Donald Trump's decision to make good on his tariff threats aimed at Mexico, Canada and China beginning on Tuesday has not only caused a precipitous fall in the stock market, but will also have the long-term effect of crippling the economy.
That is the opinion of MSNBC "Morning Joe" co-host Joe Scarborough who told the Financial Times' Ed Luce that, at the moment, investors are "shaken to the core" by the path the president has put the country on.
"I've talked about we had three bubbles: we had the fiscal bubble at $36 trillion debt that at some point is going to be a bomb that's going to wreck our economy and the world's economy if we don't take care of it," he began. "No, it doesn't look like they're going to take care of that. We have a crypto bubble. that, of course, is blowing up right now and we have the stock market bubble."
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"We can't go around talking about tariffs, we can't go around talking about fights with our best trading partners and now here we are more than a month in and what do we have: more threats of tariffs," he added.
"The economy is grinding down and slowing down," he proclaimed. "The stock market over the past month has dropped a great deal, you just look at Tesla's stock numbers over the past month and see how they've dropped. Look how the NASDAQ has dropped, look how the top tech companies have dropped, all of it around uncertainty, all of this talk."
"You know, a lot a lot of people assumed that this tariff talk was just sort of, you know, it just posturing and negotiating," he pointed out. "But even if it ends up being that, Ed, it's having a detrimental impact on this economy and shaking investors and shaking consumers to their core."
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