Trump 47
- Thread starter PF5
- Start date
For humor answer again.
Polds4OSU
Marshall
JUST IN: US Deputy Attorney General Todd Blanche banned DOJ attorneys from traveling to or speaking at American Bar Association events, in a memo seen by Reuters that accused the ABA of engaging in ‘activist causes’ contrary to the government's interest https://reut.rs/4iZXmGJ
Polds4OSU
Marshall
Trump: If I didn’t do the tariffs, we wouldn’t have a country. I’m honored to have done it
I honestly believe none of them know WTF they’re doing. With any of it
mugatu
Sheriff
Retaliate against who or what and for what specifically? Is this an admission that someone was doing very wrong sh!t? Isn't that also just before the announcement of the tariff pause?
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Polds4OSU
Marshall
Trump acknowledged he could cause a recession, but just didn't want a depression, according to WSJ
- President Donald Trump was aware the economy could enter a recession, but wanted to avoid a depression, from his tariffs, according to a Wall Street Journal report.
- Kevin Hassett, director of the U.S. National Economic Council, told CNBC on Thursday that the collapsing bond market contributed to Trump's decision to walk back his trade policy.
President Donald Trump wanted to avoid sending the economy into a depression through his contentious plan for tariffs, according to The Wall Street Journal.
Trump privately said he was aware that his broad and steep plan for levies unveiled last week could tip the economy into a recession, but he didn't want a depression, according to a Wednesday night report from paper, citing people familiar with the conversations.
Trump also told advisors that he was willing to accept "pain" over the policy, a person who spoke with him on Monday told The Journal.
A depression is considered by economists to take place when a recession becomes more severe and entails higher unemployment and a more prolonged downturn. The U.S. has avoided them since the Great Depression in the 1930s — when unemployment hit 25% — because of progress in monetary policy and fiscal policy, along with programs like FDIC deposit insurance.
While many economists were starting to predict a recession from Trump's high tariffs paralyzing global trade, none were saying it would lead to a depression.
Bond yields soared while equities cratered in the days before Trump said he would rollback some of his retaliatory tariffs on Wednesday. His reversal powered a sharp comeback in the stock market, with the S&P 500 on Wednesday registering its best day since 2008.
Kevin Hassett, director of the U.S. National Economic Council, told CNBC on Thursday that bond market decline contributed to Trump's decision. The 10-year Treasury yield overnight Tuesday into Wednesday spiked above 4.5% on speculation a big foreign holder like Japan or China was dumping bonds. Bond prices move inversely to yields.
"Everything was moving forward in an orderly fashion," Hassett said on CNBC's "Squawk Box." "There's no doubt that the Treasury market yesterday made it so that the decision that, you know, it is about time to move was made with, I think, perhaps a little more urgency. But it was going to happen."
Trump also acknowledged the role of investor concerns during remarks made after the decision on Wednesday.
"I thought that people were jumping a little bit out of line," Trump said. "They were getting a little bit yippy, a little bit afraid."
The White House did not immediately reply to CNBC's request for comment about Trump's reported concerns about a depression.
A driver of Trump's alterations was the rising role of Treasury Secretary Scott Bessent in advising on trade policy, according to WSJ, which cited people close to the situation. The number of countries negotiating with the White House also made Trump open to switching course, a person who talked with the president told The Journal.
Read the full Wall Street Journal report here.
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