'Economic lunacy day': Financial Times columnist buries Trump's newest trade salvo
Financial Times columnist Gillian Tett on Thursday shredded President Donald Trump's latest salvo in his international trade wars that have sent stock prices sinking downward in recent weeks.
Appearing on MSNBC's "Morning Joe," Tett said that Trump's new 25 percent tariffs on foreign cars were once again setting off damaging economic uncertainty.
"Frankly, I think most economists would regard what Donald Trump calls the 'Economic Liberation Day' as 'Economic Lunacy Day,'" she said. "Because essentially, what you're doing with these threatened tariffs is smashing apart business confidence, because they can't plan, smashing apart consumer confidence. And we've just seen consumer confidence plunge to the lowest level for 12 years."
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She also noted that surveys are showing that consumers' inflation expectations have once again surged over fears that Trump's tariffs will raise prices across the board.
"Which is astonishing given that Donald Trump campaigned on bringing down inflation," she added. "And of course, the other problem is that all of the supply chains are so integrated that if you try and hammer the bilateral trade, you're going to eventually hurt American producers as well. So car parts or the process of making a car crosses the U.S.-Mexican border seven times back and forth along the supply chain."
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