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unrig our economy
'Welp, There Goes the Economy': Trump Tariffs Trigger Global Alarm
"He's taking a sledgehammer to the economy and pursuing unpopular, reckless trade policies that will do nothing to benefit workers and only serve to increase costs for consumers," warned one expert.
Apr 02, 2025
After U.S. President Donald Trump announced long-anticipated sweeping tariffs at the White House Rose Garden on Wednesday, economists, labor leaders, American lawmakers, and other critics reiterated that the move will negatively impact people worldwide.
The president revealed that on April 5, he will impose a 10% tariff on all imported goods and additional penalties for dozens of countries, including major trading partners—ignoring warnings that, as Jeffrey Sachs wrote in a Common Dreams opinion piece, his "tariffs will fail to close the trade and budget deficits, raise prices, and make America and the world poorer."
Trump's related executive order states that he finds "that underlying conditions, including a lack of reciprocity in our bilateral trade relationships, disparate tariff rates and nontariff barriers, and U.S. trading partners' economic policies that suppress domestic wages and consumption, as indicated by large and persistent annual U.S. goods trade deficits, constitute an unusual and extraordinary threat to the national security and economy of the United States."
The order adds that the "threat has its source in whole or substantial part outside the United States in the domestic economic policies of key trading partners and structural imbalances in the global trading system," and declares a national emergency.
NBC Newsreported Wednesday that "global markets reacted sharply and swiftly... with investors fleeing U.S. stock indexes and companies that rely on global supply chains seeing their stocks plummet." The outlet noted that Dan Ives, an analyst at the investment firm Wedbush Securities, wrote, "President Trump just finished his tariff speech at the White House and we would characterize this slate of tariffs as 'worse than the worst case scenario' the street was fearing."
Trump framed this step in his trade war as "liberation day" and claimed that the duties are "reciprocal," but economists pushed back. Justin Wolfers at the University of Michigan said: "Trump announces his tariffs, which are (somehow?) related to the trade barriers other countries are imposing on the U.S. But... THE NUMBERS HE'S PRESENTING BEAR NO RELATION TO REALITY. It would be absurd to call these reciprocal tariffs. They're grievances."
Groundwork Collaborative executive director Lindsay Owens
said in a statement that "Americans have one simple request of President Trump: lower prices. Instead of answering the call, he's taking a sledgehammer to the economy and pursuing unpopular, reckless trade policies that will do nothing to benefit workers and only serve to increase costs for consumers."
"But Trump doesn't care about what happens to working families, as long as his billionaire donors and advisers are happy," she continued. "Republicans are already
chomping at the bit to use any potential tariff revenue to fund their next massive billionaire tax break."
Kobie Christian, a spokesperson for the national campaign Unrig Our Economy, similarly concluded that "there is no other way to say it—this is an out-of-touch policy designed by a billionaire and for billionaires."
"Virtually no one will benefit from these Republican-backed tariffs—except for the ultrawealthy who will get yet another tax break, paid for by working families," Christian added. "Small business owners will be forced to raise their prices to keep their businesses afloat, and Americans will have to pay even more for everyday goods. These tariffs could even push the economy into a recession. American workers need lower costs, not more tariffs and billionaire handouts."
American Economic Liberties Project's Rethink Trade director, Lori Wallach, declared that "the businesses that profiteered from our old broken trade system should pay for the necessary transition to more balanced trade, not American workers and consumers. President Trump must take immediate action to stop corporations from using the pretext of these tariffs to price gouge the very Americans already slammed by decades of bad trade policy and corporate greed."
Wallach was among those who pointed out that tariffs can be a vital tool. She explained that "Trump's announcement goes much broader, but tariffs against mercantilist countries like China, Germany, Korea, Taiwan, and Japan to counter systemic trade abuses can help restore America's capacity to produce more of the critical products needed for American families to be healthy and safe and for our country to be more resilient and secure."
"But to deliver more American production and good jobs, the goal must be to balance trade, not equalize tariff rates, and tariffs must be consistent," she stressed. "Tariffs must be accompanied by other industrial policies like tax credits to build demand for U.S.-made goods, incentives for investment in new production capacity and bans on stock buybacks, and easier union formation so gains go to wages, not just profits."
The only thing being liberated today is money from the bank accounts of hard-working Americans.
— Robert Reich ( @rbreich.bsky.social) April 2, 2025 at 5:21 PM
Liz Shuler, president of the AFL-CIO, the nation's largest federation of unions, also said that "the strategic use of tariffs can be an effective tool to support our industries and protect jobs at home. But they must be accompanied by policies that invest in our manufacturing base and a strong commitment to promoting workers' fundamental right to organize trade unions and bargain collectively."
"Unfortunately, the Trump administration's attacks on trade union workers' rights at home, gutting of the government agency that works to discourage the outsourcing of American jobs, and efforts to erode critical investments in U.S. manufacturing take us backward," she asserted. "We will continue to fight for trade policy that prioritizes the interests of working people without causing unnecessary economic pain for America's working families."
Some congressional Democrats shared similar criticism. Michigan Congresswoman Debbie Dingell said that "when used strategically, tariffs are a critical tool to bring back jobs and support American workers and industries," but "I'm concerned about the chaotic and immediate implementation of these wide-reaching tariffs."
U.S. Rep. Jimmy Gomez (D-Calif.)
wrote on social media that "Trump's dumb tariffs are going to drive up costs for real working people. Like the dad who is trying to save money by fixing his car at home. Those parts from AutoZone are made somewhere else and the prices will go up!"
As the White House circulated a multipage sheet of targeted countries, Gomez and Rep. Sean Casten (D-Ill.) were among those who noticed that Russia—which is waging a yearslong war on Ukraine—is absent from the list.
Meanwhile, as critics including Aaron Reichlin-Melnick at the American Immigration Council highlighted, the list included the Australian territory of the Heard Island and McDonald Islands—even though the islands are "completely uninhabited."
"Population zero. I guess we're going to tariff the seagulls?" quipped Reichlin-Melnick. "It kind of feels like a White House intern went through Wikipedia's list of countries and just generated this list off of that with no further research."
Organizer Max Berger
wrote on Bluesky Wednesday, "I like how no one knows whether the president of the United States is going to tank the global economy because he's a fucking idiot—or if he's just doing a bit."
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US Voters Sour on Trump Economic Agenda 'Of, By, and For Billionaires'
"There is no mystery as to why Americans are angry about Republicans' handling of the economy," said one economic justice campaigner.
Mar 18, 2025
Multiple public opinion surveys published in recent days reveal widespread voter disenchantment with U.S. President Donald Trump's economic stewardship amid ever-rising consumer prices, the specter of a recession sparked by what many see as a deliberate attempt to crash the economy for the benefit of the ultrawealthy, and overall policies that favor oligarchs and corporations over everyday Americans.
An NBCpoll published Sunday found that while Trump's overall approval rating of 47% is his highest ever recorded, most respondents—51%—disapproved of how he's started his second term. And while more Americans believe the country is on the right track than at any time since 2004, they are still in the minority, at 44%. A majority of respondents (54%) said the nation is generally heading in the wrong direction.
The poll also found that 44% of respondents approve of Trump's handling of the economy, while 54% disapprove. Regarding inflation—a key Trump campaign issue—just 42% of respondents said they approve of the president's leadership, versus 55% who disapprove.
Meanwhile, the latest data from the University of Michigan's Consumer Sentiment Survey showed a 22% plunge since last December amid heightened inflation expectations, while a poll published last week by Groundwork Collaborative and Data for Progress found that respondents are most frustrated by grocery price increases, healthcare costs, and housing prices.
According to the U.S. Department of Agriculture's latest Food Price Outlook, overall food prices are projected to rise 3.4% in 2025, with the cost of some staples expected to soar much higher. For example, eggs prices are projected to skyrocket by a staggering 41%—and possibly as much as nearly 75%.
"Today's shocking consumer sentiment numbers are a referendum on the president's mishandling of the economy, just 54 days into office," Groundwork Collaborative policy and advocacy chief Alex Jacquez said in response to the University of Michigan poll. "Working families are longing for stability as their grocery bills and rent payments continue to climb, but Trump's chaotic approach to the economy has them feeling more uncertain than ever."
"Consumers are rightly terrified about what lies ahead," Jacquez added. "The administration is more focused on gutting Social Security to pay for tax giveaways to billionaires and corporations than they are making life more affordable for working families."
Kobie Christian, spokesperson for the economic justice group Unrig Our Economy, said Tuesday that "there is no mystery as to why Americans are angry about Republicans' handling of the economy."
"Prices are continuing to rise. Republican-backed tariffs are threatening to raise costs even more, torching Americans' 401(pk)s, and pushing us toward a recession," Christian continued. "Meanwhile, Elon Musk's [Department of Government Efficiency] is coming after Social Security and other vital programs on which millions of Americans rely, and Republicans in Congress are enabling it—all to pay for more tax breaks for millionaires and billionaires."
"It could not be clearer that President Trump and Republicans in Congress are trying to reshape our government to be of, by, and for billionaires," Christian added. "Working people across the country are already making their voices heard during House recess by pushing back against these destructive policies and urging congressional Republicans to represent working families, veterans, and seniors, not big donors or special interests."
Other recent polls—including the National Federation of Independent Business' Optimism Index—show similar declines in confidence in Trump's policies and performance.
Then there's the stock market, essentially a gauge of investor confidence, which has seen its worst performance over a president's first 50 days since 2009, during the Great Recession. Many critics have openly asked whether the wrecking-ball approach of Trump and Musk is a deliberate bid to tank the economy so the rich can buy up assets at deep discounts.
It's not just critics—last week, Fox News correspondent Peter Doocy voiced concerns about the economy during a White House news conference, asking Press Secretary Karoline Leavitt, "You're sure nobody here at the White House shorted the Dow?"
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Trump Tariffs Show GOP Aims to Make Working Class Fund 'Payday for Billionaires and Giant Corporations'
One critic said the party's "top priority is making working- and middle-class families pay more for healthcare, lifesaving medications, food, cars, and electronics, all to fund more tax breaks for the ultrawealthy."
Feb 19, 2025
The national campaign Unrig Our Economy said Wednesday that U.S. President Donald Trump's promise of tariffs targeting the automobile industry, pharmaceuticals, and semiconductor chips is just the latest evidence that elected Republicans are prioritizing megarich individuals and corporations, not working people.
"This action is further proof that Republicans' top priority is making working- and middle-class families pay more for healthcare, lifesaving medications, food, cars, and electronics, all to fund more tax breaks for the ultrawealthy," said Unrig Our Economy spokesperson Kobie Christian in a statement.
The statement followed Trump discussing the forthcoming tariffs with reporters on Tuesday at his Florida residence, Mar-a-Lago. Bloomberg's Hadriana Lowenkron asked about his plans for new taxes on imports.
For the auto industry, "I probably will tell you that on April 2, but it'll be in the neighborhood of 25%," Trump said. For pharmaceuticals and semiconductors, he added, "it'll be 25% and higher, and it'll go very substantially higher over course of a year," giving those industries some time to set up U.S. factories to avoid the tariffs.
On April 1, "members of his Cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade," Reutersreported.
Trump's 10% tariff for imports from China has taken effect, but his 25% tariffs targeting Canada and Mexico have been delayed.
David Greene, an industry analyst at Cars.com, toldCNN that "if the administration moves forward with a 25% tariff on all auto imports, car shoppers should get ready for some sticker shock at dealerships."
"If new car prices increase, more buyers will shift toward used vehicles, and as demand rises, so will prices," Greene said.
The president's latest comments on tariffs came after Republicans in the U.S. House of Representatives last week advanced out of committee a budget plan that would cut healthcare and food assistance programs to fund tax giveaways for the rich.
The Economic Policy Institute last week released a report detailing how extending the expiring provisions from the tax law that Republican lawmakers passed and Trump signed in 2017 "will have painful trade-offs for the U.S. economy and most Americans."
Christian said Wednesday that "even as the cost of everyday goods continues to rise and Trump and the billionaires in his administration arbitrarily cut programs that help feed children and seniors, Republicans in Congress are still pushing forward an agenda that would give billions in handouts to the wealthiest few, while leaving the rest of us behind."
"Our representatives in Congress need to look out for their constituents," the spokesperson added, "instead of prioritizing cost-raising tariffs to bankroll a massive payday for billionaires and giant corporations."
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