… After yesterday’s exuberance on most tariffs being lifted, traders on Wall Street suddenly realized that Trump is now imposing 145% tariffs on China, 25% tariffs on some other countries, and 10% tariffs on everyone. The Dow was down 1,014 (2.50%) today.
… Democratic strategist Matt McDermott: “The markets woke up and realized that a 10% global tariff and 125% tariff on China is still going to devastate America’s economy.”
… CNBC: “A WH official confirms to me the new tariff against China this term now totals 145%, not 125% as the President said yesterday. The Executive Order spells out the ‘reciprocal’ rate jumped from 84% to 125% overnight. Combined with the 20% fentanyl tariff, we’re at 145%.”
… But perhaps the biggest loser on the day was Elon Musk, as Tesla took an absolute beating since their company is closely tied to China - relying on that country for car components and batteries. Tesla has also become very dependent on the Chinese market to buy their cars, and sales have been slumping there badly. Tesla was down an astonishing 19.80 (7.27%) today.
… Investors Business Daily: “Mizuho lowered its Tesla stock price target to 375 from 430. The firm kept an outperform rating on the shares. The analysts noted that Trump's 90-day pause on reciprocal tariffs does not apply to auto and auto parts. Mizuho analysts believe this will result in continued uncertainty and negative impacts.”
… “Meanwhile, UBS cut its TSLA price target to 190 from 225 and has a sell rating on the shares. The analysts noted broadly Thursday that Trump's new trade policies will raise the manufacturing costs for vehicles, which will increase consumer prices and negatively affect demand.”
… Trump claimed that he was only agreeing to lift most of the tariffs because the leaders of 75 countries supposedly called “kissing my ass” begging to make deals. But NBC reported when the followed up on that claim: “The White House will not release the list of 75 countries that have reached out on trade deals, despite requests from NBC News.”
… That’s because they weren’t any.
… Fox Business' Charlie Gasparino: "Let's be clear what happened, who capitulated here and why. It is the White House who capitulated based on everything I hear and all my sources, and the reason why is because of the bond market and what happened last night."
… Former Fox host Brit Hume: “I think President Trump basically confirmed Chuck Gasparino's analysis when he said he was watching the bond market last night when rates on the US treasury tend 10-year bond spiked dangerously. The bond market, Trump said, is ‘tricky.’”
… Rep. Dan Goldman (D-NY) on CNN: “It is a total cave because Trump recognized that whatever his rationale for the tariffs were was not being bought by the American people and by the global economy.”
… Sen. Ron Johnson (R-WI) to CNN: "I still don't know what his total strategy is. We know what his goal was, but I don't know what the end game is here."
… Then House Republicans made things even worse by narrowly approving a budget framework that would add a massive $5.8 trillion the debt as Republicans want Trump’s huge tax cuts while avoiding the difficult decisions on budget cuts. That news caused the T-bill bond rates to spike back up again today, raising the costs for the govt and corporations to borrow capital.
… There is only one way to keep the deficit at a reasonable level - Trump’s tax cuts or massive cuts in entitlements. Republicans know this very well. It seems that they are choosing neither and exploding the deficit more than any Congress in history by far.
… Market analyst Spencer Hakimian: “10-year T-bill - 10 Year is 4.42%. Credit spreads are still widening. An average 30-year mortgage is going to cost 7.00% right now - if the bank is even willing to lend to you in all this uncertainty. Going to be an ugly spring season for the housing market. Way too much economic uncertainty.”
… Right-wing Freedom Caucus members claim they have “received assurances” from Mike Johnson that there will be deep cuts made when details are hammered out during the reconciliation process with the Senate, but I will believe that when I see it. All those “fiscal conservatives” who complained that the budget of Biden/Pelosi were “mortgaging our kids’ futures” are now about to explode the deficit exponentially to a numbers far greater than any of the Biden years, all the give a huge tax cut to the wealthy.
… Daniel Horowitz, Editor of the conservative website The Blaze: “I still don't understand how it's not news for conservatives that Senate Republicans responded to this election and Bidenflation by announcing a bill to add $5.8 trillion to the deficit in return for cutting 0.004% out of an 89 trillion budget over 10 years. Trump supports it, and only 15 or so House members have a problem with it. What a fraud.”
… Reporter: Did the bond market persuade you to reverse course? Trump: “I was watching the bond market. It's very tricky. If you look at it now it's beautiful. The bond market right now is beautiful. But I saw last night where people were getting a little queasy.”
… That was yesterday though. The bond market was not beautiful today.
… Rep. Thomas Massie (R-KY) was asked by CNN if he was surprised that the Freedom Caucus members caved again under pressure from Trump: “Nope, I knew all along they’d trade the cow for magic beans. These beans are like the rest, they don’t sprout.”
… The bond market rates spiked again with the passage of this budget which call for record debt, which means the cost of borrowing for the government and corporations just went up significantly. The 10-year T-Bill closed up to 4.425%.
… Former Trump economic advisor and Newsmax host Steve Cortes: “The T-Bill, which is way up. Why are yields spiking? Because of this completely ludicrous budget the House just passed. It’s ridiculous and totally irresponsible.”
… Nichola James, managing director of Global Sovereign Ratings at Morningstar DBRS: “Bond market discipline once again has shown itself to be a powerful tool for governments to reorient their approach. What we are looking at now though is not an abandonment of fundamental US policy, but an alternative pathway to achieve it, and in this environment, damaging uncertainty for companies continues.”
… Incoming German Chancellor Friedrich Merz said Trump backed down on the tariffs “as a direct consequence of the Europeans’ united approach. We are ready to talk, but we are also ready to defend our interests. That’s the right approach.” But he said Trump’s erratic tariff policy has caused “maximum uncertainty in the US. Trump is now facing massive criticism in his own ranks and from business. That’s why we need to be all the more reliable, clearer and better at the European level.”
… Sen. Rand Paul (R-KY) to Business Insider: “I think that the marketplace spooked them. Hopefully there'll be some people talking some sense into the policy and being less extreme. There should be a learning curve here. When you add a bunch of tariffs, you lose $6 trillion in the marketplace. When you get rid of the tariffs, guess what? It comes bounding back.”
… Trump’s Policy Advisor Stephen Miller: “You have been watching the greatest economic master strategy from an American President in history.”
… The new Quinnipiac poll has Trump’s approval rating falling to 41% approval and 53% disapproval.
… CNN’s Harry Enten: “There are only two presidents who have net approval ratings negative at this point. One of them was Donald Trump in his first term and the other one, Donald Trump in his second term.”
… Stock trading spiked sharply yesterday in the hour leading up to Trump’s announcement that he was lifting most of the tariffs, causing many to question again whether Trump and his inner-circle are tipping off their friends to make millions and billions. Sen. Adam Schiff to Time: “I’m going to do my best to find out. Family meme coins and all the rest of it are not beyond insider trading or enriching themselves. I hope to find out soon.”
… Schiff: “I think what American businesspeople need is some certainty, some predictability. They're getting anything but. Americans who have seen their retirement savings wiped out need to be made whole.”
… Sen. Tim Kaine (D-VA): “When my own barber asks me whether Trump is selling short or doing this to try to make money for himself, it shows that a lot of people are pretty suspicious about what’s going on.”
… AOC: “Any member of Congress who purchased stocks in the last 48 hours should probably disclose that now. I’ve been hearing some interesting chatter on the floor. Disclosure deadline is May 15th. We’re about to learn a few things. It’s time to ban insider trading in Congress.”
I took a deep dive into the biggest stories of the week on my weekly podcast Uncovered yesterday. We kicked off the show with all the tariff news and behind the scenes feuds in the Trump Admin, and covered lots of other topics. Link to the show is here.
… Sen. Bernie Sanders on CNN: “Would I be surprised if there are were people who, hours before, knew exactly what Trump was going to do in rescinding his tariff proposals, understanding that the stock market would soar and you make huge amounts of mone? No, I would not.”
… Sen. Chris Murphy (D-CT): “An insider trading scandal is brewing. Trump's 9:30am tweet makes it clear he was eager for his people to make money off the private info
only he knew. So who knew ahead of time and how much money did they make?”
… Sen. Tina Smith (D-MN) was asked by Time if she thought Trump was manipulating the market for himself and his friends: “It’s a great question. He certainly had a lot to gain. I hadn’t thought of that.”
… It just so happens that Charles Schwab was at the White House as Trump was announcing he was removing most of the tariffs. Trump with Schwab: “This is Charles Schwab - it’s not just a company, it’s actually an individual! And he made $2.5 Billion today.”
… Rep. Steven Horsford (D-NV) sparred angrily with Trump’s trade rep, Jamieson Greer in his testimony before Congress. After Greer spent 4 hours defending the tariffs, Horsford told him he better look at his phone because Trump just canceled them on Truth Social: “This is amateur hour! You just got the rug pulled out from under you. This is not a game. This is real life.”
… DHS Secretary Kristi Noem was asked on Fox about people criticizing her for flying around dressing up in uniforms and gear and carrying weapons for photo ops and social media videos: “I oversee 26 different components of DHS and they are so proud of the fact that I'm willing to wear an ICE hat, wear an HSI vest, willing to go into there and wear something to represent them.”
… Right-wing talk show host Megyn Kelly: “These ridiculous photo ops. Why does she have to keep doing this? Stop trying to glamorize the mission and put yourself in the middle of it as you cosplay ICE agent. I can’t stand these photo ops. They diminish ICE, they diminish DHS. She’s not an agent, she’s an administrative policy person. Stop with the glam out in the field with a gun. No one wants you there - pro-tip, as someone whose brother is a cop.”
… It appears a major scandal is going derail the future campaign of Casey Desantis to succeed her husband as governor, and possibly even end Ron’s political career. The Tampa Bay Times reported that DeSantis officials moved $10 million of a $67 million legal settlement that was supposed to go to the state treasury into a private charity run by Casey.
… Republican Speaker of the FL House Daniel Perez: "So far, it looks as though it could be illegal. The only thing that we have asked - how was the money received? Where did it go? How was it used? And why?"
… FL Politics reported that Desantis is claiming that the $10 million didn’t come from money that was going to the state, it was just something the defendants agreed to do out of the kindness of their heart: “This was in addition to what they were getting. This is kind of like a cherry on top where they agreed to make an additional contribution.”
… Desantis then continued to fume at FL Republicans, who have almost completely abandoned him and have knives out: “The reality is this is a political agenda, and you do have Republicans and the leadership office working hat in hand with the Miami Herald and the Tampa Bay Times, very liberal media outlets. Is that what Republicans do - work with the Miami Herald? Are you kidding me? But that’s what they’re doing. And they think that somehow you’re going to believe this drivel. So don’t fall for the political nonsense.”
… Peter Schorsch, Publisher of FL Politics: “I was in early - probably earlier than anyone else - on Casey DeSantis will be Gov stock, but it's clear that the Hope FL scandal is going to kill her campaign in the cradle. They all but extorted Centene to park $10M in Casey's slush fund which exposes, if not reinforces, the worst impressions many have of the First Lady: that the woman who dresses like Jackie O and insists on flying on private jets is just as swampy as the rest of the politicians.”
… “BUT there's no telling Ron and Casey this. They're in the bunker now. And Casey can see her entire lifestyle - they don't even own a home to return to in January 2027 - coming to an end. The beginning of the end for the DeSantisi is truly here.”
… Even Matt Gaetz seems to think the Desantii are cooked: “This story is wild”
… Transportation Sec Sean Duffy on Newsmax: "The president is talking about shower heads. You don't have enough water that can come through your shower heads because of Biden's regulations. So fixing small things like that - hopefully he's gonna get the dishwashers. Wouldn't it be great if dishwashers worked again?"
… Rep. Mark Pocan (D-WI): “You know you might have taken a bad turn with your career when you spend your time discussing water pressure and dishwashers when you are ‘in charge’ of transportation.”
… NYT reported that Trump has bragging for weeks that he brought egg prices way down, retail prices continue to rise to record levels. Egg prices rose 5.9% in March according to the Bureau of Labor Statistics. Trump claimed last week prices dropped 59%, then claimed this week that they went down 79%. Both of those things were false.
… Wholesale egg prices have dropped after the Trump Admin imported a massive amount of eggs from other countries, but the average retail price for a dozen large eggs hit $6.23 in March, up from $5.90 in Feb. But it appears the method Trump has chosen to lower prices is government subsidized eggs. Trump the socialist.
… Trump signed an executive order directing DOJ to criminally investigate former members of his first admin. Chris Krebs, who was in charge of cybersecurity, was fired after he said that the 2020 election was “the most secure in American history” while Trump was claiming fraud. Krebs also wrote in WaPo in Dec 2020 that the election “should be celebrated by all Americans, not undermined in the service of a profoundly un-American goal.”
… As he was signing the order in the Oval Office, Trump said: “We’ll find out whether or not it was a safe election, and if it wasn’t, he’s got a big price to pay.”
… Sen. Angus King (I-ME): “Chris Krebs’ crime appears to be telling the truth, in saying the 2020 election’s infrastructure was secure - and it was. To take an action like this, which appears to be straight-up vengeance, is dangerous because of the message it sends to anyone in the federal govt that tells the truth that you’ll lose your clearance, be slandered by the President, and investigated.”
… After hyping a claim that they arrested the east coast leader of MS-13, DOJ announced they are dropping all criminal charges against him. They are now deporting Henry Villatoro Santos since he is not a citizen. Politico reported how various Republicans hyped his arrest as the apprehension of a major organized crime leader:
… Trump: “He’s a major leader of MS-13."
… AG Pam Bondi: “He’s one of the top domestic terrorists in MS-13. He’s very dangerous” and responsible for “very violent crimes. You’re going to see a lot more charges on him. He’s one of the worst.”
… FBI Director Kash Patel: “We took down this morning a top leader of MS-13. That is not done easily.”
… VA Gov. Glenn Youngkin: “One of the top leaders of MS-13, living here.”
… Trump also signed an order for DOJ to investigate the law firm of Susman Godfrey, who represented Dominion in their successful lawsuit against Fox where they were forced to pay $787.5 million for lying about the election. The firm is also suing Mike Lindell. Susman issued a statement that they will fight “this unconstitutional order. We believe in the rule of law, and we take seriously our duty to uphold it.”
… Dominion’s lawsuit against Newsmax is set to go to trial on April 28 after the Judge Eric Davis in Delaware ruled yesterday that statements made on their network were false and defamatory. The jury will be left to decide at trial whether they either knew the statements were false or has a “reckless disregard for the truth.”
… Bernie Sanders on law firms who have surrendered to Trump: “We look to these law firms who have hundreds of well-paid lawyers to defend the constitution, to defend the rule of law. They were more interested in getting millions of dollars from their lobbying or whatever the hell they do in DC, making huge amounts of money, than standing tall and defending the constitution. They should be ashamed of themselves. And when Trump is out of office and others gain power, I hope we do not forget the cowardice not only of these law firms.”
… Former AK Gov Sarah Palin is going to trial on Monday for her defamation lawsuit and the NYT. She previously lost the case at trial but the ruling was overturned on appeal. The lawsuit is based on an editorial they published which suggested that she played a roll in inciting a mass shooting that resulted in 6 deaths and Rep. Gabrielle Giffords seriously injured. NYT changed the editorial shortly after publication and apologized, but Palin said it has permanently damaged her reputation.
… Nevada’s Republican Gov. Joe Lombardo at a fundraiser: "Those stupid protests that occurred in the state capital was paid by for the Democratic Party. That momentum and those crowd sizes isn’t because they're pissed, because they want to make a difference - it’s because they're getting paid. So don’t lose sight of that."
… Rep. Marge Greene claimed she had proof that protesters last weekend were being paid, citing ads in Craigslist of vendors hiring people for the events. However, her post was hit with a Community Note by fact-checkers who verified that the ads were for people to work as merch vendors selling tee shirts, hats and signs to people who were protesting.
… Punchbowl reported that former MN Sen. Al Franken endorsed Lt. Gov. Peggy Flanagan for Senate: "Peggy is someone who listens, fights, and embodies the values that make Minnesota, well, Minnesotan."
… NOTUS reported that tensions boiled over in a closed-door House GOP meeting over the budget. At one point, Rep. Greg Steube (FL) exploded at House Speaker Mike Johnson, calling him a liar and yelling at him: "I rebuke you in the name of Jesus!"
… Democratic House leader Hakeem Jeffries took to the floor and challenged Mike Johnson to a debate about the budget. He finished his speech with this offer: "I promise not to rebuke you in the name of Jesus."
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