The Very Stable Genius businessman (6 bankruptcies, including casinos, and multiple business failures) Malignant Fascist is seemingly bound and determined to drive the American economy further into the ditch:
Dozens of America’s trading partners, from Europe to China to India, now face new tariffs of 10% to 12.5% on goods shipped to the United States, according to the office of the US Trade Representative.
The tariffs, announced Thursday, went into effect Friday morning. Goods from the 60 affected trading partners make up 99.4% of US imports.
The timing coincides with the lapse of a 10% near-blanket duty President Donald Trump imposed earlier this year that was deemed unlawful by the Supreme Court.
“The president is not going to allow his trade policy and overall objectives to be undermined simply because one tool may be limited by a court or something else,” senior White House officials told reporters Thursday on a call previewing the actions.
The latest action follows a monthslong investigation by the US Trade Representative into the alleged use of forced labor to produce goods exported to the US and the failure by various countries to address the practice.
The European Union questioned the new tariff, with its foreign policy chief Kaja Kallas calling it a “negative surprise” and rejecting the forced labor claims as unfounded. Switzerland also opposed the allegations, while Norway said it does not plan to retaliate by imposing tariffs on American goods.
In a statement on Thursday, Brazil rejected the 12.5% tariff on its goods and reiterated its call for reciprocity. And in a video on social media, Mexico’s economy minister said, “We do not see a change in the effective tariff Mexico is paying today.”
Australia, subject to a 12.5% tariff, also voiced opposition to the new tariffs. Trade Minister Don Farrell told reporters Friday that Washington’s move is “completely unjustified,” adding that Canberra would continue to lobby the US to remove all tariffs on Australian goods.
The new rates apply to imports from countries that supply nearly everything the United States buys from abroad. A variety of imports, including oil and gas, as well as products that can’t be sourced domestically, were granted exemptions, administration officials said...
The ignorant and vengeful MF is bypassing the Republican Supreme Court's decision knocking down the broad tariff powers he claimed, by finding a convenient point of law (Section 301 of the Trade Act of 1974) to further alienate our longtime trading partners while undercutting American exports and passing the costs along to consumers. A trifecta. Brilliant!
Rising oil prices, persistent inflation fears and shifting expectations for rate hikes are rattling the world's largest bond market, sending Treasury yields higher and pushing up borrowing costs for consumers.
The 10-year US Treasury yield on Thursday rose four basis points, to 4.71%, its highest level since January 2025. Prior to the war with Iran, which started in late February, the 10-year yield dipped below 4%.
Renewed tensions between Washington and Tehran have pushed up oil prices once again, with Brent crude surging 7% on Thursday to hit $100 per barrel.
The conflict has rocked the massive US Treasury market — with roughly $30 trillion in value — as investors weigh the impact of surging oil prices and the possibility that the Federal Reserve could keep interest rates higher for longer, or even raise them, if inflationary pressures intensify. Bond yields rise when prices fall.
Markets are pricing in a 36% chance the Fed hikes rates at its policy meeting next week, according to CME FedWatch.
Investors are also demanding a higher yield on Treasuries to compensate for the risk of inflation eating into their return.
The US 10-year yield helps determine borrowing costs across the economy, including the 30-year mortgage rate. The average 30-year fixed mortgage rate was 6.58% this week, the highest level in almost a year. [snip]
US stocks closed lower Thursday as rising bond yields and a slide in shares of tech companies weighed on markets. The Dow fell 507 points, or almost 1%. The S&P 500 fell 1.2% and the Nasdaq Composite sank 2.15%... (our emphasis)
The MF, a "billionaire" who continues to claim "affordability" is a "hoax," is doing his best/ worst to spread the misery to both the average consumer / potential home-buyer, and to the big and small investor class. His incompetence and that of his advisors is one of the greatest weapons we have against him, but unfortunately it comes at a great cost to the majority of Americans.
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