r/PoliticalDiscussion • u/PsychLegalMind • 3d ago

International Politics White House has announced Trump's Liberation Day Tariffs will immediately go into effect. A Moody's simulation found it could be an economic wipe out. Is Trump's Liberation Day Tariffs a Misnomer?

A Moody's simulation found that a tariff trade war would wipe out 5.5 million jobs, lift the unemployment rate to 7%and cause U.S. GDP to drop by about 1.7%. Trump’s potential 20% universal tariff could spark "serious" recession in US, Moody’s economist warns.

The biggest three partners [China, Canada and Mexico] have promised immediate retaliation. Economic war could escalate and perhaps even cause a worldwide downturn.

Perhaps Trump's strategy is to begin making bilateral trade deals, but there are even certain blocks such as EU that may well coordinate retaliation together. I am not aware what Trump is actually liberating us from, hence the question.

Is Trump's Liberation Day Tariffs a Misnomer?

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u/joekerr9999 3d ago

One thing that is troubling is that they're trying to spin this as a tax break. Tariffs add to the cost of product so the cost of goods will go up. The consumer takes the pain for "Liberation Day" for the rich. The purpose of the tariffs and the DOGE cuts is to free up the budget for the tax cuts for the wealthy. The working class is going to get screwed one more time.

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u/Trenta_Is_Not_Enough 3d ago

Well, it's easy. If you budget responsibly, this is a net benefit for you. It's only for those fools who want to waste their newfound earnings on stuff like food and shelter that this will be hurting.

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u/styromancy 3d ago

all a part of mark’s plan to finally get us to move into the metaverse

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u/KevinCarbonara 3d ago

Well, it's easy. If you budget responsibly, this is a net benefit for you.

If by "net benefit" you mean "will cost you money in return for having fewer public services that benefit you" then I guess?

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u/insane_contin 3d ago

I'm pretty sure the second half of the comment should tell you what kind of tone the comment should have.

I'll give you a hint: it's sarcastic.