The Trump economic team is in complete denial, protesting that they're "not trying to blow up the world" as their tariff policy implodes and senior economic advisers jump ship.
The Trump administration is in the middle of yet another mess of its own making, thanks to the poorly thought out decision to impose tariffs on steel and aluminum. It’s gotten so bad that Commerce Secretary Wilbur Ross was forced to declare publicly that the administration is “not trying to blow up the world.”
In an appearance on CNBC, Ross sounded apocalyptic when he sought to be reassuring. Anchor Becky Quick noted that Republicans have been critical of the tariffs, along with the World Trade Organization, the Canadian government and the European Union.
“We’re not trying to blow up the world,” Ross said, adding, “there’s no intention of that.”
That is a low bar.
The stock markets have responded poorly to the tariff idea Trump announced in the middle of a spate of unflattering headlines, and there has not even been a formal unveiling of the tariffs. The language involved in the resolution is still unknown to the world.
Businesses are concerned about the additional costs the tariffs would likely add to goods and services, which would be passed on to consumers.
Gary Cohn, head of Trump’s National Economic Council, resigned as the prospects of an international trade war have increased.
The poorly conceived and executed trade initiative is likely to cost American businesses $9 billion and 146,000 jobs. Such an impact would have an extremely negative impact on the American economy and after that, the world.
In a way, it would “blow up the world” when doing so is completely unnecessary and largely based on appealing to Trump’s ego and vanity.
The idea that Trump had any idea how to run a business was always a myth, based on his acting job as host of a reality TV show. Now in the presidency the world is reeling from his poor decision making and his team has been reduced to making reassurances that very few people believe.
They don’t have any credibility, so when they say they aren’t blowing up the world, why would anybody trust them?