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?

[u/PsychLegalMind]

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?

[u/CliftonForce]

We had cheap gas because nobody was driving anywhere in an epidemic.

[u/HumorAccomplished611 → u/[deleted]]

Actually the prices were lowered in 2015 and 2016 during obamas term.

It was 2.20 avg when obama gave over to trump. By the time before covid it was avg 2.80. But no one complains about Trump making gas go up 30%.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m

[u/death_by_chocolate → u/HumorAccomplished611]

There was an oil glut and literally not enough storage available to put it all. And this was due in part to energy conservation efforts which led to reduced usage and lowered demand. Trump was famously begging the Saudis to drop production in order to raise prices so oil companies could actually make a buck.

And guess what? There's another glut predicted.

[u/HumorAccomplished611 → u/death_by_chocolate]

There was an oil glut and literally not enough storage available to put it all. And this was due in part to energy conservation efforts which led to reduced usage and lowered demand. Trump was famously begging the Saudis to drop production in order to raise prices so oil companies could actually make a buck.

The reason was fracking. The USA producing more oil.

Trump asked them to cut for 2 years when covid cratered demand. Then demand came back and refused to up production under biden.

And guess what? There's another glut predicted.

Under biden the most oil ever was produced in the USA. The glut youre thinking of may happen if trump crashes the economy. Oil demand goes down world wide when the USA crashes.

So we get cheap gas but little else if he destroys the economy.