Reacting to the sweeping tariffs Donald Trump is imposing on the world that sent markets spiraling downward overnight, an MSNBC financial analyst made a prediction that made the host audibly gasp.
Late Wednesday, the president revealed his "Liberation Day" plans that include an extraordinary escalation of what should prove to be a trade war and investor and columnist Steve Rattner had nothing good to say about it during an appearance on "Morning Joe" while speaking with co-host Mike Brzezinski.
After sharing a clip of Trump describing how well he thinks his tariff proposals will pan out, Rattner quickly poured cold water on them after Brzezinski asked him to provide "the big picture here."
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"This is this was much more significant than people thought," he began. "The numbers are truly staggering in terms of some of the levels of tariffs they're putting on China, so I think a 54 percent tariff on everything we bring from China."
"All the iPhones, all the clothes, all the toys, all the bicycles, so much of what we need is made there and the prices are going to go up very, very substantially for these goods, for the American people," he elaborated "It's going to have severe economic consequences because it is like a tax, it is going to slow the economy down. It is going to add to inflation and I think it is not inappropriate to start to use the 'R word' for a recession in the context of all this."
That led a dismayed Brzezinski to gasp, "Oh god."
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