Terrified Trump Folds in Panic Amid Economic Collapse

Summary

Summary of "Terrified Trump Folds in Panic Amid Economic Collapse" – The MeidasTouch Podcast

Release Date: April 9, 2025

In this episode of The MeidasTouch Podcast, hosts Ben, Brett, and Jordy Meiselas delve into the dramatic reversal of former President Donald Trump's tariff policies amidst a burgeoning global economic crisis. The discussion is rich with critical analysis, notable quotes, and insightful commentary on the implications of Trump's decisions for the U.S. economy and international trade relations.

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1. Introduction to Trump's Tariff Reversal

The episode kicks off with Brett Meisellis breaking the news of Donald Trump's unexpected decision to pause his aggressive tariff strategies. Initially perceived as a bold move to protect American industries, Trump's policies have instead contributed to significant economic instability.

• Brett Meisellis [00:44]: "Donald Trump has still put a 10% tax on virtually everything Americans will buy. Costs for businesses will still be higher. Prices for Americans will still be higher."

2. Details of the Policy Change

Trump announced a 90-day suspension of his tariffs, capping them at 10%, with a notable exception for China, which now faces a steep 125% tariff rate. This decision comes in the wake of severe economic downturns, including collapsing stock markets and rising mortgage rates.

• Brett Meisellis [00:44]: "Effective immediately, all of the tariffs will be capped at 10% for the duration of a 90 day period, with those additional higher tariffs being paused. The only exception is China which will now face a dramatically increased tariff rate of 125%."

3. Economic Indicators and Market Reactions

The hosts elaborate on the dire economic indicators prompting this policy shift. They highlight the collapse of stock markets, implosion of the bond market, and the surge in the 10-year treasury yield, all signaling impending rises in mortgage rates and other loans.

• Brett Meisellis [00:44]: "Stocks were collapsing, the bond market imploding, the 10 year treasury yield was skyrocketing, indicating that mortgage rates and other loans were about to skyrocket."

4. Trump's Public Statements and Initial Response

Trump took to his social media platform, Truth Social, to announce his tariff modifications. He justified the move by criticizing China's lack of respect for world markets and asserting the superiority of the U.S. in global trade.

• Trump's Statement [00:44]: "Based on the lack of respect that China has shown to the world's markets, I am hereby raising the tariff charged to China by the United States of America to 125% effective immediately."

5. Critique of Trump's Decision-Making Pattern

The hosts criticize Trump for a recurring pattern of making impulsive decisions that initially cause harm, only to later reverse them under pressure. This cycle is portrayed as a testament to Trump's erratic leadership style.

• Brett Meisellis [02:15]: "Trump makes a stupid decision. Something really bad happens. He convinces his followers the problem is now magically solved, and he then reverses his stupid decision."

6. Propaganda Efforts by Trump's Allies

Despite the negative economic fallout, Trump's propagandists, including Caroline Levitt and Scott Besant, attempt to frame the tariff reversal as a strategic and courageous move. They argue that U.S. trade relations remain strong and that Trump's actions are in the nation's best interest.

• Scott Besant [03:32]: "The entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them."

• Caroline Levitt [08:45]: "It's, quote, 'fake news' that the White House is considering a 90 day pause."

7. Highlighting Contradictions and Inconsistencies

Elena, one of the co-hosts, underscores the contradictions in Trump's and his allies' statements. She points out that Trump encouraged his followers to invest in his stock before announcing the tariff pause, suggesting market manipulation.

• Elena [07:00]: "If tariffs were supposed to make us so rich and strong and be the, quote, medicine that we all needed, then why would he pause them? Can a single Trump supporter answer that for me? Huh? Crickets. Thought so."

8. The Impact on Trade Relations and Business Confidence

The abrupt policy shift has eroded trust in U.S. trade policies, creating uncertainty among international partners and American businesses. Experts like Roger Sullenberger and Ron Philipkowski criticize Trump's approach for undermining economic stability and credibility.

• Roger Sullenberger [10:19]: "The volatility of Trump's presidency seems like it may function as its own kind of non monetary tariff, eroding trade relationships without generating the additional tax revenue."

• Ron Philipkowski [10:19]: "The credibility of the US Government is completely shot, gone, annihilated. Nobody anywhere in the world can believe a single word that comes out of this administration."

9. Visual Evidence of Policy Reversal

The podcast references a poignant moment captured in a photograph where Trump’s trade representative, Ambassador Greer, is seen during Congressional testimony reacting to the sudden policy reversal. This visual cue emphasizes the disarray and confusion caused by Trump's inconsistent policies.

• Elena [09:45]: "Ambassador Greer was in the middle of testifying to Congress about why Trump's tariffs were so great and should never be paused. And at this very moment... he found out that Trump reversed the policy."

10. Conclusion: The Ramifications of Trump's Erratic Policies

The episode concludes with a consensus among the hosts that Trump's unpredictable tariff strategies have damaged international alliances and hurt the American economy. They lament the lack of coherent strategy, highlighting the broader implications for U.S. trade credibility and economic health.

• Brett Meisellis [10:19]: "Our alliances are shattered and Americans are worse off because of Donald Trump's erratic behavior."

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Notable Quotes with Timestamps

• Brett Meisellis [00:44]: "Donald Trump has still put a 10% tax on virtually everything Americans will buy."

• Scott Besant [03:32]: "The entire world is calling the United States of America, not China..."

• Elena [07:00]: "Can a single Trump supporter answer that for me? Huh? Crickets. Thought so."

• Roger Sullenberger [10:19]: "The volatility of Trump's presidency seems like it may function as its own kind of non monetary tariff..."

• Ron Philipkowski [10:19]: "The credibility of the US Government is completely shot, gone, annihilated."

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Final Thoughts

The MeidasTouch Podcast offers a critical examination of Donald Trump's recent policy reversal on tariffs, framing it within the larger context of economic instability and damaged international relations. Through incisive analysis and compelling evidence, the hosts argue that Trump's erratic decision-making has had deleterious effects on both the U.S. economy and its standing in global trade.

Listeners are encouraged to stay informed by subscribing to the podcast on platforms like Apple Podcasts and Spotify, and by following the MeidasTouch Network's daily updates on their YouTube channel.

Transcript

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[Brett Meisellis]

You started the morning saying be cool. Just a few hours later there was.

[Caroline Levitt]

A pause put in on the tariffs.

[Elena]

Can you walk us through what you're.

[Brett Meisellis]

Thinking about why you decided to put.

[Elena]

A 90 day pause?

[Brett Meisellis]

Well, I thought that people were jumping a little bit out of line. They were getting yippee, you know, they were getting a little bit yippee, a little bit afraid.

[Elena]

We've got some major breaking news. The headline A Panicked and terrified Donald Trump has folded on his Tariff Plans. In a major policy reversal, Trump announced a 90 day pause on his massive tariffs after he sparked an economic crash globally. My name is Brett Meisellis with the Midas Touch Network. Remember to hit subs now and add the Midas Touch podcast on Apple Podcasts and Spotify. Stocks were collapsing, the bond market imploding, the 10 year treasury yield was skyrocketing, indicating that mortgage rates and other loans were about to skyrocket. So naturally, Donald Trump did what he does best. He caved. Effective immediately, all of the tariffs will be capped at 10% for the duration of a 90 day period, with those additional higher tariffs being paused. The only exception is China which will now face a dramatically increased tariff rate of 125%. So I want to be extra clear here just for a second. Trump has still put a 10% tax on virtually everything Americans will buy. Costs for businesses will still be higher. Prices for Americans will still be higher. Trump announced the pause on his Truth social website, writing the following quote. Based on the lack of respect that China has shown to the world's markets, I am hereby raising the tariff charged to China by the United States of America to 125% effective immediately. @ some point, hopefully in the near future, China will realize that the days of ripping off the USA and other countries is no longer sustainable or acceptable. It's always projection with this guy, right? Let me continue. Conversely, and based on the fact that more than 75 countries have called representatives of the United States, including the Departments of Commerce, treasury and the USTR to negotiate a solution to the subjects being discussed relative to trade, trade barriers, tariffs, currency manipulation and non monetary tariffs, and that the countries have not at my strong suggestion, retaliated in any way, shape or form against the United States. I have authorized a 90 day pause and substantially lower reciprocal tariff during this period of 10%, also effective immediately. Thank you for your attention to this matter. So, yes, we are seeing this popular meme play out again in real time. Trump makes a stupid decision. Something really bad happens. He convinces his followers the problem is now magically solved, and he then reverses his stupid decision. And the cycle repeats and repeats and repeats. It should be noted that Trump this morning encouraged his followers to buy stock writing just hours before he made the announcement. Announcement, quote, this is a great time to buy djt. Naturally, once Trump made the announcement, the markets had a massive jump. Market manipulation, anyone? The Trump propagandists kicked right into gear, calling this panicked reversal the art of the deal and pretending that Trump was not reacting to crashing the global economy and US Bond markets. Trump's chief propagandist, Caroline Levitt, was one of those people calling this the art of the deal. Listen to this.

[Scott Besant]

Excuse me. Excuse me, Raquel, If I could just add to what the secretary said. Many of you in the media clearly missed the art of the deal. You clearly failed to see what President Trump is doing here. You tried to say that the rest of the world would be moved closer to China, when in fact, we've seen the opposite effect. The entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them. And that's exactly why more than 75 countries have called, because the United States of America is the best place in the world to do business. And as the President has shown great courage, as the Secretary has said, in choosing to retaliate against China even higher. Elena, go ahead.

[Elena]

It's so embarrassing. She literally did this meme. Trump goes, I'm adding the tariffs. His followers go, this will create jobs. Trump says he's removing tariffs. His followers go, this is the art of the deal. And the cycle repeats. And if you're not feeling the secondhand embarrassment enough just yet, well, let me show you this clip of Benny Johnson. This was put together at Project Liberal. And in the first clip, you'll see Benny Johnson, a MAGA talking head who is literally being paid by Russia to spread pro Trump propaganda, talking about the economic crash occurring under Donald Trump. He was telling his listeners that these are just numbers. Everyone loses money. It builds character. But in 2024, when Joe Biden was president and the stock market was down for A single day. He called it the Kamala crash and he treated it like the apocalypse. Watch this.

[Brett Meisellis]

Losing money costs you nothing. This is just the reality of life. Like, were you young, young and dumb? How much money did you lose? Everyone loses money. Everyone loses money. It costs you nothing. In fact, it builds quite a bit of character. In fact, you learn a lot of lessons actually by losing money. It's bloody, bloody, bloody, bloody Black Monday. Holy moly. The Kamala crash is here. Kamala needs to get in front of a camera. Today, people are losing their homes. Today, people are losing their fortunes. Today, people are losing their futures. Today, people are losing their 401ks today. This is shaping up to be one of the worst market days in American history.

[Elena]

You've got a lot more to report. I'll be right back after this. Let's be real. Coffee isn't just a drink. It's a ritual, a lifeline. The bridge between half asleep and ready to conquer the day. And if it's that essential, why settle for anything less than extraordinary? That's where trade comes in. Listen, you know I take my coffee seriously. And every single bag of coffee I've received from trade has been next level. Trade is not just a subscription. It's like having a personal barista who actually knows what you like. You just take their quiz and in under a minute, they'll match you with your perfect coffee. And if your first bag isn't a hit, they'll replace it for free until they get it right. I love that trade is the number one US coffee destination, working with over 50 of the best roasters around the country. You're getting top quality coffee roasted to order while supporting local businesses. That's a win. Win. Just this week I got a bag of Ethiopian coff from a roaster called necessary coffee that's based in Pennsylvania. And it was just incredible. And I love that I never have to worry about taking an emergency run to the grocery store for a mediocre, overpriced bag. Because trade delivers top notch coffee straight to my door. Right now, trade is exclusively offering our listeners 50% off your one month [e-mail] Midas that's Drinktrade. T R A D E me I D A S for 50% off your one month trial. Trust me, you will never go back to grocery store coffee. If you remember, just yesterday, Donald Trump was calling any republican who suggested even pausing the tariffs weak and panikins. So I guess this makes Donald Trump weak and a pannikin. And by the way, if tariffs were supposed to make us so rich and strong and be the, quote, medicine that we all needed, then why would he pause them? Can a single Trump supporter answer that for me? Huh? Crickets. Thought so. Let's pull up some receipts. Here was Trump on April 7 saying that he was not looking into a pause.

[Scott Besant]

Today. And would you be open to a pause in tariffs to allow for negotiations?

[Brett Meisellis]

Well, we're not looking at that.

[Elena]

Here was Caroline Levin on April 8th saying that no delay was being considered.

[Scott Besant]

Elena? Hi, Karen. It's clear the president has gotten the world's attention with these tariffs. Is there, is he considering at all potentially holding off on imposing some of them before the deadline or maybe later reversing them because he's having these negotiations and having these good talks with other leaders? Ms. The president was asked and answered this yesterday. He said he's not considering an extension or delay. I spoke to him before this briefing. That was not his mindset. He expects that these tariffs are going to, to go into effect. And you said something very important, Elena, in your question, you said the president has captivated the attention of the world. Absolutely he has. And it's about time we have a president in the Oval Office who is putting the world on notice and is putting the American people first and again is using the leverage of the United States to negotiate good trade.

[Elena]

And just two days ago, Caroline Levitt told the press that the idea that Trump was even considering a pause was, quote, fake news. Watch this.

[Caroline Levitt]

Spoke to Caroline Levitt, the White House press secretary, on the phone just a short time ago and she tells me it is, quote, unquote, fake news that the White House is considering a 90 day pause. So the White House pouring cold water on this idea wherever it came from.

[Elena]

Trump's Treasury Secretary, Scott Besant, who said he hasn't been included in like any of these tariff decisions, is now saying that this was all part of the plan and that Trump actually goaded China into a bad position. Watch this.

[Caroline Levitt]

All this was, again, this was driven by the president's strategy. He and I had a long talk on Sunday and this was his strategy all along. And that, you know, you might even say that he goaded China into a bad position. They responded. They have shown themselves to the world to be the bad actors and we are willing to cooperate with our allies and with our trading partners who did not retaliate. It wasn't a hard message. Don't retaliate. Things will turn out well.

[Elena]

This is just typical loser and abuser behavior. You try to punish somebody, they react to protect themselves. And then you try to punish them more and blame them, saying that they were asking for it. Just, it's so disgraceful, this whole thing. Oh, and by the way, speaking of China, Fox is now reporting that any TikTok deal with China is now off the table. Watch this.

[Brett Meisellis]

Varro was talking as of yesterday about not taking the win and now they did. And it's all because of the bond market. I want to point out one other thing. Because of China, there will not be a TikTok deal, okay, that the White House has confirmed to me. That is basically off the table.

[Elena]

As Roger Sullenberger of the Daily Beast writes, quote, the volatility of Trump's presidency seem like it may function as its own kind of non monetary tariff, eroding trade relationships without generating the additional tax revenue. And that really is the issue. I mean, Trump has lost complete control of the tariff narrative. He has proven himself to be an erratic and untrustworthy trade partner and abuser of the global economic system. He offers no stability to businesses or governments under his leadership. There is. There's no reason for our allies or our rivals to place any faith in the consistency of US Policy. And for American businesses, the uncertainty has to be paralyzing. How can a company justify sinking billions into building factories in the United States if those investments could instantly be undercut by a single tweet? Trump could raise tariffs, lower them, scrap them entirely at a whim, obliterating an entire business model overnight. There's no strategy here, no coherence, only chaos. And we all suffer because of it. As Midas Touch Editor in chief Ron Philipkowski says, quote, the credibility of the US Government is completely shot, gone, annihilated. Nobody anywhere in the world can believe a single word that comes out of this administration. Ever. Oh, and here's a photo that the Democrats on the House and Ways Committee posted. Trump's trade representative, Ambassador Greer, was in the middle of testifying to Congress about why Trump's tariffs were so great and should never be paused. And at this very moment, in the picture that I'm showing right now, he found out that Trump reversed the policy. For those listening, he's staring down at his phone in disappointment and confusion. After hours and hours of testimony, the Ways and Means Democrats tweeted the following along with this image. Heartbreaking. Man discovers he has to backpedal on a policy he just spent over four hours defending. Ouch. So there you have it. Trump caved again. The propagandists, they're out in full force to try to spin this. Our alliances are shattered and Americans are worse off because of Donald Trump's erratic behavior. We're going to continue to follow this and all the news, so make sure you are subscribed to our YouTube channel. Also, make sure you add the Midas Touch podcast right now on Apple Podcasts and Spotify. And join us on [e-mail] thanks so much. I'll see you soon. Can't get enough Midas? Check out the Midas plus substack for ad free articles, reports, podcasts, daily recaps from Ron Filipkowski and more. Sign up for free [e-mail].