Defiant Trump officials vow to stay course as countries scramble over tariffs

[Passages]

1 hour ago

Jack Burgess
BBC News

US President Donald Trump's advisers have defended sweeping tariffs on imports and vowed to stay the course, despite market turmoil and calls to avoid a trade war.

In a series of television interviews, Treasury Secretary Scott Bessent played down recent stock market falls and Howard Lutnick, the commerce secretary, insisted reciprocal tariffs would be implemented as planned.

Bessent said there was "no reason" to expect a recession as a result of the turmoil. "This is an adjustment process," he said.

Meanwhile, another top adviser, Kevin Hassett, said more than 50 countries have contacted Trump to try to negotiate a deal.

https://www.bbc.com/news/articles/c2093qgx14po

They’re Not Tariffs, They’re Sanctions
Stop trying to place coherence on a policy that’s really just a mob boss breaking legs and asking for protection money.
by David Dayen April 3, 2025
https://prospect.org/economy/2025-04-03-theyre-not-tariffs-theyre-sanctions/

[EnergizedLib]

1. I don't believe it

That more than 50 countries have reached out, sounds like another lie and attempted market manipulation.

[dchill]

4. Whatever Kevin Hassett says is nothing but failed comedy.

[Bernardo de La Paz]

15. He wrote a book predicting a Dow 30,000+ would arrive by 2004. It took 20 years longer. . . . nt

[riversedge]

5. oh I believe will or are making deals--if Trump offers them a 10% vs 15% DEAL!!

[Bernardo de La Paz]

8. 50 countries sent letters saying "WTF do you really mean this shit?" That's "reaching out". . . nt

[GoreWon2000]

2. History is not on their side

The disastrous 1930 Smoot-Hawley tariffs led to the great depression of the 1930s.

[dchill]

6. They don't DO history.

[GoreWon2000]

12. Their ignorance of history will sink them

along with the higher prices, job layoffs and evaporating retirement accounts that these terrible tariffs will cause

[Self Esteem]

7. It didn't lead to the Great Depression. It maybe deepened it but the tariffs were in response to the depression.

The Great Depression was already in full-swing by the time Hoover signed the bill into law.

[GoreWon2000]

10. It was a recession before

Hoover signed the legislation. It not only tanked the U.S. economy but also the world economy and eventually led to WW II. This is why there was an effort to reduce tariffs after WW II.

[Self Esteem]

13. It was not just a 'recession'. It was a global economic meltdown.

The month Hoover signed it into law, unemployment was already above 10% and rising significantly.

[Bernardo de La Paz]

14. Not led to WW II, not directly. Led to the rise of a dictator determined to risk World War for territorial gain

Once Hitler got power, he was set on the course he had outlined before. So from that point WW2 was almost inevitable.

[GoreWon2000]

18. Bad economic times

caused the rise of Hitler. Hitler didn't fully disclose his pans until after he became Germany's Chancellor. Them he turned 6 million innocent people into his scape goat because of their religion..

[Bernardo de La Paz]

11. tRump 2.0 is different. Smoot-Hawley made a Depression much deeper & longer, but did not cause it

In this case, tRump initiated contractionary slashes in government spending, government employment and disrupted labour markets with threats and deportations.

Almost simultaneously, near enough to be effectively simultaneously especially consider his threats before inauguration, ... simultaneously tRump initiated contractionary tariff taxes.

Thus I think tRump will create a Depression that will be deep and long. Perhaps not as deep as the Great Depression and perhaps only four years or so.

Much depends on whether he notes the protests and stocks bear market and reverses, or digs his heels in, folds his arms, pouts, and gets stubborn. The dementia symptoms tilt the odds toward the digging in of heels.

[GoreWon2000]

16. tRump tariffs are higher than Smoot-Hawley tarrifs

I agree that the tRump tariffs combined with massive layoffs of government workers will make things worse. Smoot-Hawley certainly damaged both the U.S. and world economies to a level not seen before but what's now coming will certainly rival if not exceed it. Also, tRump is not capable of admitting that he's wrong so he won't budge. It's time for everyone to lower their spending to absolute necessities only in order to survive this economic nightmare. tRump and the repugs will certainly own this nightmare.

[Bernardo de La Paz]

17. Yes. . . . . . nt

[sakabatou]

3. *sees a waterfall ahead* "We're gonna stay the course!"

[EarthFirst]

9. "Paddle faster!"

“We’re gonna send it!”

Hegseth: “Hold my beer…”