Source item

Calling Tariff Day as “Liberation Day” is literally Orwellian doublespeak. Whatever the consequences of these tariffs will be - ie lower growth and higher inflation and how much of it depending on the eventual size of these tariffs post-negotiations that will be ugly and long-drawn - there is absolutely no “liberation” at all in them: not for US consumers, workers and businesses, let alone for the rest of the world. The only uncertain matter is how deep the pain will be. In weeks to come we will see whether Bessent’s “escalate to de-escalate” view will prevail compared to that of trade hawks such as Navarro, Lutnick, Greer and the President himself who is the biggest trade hawk of all. It would be useful if sensible advisors such as Hasset and Miran were to bring some sense to the Prez mind rather than pander to his worst instincts. The US is really playing with fire…