The Economy is in Shambles and Republicans are Terrified

4.2.25

Ally Sammarco Apr 3

Happy Wednesday readers! Big news: Today’s American News is now Common Sense with Ally Sammarco. Same newsletter, same take on the daily insanity—just a different name. So welcome back to Common Sense, your source for news and analysis on the circus that is American politics and entertainment.

Republicans fearing midterm wipeout after Democrats overperform in Wisconsin, Florida… Democrats won a double-digit victory in a battleground Wisconsin state supreme court race in which Elon Musk went in big for the Republican-aligned candidate. In two deep-red districts in Florida, Democratic candidates cut in half the typical blowout margins received by Republican candidates. And how did Trump respond? By announcing economy-crushing tariffs this morning. With last night’s results, Politico reports “Republicans are starting to worry that the shock and awe of President Donald Trump’s second term will haunt them in the 2026 midterms. Inside the GOP, there is a growing sense that the party should get back to basics and focus on the pocketbook issues that many voters sent them to Washington to address. There’s internal disagreement about the effects of Trump’s new tariffs announced on Wednesday. Some say they will ultimately lead to reviving American manufacturing — but even many of the president’s allies fear they could drive up prices and potentially crash the economy.”

After previous tariff announcements wreaked havoc on U.S. economy, Trump announces 10 percent tariff on all countries… CBS News reports, “Trump announced new tariffs on Wednesday, which he dubbed ‘Liberation Day.’ Mr. Trump announced a 10% baseline tariff for all U.S. trading partners, to go into effect on April 5. He also announced more reciprocal tariffs against the (so-called) ‘worst offenders,’ which will go into effect on April 9. Tariffs have been a cornerstone of Mr. Trump's economic policy and have already been imposed on major trade partners including Canada and Mexico.”

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U.S., global markets plunge on news of Trump’s universal tariff… NBC News reports, “Global markets reacted sharply and swiftly after President Donald Trump revealed his much-anticipated tariff plans Wednesday, with investors fleeing U.S. stock indexes and stocks of companies that rely on global supply chains plummeting. S&P 500 futures, which indicate where it is likely to open Thursday, plunged 3%. Nasdaq 100 futures sold off by more than 4%, and Dow futures slid about 1,000 points, or 2%. Those indexes just endured their worst quarter in years in large part because of growing concern about the economic impacts of Trump's expected tariff plan. Global markets also posted significant losses just minutes into their trading days. Japan's Nikkei 225 index plunged more than 4.1%, and South Korea's Kospi stock average fell more than 2.5%. Australia's ASX 200 dipped about 2%. ETFs (exchange-traded funds) that track specific countries, such as India, tumbled about 3%, while one that tracks Europe slid 2%, and the China ETF fell 3.8%.”

Republican senator defends calling fired federal worker a “clown” who “probably deserved it”... ABC News reports “A video of Sen. Jim Banks, R-Ind., telling a man on Capitol Hill who identified himself as a recently fired Health and Human Services employee that he "probably deserved it" because ‘you seem like a clown’ has gone viral. The man engaged with Banks in the video is identified as Mack Schroeder… Schroeder told CNN on Wednesday he wasn't at the Capitol to ‘get his job back’ but wanted to ask lawmakers what they were going to do to ensure residents were ‘getting the services that they're entitled to… As we cut workers who are really ensuring that grants are going out the door to programs,’ Schroeder said on CNN. He said that he had worked on programs that support people with disabilities and older adults.”

Today’s Furry Friend

Sometimes even water buffalo babies treat kind humans as their parents!

Today’s Buzz

Trump tariffs reverberate on Tinseltown as entertainment execs fear broad impact on advertisers… “Trump on Wednesday afternoon declared what he called “Liberation Day”: Announcing wide-ranging tariffs that he argued will rebalance the global trade order, and in his words make America rich. Many entertainment executives were surely watching what happened closely, and they aren’t feeling rich. The media business might not be built on imported physical goods, but many of its largest advertisers are, and the ad business is already beginning to feel the pain, multiple sources on the buy side and the sell side tell The Hollywood Reporter.”

Thanks for allowing us to help make sense of the chaos. Check back in tomorrow evening for the next edition of Common Sense.