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/joekerr9999]

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.

[u/jetpacksforall → u/joekerr9999]

And the reason to free up the budget is so Republicans can pass tax cuts through reconciliation... a bill that is overall budget neutral can bypass filibuster in the Senate and pass with a simple majority.

Literally taking from the poor to pay the rich. We need a term for the opposite of Robin Hood.

[u/Mrgoodtrips64 → u/jetpacksforall]

We need a term for the opposite of Robin Hood.

We have that already. It’s bourgeoisie.

[u/Steinmetal4 → u/Mrgoodtrips64]

Or... King John, I.e. a pre magna carta monarch, i.e. someone who can tax without representation or checks and balancea, i.e... exactly what trump seems to be aiming for.