Watch this Fox contributor freak out as Trump sends the Dow plunging with steep new tariffs

President Donald Trump unilaterally on Thursday announced extraordinarily steep tariffs on aluminum and steel, causing the markets to tumble. The DOW is currently down about 500 points, the German Steel Association is angered, saying the move violates World Trade Organization rules, and one Fox Business News analyst is freaking out.

Conservative "Capitalist Pig" hedge fund manager Jonathan Hoenig unleashed a rant on the financial news network, attacking the President and the GOP for having no idea what trade is. At the time of Hoenig's freak out, the DOW was down "only" close to 300 points.

"The president, and I guess now the Republicans, they don't even understand what trade is," Hoenig screamed. "Trade is win-win. That's why we do it, and Americans have benefitted tremendously from their trade with China – I mean, look around your house."

"This is just cronyism, the idea that the president has to protect steel, protect this group or that group," he continued to rant.

"Forget that whole idea of 'drain the swamp,' get rid of cronyism,"  Hoenig pleaded. "That's exactly what the president did. He's charging you and I more to buy farm equipment, a can of soda, a car, to help these favor industries. That's not what America is about."