Transcript
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Market Analyst (0:11)
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Political Commentator (0:27)
Call 1-800- gambler Donald Trump returned to Washington, D.C. it was absolute chaos and mayhem this morning. Initially the markets open and started to tank more than we've really ever seen in modern history. Then there was some unfounded rumor that Donald Trump was going to be pausing the tariffs for a 90 day period. The stock market then shot up very quickly. Then the Trump rapid response team said fake news. And then the market began to crash again. You know, normally on these videos I would put up where the market is, but right now it is going down, up, down, up. The volatility is so unprecedented in its nature, not the way a stable market is supposed to look. I don't want to even share it because in five, 10 minutes after I post this video or a half hour after it's posted, it may look entirely different. Suffice to say, I think to be a responsible reporter in this moment, I need to say it is just absolutely chaotic with volatility like we've never seen before. When I have a bigger snapshot, I'll of course report on what that is. But I don't want to in this moment in any way cause signals that could be problematic in any way. But let me just share with you what happened as we all woke up to the opening of the market. It officially became the worst three day performance of the S&P 500 since October of 1987, with the S&P falling more than 20% from its February closing high on pace to confirm a bear market. Here was the moment where there was this unfounded rumor about this 90 day tariff pause to which the Trump response team said wrong fake news. You'll see here this account, Unusual Whales, which covers the market says this is absolute comedy. I wouldn't really refer to it as that the market was blood red today. Then an unattributed rumor was starting on X that there was consideration of a 90 day tariff pause. The market turned green. Then five minutes later the White House denied the rumor. The market became red again. Then Donald Trump posted that he was going to impose additional tariffs on China and not have any further discussions with China would basically mean if you add up all the tariffs on China over 100%. Donald Trump posted yesterday, China issued retaliatory tariffs of 34% on top of their already second set record setting tariffs, non monetary tariffs, illegal subsidization of companies. And it goes on and on and on. And then it says therefore if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8, 2025, the United States will impose additional tariffs on China of 50% effective April 9. Additionally, all talks with China concerning their requested meetings with us will be terminated. Negotiations with other countries which have also requested meetings will begin taking place immediately. Thank you for your attention to this matter. This would bring the tariffs to China above 100%. You see right here this cartoon. I always think these political cartoons encapsulate the moment. Trump on fifth Avenue shooting the economy. Also, as Axios reported over the past few days, no all and we talked about this when the Trump tariffs were initially announced, which he calls Liberation Day, we refer to it as Recession Day, Annihilation Day, Great Depression Day, Liquidation day. You pick your name. The Trump tariffs were based on a massive error in just the underlying formulation. And what Axios went on to report is how this conservative think tank shows that the formula that was applied was incorrectly applied. And also we've, as we've said before, the tariffs are not reciprocal. Despite the Trump regime referring to these as reciprocal tariffs. He kind of made up the the numbers that he claimed were the tariff rates against the United States based upon the deficit with specific countries. So a country like Vietnam, when you calculated the deficit, they would Trump would include kind of the Delta and the deficit as part of what he considered to be a tariff against the United States. So countries like Vietnam and Cambodia and others, you know, would be viewed as being high tariff rates against the United States, even though the US Was getting cheap products from those countries. Orange Monday is the new Black Monday. That's at least when the markets were opening. You may be seeing billboards like this across the United States that are being paid for by Canada and others. Tariffs are a tax at the gas pump. Tariffs are indeed a tax. That's what they are. Tariffs are taxes on the American consumer. And the American consumer is ultimately gonna be the one to pay for this. And the American consumer is paying this volatility, the hit that our 401ks and retirements have been taking. This is not the way the markets are supposed to work at all. And you can tell even here, like when you've lost your CNBC MAGA host. This is the CNBC MAGA host right here. And you'll just see that, you know, they're pissed. Play this clip.