. His latest move does little to impact the booming clean energy market but will isolate the U.S. and drive up costs for American consumers."
Allie Rosenbluth, U.S. campaign manager at Oil Change International, similarly emphasized that "Trump's tariffs will hurt working families first and foremost, raising costs for essentials we depend on and threatening to plunge the U.S. economy into a recession. Though Trump pretends to care about the cost of living for ordinary people, his real loyalties lie with his fossil fuel industry donors."
"If he actually cared about energy affordability, he would stop bullying other countries into buying more U.S. liquefied natural gas (LNG), which boosts the fossil fuel industry's profits, but results in increased prices for domestic consumers and pushes us further toward climate catastrophe," she asserted. "The one step countries can take to hit Trump where it hurts most is wean off their dependency on fossil fuels from the United States."
The impact of Trump's new levies won't be limited to working-class people in the United States. Nick Dearden, director of U.K.-based Global Justice Now, pointed out that "Trump has set light to the global economy and unleashed a world of pain, not least on a group of developing countries that will suffer tremendous impoverishment as a result of his punitive tariffs."
"All those affected must come together and stand up to this bully by building a very different international economy that promotes the interests of ordinary people rather than the oligarchs standing behind Trump," he argued. "For all its scraping and crawling, the U.K. got no special treatment here, and the government should learn this lesson fast: They need to stop giving away our rights and protections in a futile effort to appease Donald Trump."
Leaders in the United States are also encouraging resistance to Trump. U.S. Sen. Chris Murphy (D-Conn.) said Wednesday that "this week you will read many confused economists and political pundits who won't understand how the tariffs make economic sense. That's because they don't. They aren't designed as economic policy. The tariffs are simply a new, super dangerous political tool."
Murphy made the case that "the tariffs are DESIGNED to create economic hardship. Why? So that Trump has a straight face rationale for releasing them, business by business or industry by industry. As he adjusts or grants relief, it's a win-win: the economy improves and dissent disappears."
"But as long as we see this clearly, we can stop him. Public mobilization is working. Today, a few Republicans joined Democrats to vote against one set of tariffs," he added, referring to a
resolution that would undo levies on Canadian imports. "The people still have the power."
The Trump administration is "plotting to sell off America's national public lands to their billionaire friends, and Kate MacGregor is the perfect henchwoman."
Watchdog groups are warning that U.S. President Donald Trump's pick for deputy secretary of the U.S. Department of the Interior, Kate MacGregor—who they call a friend of the fossil fuel industry—will be an enthusiastic accomplice in the Trump administration's efforts to open up public land to oil and gas leasing.
Trump, Interior Secretary Doug Burgum, and Trump's billionaire adviser Elon Musk "are plotting to sell off America's national public lands to their billionaire friends, and Kate MacGregor is the perfect henchwoman," said Alan Zibel, a research director with the watchdog Public Citizen, in a statement on Wednesday.
MacGregor, an energy company executive who was deputy secretary of the Department of the Interior during the first Trump administration from early 2020 until January 2021 had her confirmation hearing Wednesday before the Senate Energy and Natural Resources Committee.
Oil Change International's U.S. campaign manager Collin Rees blasted MacGregor over her testimony, including support for legislation co-sponsored by Sen. Cindy Hyde-Smith (R-Miss.) that would require the Interior Department to hold two offshore oil and gas lease sales per year for 10 years.
MacGregor's previous time in the Interior Department, showed she "prioritized fossil fuel interests over the good of the American people."
"Her support for a decade of at least two offshore oil and gas lease sales is completely incompatible with avoiding the worst impacts of the climate crisis, as well as the Department of Interior's mandate to protect public lands and waters," Rees said.
In 2017, as an aide to then-Interior Secretary Ryan Zinke, MacGregor helped successfully fast track a permit for an oil firm to begin fracking on a patch of farmland in Oklahoma, according to 2019 reporting from the investigative outlet Reveal.
"While a senior staffer of the House Committee on Natural Resources, she developed strong ties to the energy industry and its lobbyists," according to Reveal. "In recent years, she has also built a public profile as an advocate of offshore oil drilling and a foe of any environmental rules that might limit energy production."
According to a record of her work calendar, which was obtained via a Freedom of Information Act request by the nonprofit publication Pacific Standard, MacGregor met over 100 times with extractive industry groups or representatives between January of 2017 and January of 2018, when she was at the Department of the Interior but not yet the deputy secretary.
Pointing to MacGregor's background, executive director of the watchdog Accountable.US Tony Carrk said that with MacGregor's nomination, Trump "continues to build a dream team of big oil and gas shills to ravage America's public lands, while taxpayers and our environment deal with all the fallout."
Zibel of Public Citizen also noted that "public lands belong to all Americans, not wealthy corporate executives."
Meanwhile, Public Citizen is also sounding the alarm on the expected appointment of Matt Giacona, a lobbyist for the National Ocean Industries Association—which represents oil, gas, and wind companies working offshore—to head the Department of Interior's Bureau of Ocean Energy Management (BOEM). The current person leading BOEM is retiring, according to Politico Pro.
In response to the potential appointment of Giacona to BOEM, which oversees offshore energy production in deep waters, director of Public Citizen's energy program Tyson Slocum on Wednesday said: "Trump Appointing a Big Oil lobbyist to oversee deep water oil drilling in the Gulf of Mexico shows that the administration's goal is to empower and enrich powerful corporations at the expense of everyone and everything else."
"This continues the clear trend of Trump turning federal agencies and the public good into profit opportunities for powerful corporate interests," he said.
"As Wright speaks to industry insiders, members of impacted communities, faith leaders, youth, and others are assembling for a 'March for Future Generations,'" one campaigner said of the action at CERAWeek.
As environmental justice advocates were arrested outside a major energy conference in Houston on Monday, U.S. President Donald Trump's energy secretary faced criticism for his remarks to the government officials and oil and gas executives attending the event.
"Chris Wright, a former fracking CEO who essentially purchased his Cabinet position through $450,000 in Trump campaign contributions, personifies the deadly alliance between the Trump administration and the fossil fuel industry," said Oil Change International U.S. campaign manager Allie Rosenbluth, citing a figure that includes his wife's donations.
Wright's speech at CERAWeek, hosted by S&P Global, Rosenbluth continued, "made clear that he and the rest of the Trump administration are ready to sacrifice our communities and climate for the profits of the fossil fuel industry—which spent $445 million in total to influence Trump and Congress last election cycle."
"We have a human right to breathe clean air, drink clean water, and spread our roots in our homes. We cannot do that as long as these poisonous companies... continue to encroach on our communities."
CNBCreported that at the event, Wright vowed to support natural gas production and said that "the Trump administration will end the Biden administration's irrational, quasi-religious policies on climate change that imposed endless sacrifices on our citizens."
Despite his past comments about the fossil fuel-driven climate emergency, Wright rejected claims that he is a climate change denier and said that "the Trump administration will treat climate change for what it is—a global physical phenomenon that is a side effect of building the modern world."
"There is simply no physical way wind, solar and batteries could replace the myriad uses of natural gas," Wright claimed. He also singled out wind, saying that "it's incredibly high prices, incredibly huge investment, and a large footprint on the local communities, so it's been very unpopular for people that live near offshore wind turbines."
While in Texas, Wright announced a permit extension for Delfin LNG, an offshore liquefied natural gas export terminal proposal near the Louisiana coast—which Kelsey Crane, senior policy advocate at Earthworks, called "just a continuation of Chris Wright acting in the interest of Big Oil and Gas."
"Without hesitation he is advancing a project that has a different design, funding, contracts, and operational plans since it was first reviewed over six years ago," she said. "It is clear his only job is to make fossil fuel corporations rich by advancing oil and projects, which will leave families and small businesses to struggle with higher energy bills."
According to the Houston Chronicle, "It's the third Gulf Coast LNG project to receive support since Trump took office."
Rosenbluth similarly slammed the decision, saying that "his performative extension of Delfin LNG's export authorization during his speech represents just how deeply intertwined the Trump administration is with the fossil fuel CEOs at CERAWeek."
"As Wright speaks to industry insiders, members of impacted communities, faith leaders, youth, and others are assembling for a 'March for Future Generations,' where they're demanding an end to new fossil fuel projects and government subsidies for the fossil fuel industry," she noted. "The movement for a just transition away from fossil fuels, and towards a clean energy economy that works for all of us, is continuing to fight—regardless of how many fracking CEOs Trump puts in his Cabinet."
The Chroniclereported that "police arrested eight climate protesters Monday after they linked arms to briefly block a street next to CERAWeek by S&P Global... The activists were among hundreds who marched from nearby Root Memorial Square Park to the conference, which is hosted annually at the Hilton Americas-Houston and the George R. Brown Convention Center."
Climate advocates held a banner at CERAWeek by S&P Global in Houston, Texas on March 10, 2025. (Photo: Luigi W. Morris)
During a press conference at the park, Bekah Hinojosa, co-Founder of South Texas Environmental Justice Network in the Rio Grande Valley, said that "our community has been resisting LNG projects for over 10 years. Those projects are the Rio Grande LNG, Texas LNG, and the Rio Bravo pipeline. Last year, our community proved in court that these LNG facilities would be environmental racism. We are a low-income, brown, Native community, and LNG would be a cancer factory."
Jake Hernandez of Texas Campaign for the Environment declared that "we have a human right to breathe clean air, drink clean water, and spread our roots in our homes. We cannot do that as long as these poisonous companies, like Cheniere, continue to encroach on our communities. I've seen a lot of harms and consequences that LNG buildout can cause to our communities. This is just an earnest plea to help us put an end to LNG!"