Trump's Temper Tantrum Tariffs

I have repeatedly used the phrase Trump Temper Tantrum Tariffs and, once again, Trump proves me right:

President Trump said late Thursday that he was terminating all trade negotiations with Canada, throwing America’s relationship with one of its closest trading partners into turmoil once again.

On Truth Social, the president claimed that “Canada has fraudulently used an advertisement” featuring former president Ronald Reagan speaking negatively about tariffs.--NYT

Interestingly, in the speech Reagan gave addressing trade with Japan, Reagan looked to our neighbor to the north, Canada, to segue into the conversation about trade and tariffs. Reagan referenced a warm reception by Canada about free trade. Here is part of the speech which was highlighted in recent ads pointing criticism at Trump from Ontario specifically and Canada overall.

Now, that message of free trade is one I conveyed to Canada's leaders a few weeks ago, and it was warmly received there. Indeed, throughout the world there's a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. Now, there are sound historical reasons for this. For those of us who lived through the Great Depression, the memory of the suffering it caused is deep and searing. And today many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot-Hawley tariff greatly deepened the depression and prevented economic recovery.

You see, at first, when someone says, ``Let's impose tariffs on foreign imports,'' it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works -- but only for a short time. What eventually occurs is: First, homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then, while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers, and less and less competition. So, soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying. Then the worst happens: Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs.”---Ronald Reagan, Republican President

Reagan Qte from the Reagan Library

Trump's "Liberation Day" sent markets reeling. Businesses, especially small businesses (due to removal of de minimis regs), and industries are shuttering. Job growth is climbing downward. Prices are up across the board. Farmers are in economic free fall as exports markets are cut off. We are in an expanding economic crisis BECAUSE OF TRUMP. And what does Trump say? Let them eat cake...in my new ballroom. How about the price of groceries lowered on Day One? What about cutting credit card rates? What about housing costs? Broken promises to the average consumer and a free buffet for the wealthy.