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Tariffs, tariffs, tariffs. They’re all we’ve heard about for weeks, but what is actually happening with the markets beyond what the corporate news media wants you to know? Well, here’s the latest on President Donald Trump’s attempts to reshape the global economy …
Trump declared a national emergency on April 2 to increase America’s competitive edge, protect our sovereignty, and strengthen our economic and national security. “Large and persistent annual U.S. goods trade deficits have led to the hollowing out of our manufacturing base; resulted in a lack of incentive to increase advanced domestic manufacturing capacity; undermined critical supply chains; and rendered our defense-industrial base dependent on foreign adversaries,” states a White House fact sheet on the issue.
“President Trump is invoking his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) to address the national emergency posed by the large and persistent trade deficit that is driven by the absence of reciprocity in our trade relationships and other harmful policies like currency manipulation and exorbitant value-added taxes (VAT) perpetuated by other countries,” it continues. These tariffs were imposed at 10% on Saturday, April 5, 2025.
What Happened After April 5?
At the time of writing, an estimated 50 to 70 countries have already approached the U.S. for a tariff deal, according to Treasury Sec. Scott Bessent. On Monday (April 7) afternoon, Israeli prime minister Benjamin Netanyahu announced plans to fully eliminate the trade deficit with America.
“We will eliminate the trade deficit with the United States. We intend to do it VERY quickly… we’re going to also eliminate trade barriers, put up unnecessarily. Israel can serve as a model for many countries who ought to do the same,” Netanyahu stated.
– Japan has already reached out and opened constructive conversations for a “Golden Age of Global Trade” with Japanese prime minister Shigeru Ishiba.
– The European Union (EU) offered to remove all industrial tariffs, Politico reported.
– India and Taiwan expressed wanting deals, Breitbart added in two reports.
– Zimbabwe drops all tariffs, becoming the first nation to do so in a major win for the Trump administration, according to the New York Post.
By Tuesday (April 8) afternoon, China missed its deadline to lift retaliatory tariffs, leading the U.S. to hike tariffs to 104% on all Chinese goods. “The president’s message has been simple and consistent from the beginning to countries around the world – bring us your best offers and he will listen,” White House press secretary Karoline Leavitt said during a briefing following the decision. “Deals will only be made if they benefit American workers and address our nation’s crippling trade deficits.”
Wednesday (April 9) Trump placed a 90-day pause on tariffs to certain nations. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” he wrote in a Truth Social post.
“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!”
Wall Street experience a record-breaking rally following Trump’s announcement, the New York Post reported. Goldman Sachs rapidly reversed its recession forecast, down from 65% to 45%, Daily Caller noted.
7 Republicans Want To ‘Check’ Trump
A report from The Hill detailed how seven Republican senators, including Sen. Chuck Grassley of Iowa, Kentucky’s Mitch McConnell, Sens. Jerry Moran (Kan.), Lisa Murkowski (Alaska), Thom Tillis (N.C.), Todd Young (Ind.) and Susan Collins (Maine), signed on in support of the Trade Review Act of 2025, which would limit Trump’s ability to impose tariffs without congressional approval.
If the bill passes, it will be immediately vetoed by Trump, according to sources who spoke to Axios.
What Happens Next?
Most of the experts we spoke to in researching this article believes most, if not all of the countries in question will bend to Trump’s will, because they know he will not bend to theirs.
Prior to Trump’s election in November 2024, America was already in the thick of a collapse-level housing crisis due to high interest rates, oversupply of poorly-built and overpriced homes, and the number of people who are now upside down on their mortgages (even if the market and the banks haven’t told them yet).
Our economic concerns pre-election were focused on cost-of-living. As we see prices steadily start to decline, the biggest threat we face is the extreme nature of American consumer credit card debt. When coupled with the silent housing crisis, consumer debt, and the normalized nature of consumerism in America, Trump is facing a major battle.
We are in the middle of a financial storm, with no shore in sight. The onslaught is coming from all angles, but have you really felt the hit at home? Ask millennials about their thoughts on the tariffs, and they’ll laugh in your face. This generation was born into the 2000s tech burst, came of age during the 2008 financial crisis, and started our families right as COVID-19 tried to ruin everything. We got through these crises, and we will get through these. That doesn’t mean there won’t be drastic change along the way.
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