CNBC’s Steve Liesman warns Trump is ‘steering the Titanic toward the iceberg’ as he slams tariffs
NEW YORK CITY, NEW YORK: CNBC’s Steve Liesman criticized Donald Trump's tariffs and said this move was similar to "steering the Titanic toward the iceberg".
Trump on Wednesday, April 2, announced tariffs on virtually all imports, with a baseline level of 10 percent, as he hit dozens of countries with markedly higher tariffs while imposing a 25 percent tariff on all automobile imports, per Mediaite.
Steve Liesman criticizes Donald Trump’s tariffs
Steve Liesman appeared on MSNBC’s 'All In' on Friday, April 4, night where he warned that Donald Trump's tariffs would have a catastrophic effect on the global market.
When host Chris Hayes asked him, "What’s your takeaway from these last few days?"
Liesman replied, "If you take a step back, what’s really happening here, Chris, is the market is pricing in the high probability of a recession."
"That’s really what this is all about right now. How much? How little? We don’t know. I will say that if there is going to be a recession, there could be further for stocks to fall here," he added.
The CNBC journalist added that stocks have dropped between $7 trillion and $10 trillion in value since Trump took office in January.
He continued, "I guess another way to think about it is this. You know, the Titanic hit an iceberg by accident. This is the equivalent of steering the Titanic toward the iceberg."
Liesman added, "What’s not happening here is the market is not pricing in some form of ‘golden age’ where manufacturing comes back to America and this country prospers as a result of that. The market prices in future values, and that’s not happening."
He also mentioned that prominent investors he spoke with believed that the POTUS' aides would rein in Trump's worst impulses, per Mediaite.
Liesman said, "Well, that’s gone. The adults have left the room is maybe one way to put it."
Donald Trump's tariff policy to affect US trading partners
Donald Trump announced sweeping 10 percent tariffs on all imports to the United States.
Around 60 countries or trading blocs will have even higher rates in an escalating move that could initiate a global trade war, according to CNN.
As per Trump's reciprocal tariffs, China was levied with a 34 percent rate, in addition to the existing 20 percent duties on all Chinese imports to the US, while the European Union got 20 percent, per the outlet.
Moreover, many Southeast Asian countries will also be affected by Trump's tariffs.
Countries such as Vietnam, Laos, and Cambodia will have tariff rates of 46 percent to 49 percent, per the outlet.
Interestingly, these are the countries that the US relies on for consumer goods, machinery, electrical goods, and textiles.
Internet agrees with Steve Liesman as he criticizes Donald Trump's tariff policy
Several social media users agreed with Steve Liesman as he criticized Donald Trump's tariff policy and said that it was like "steering the Titanic toward the iceberg".
An online comment read, "It's unfortunate that those of us who didn't vote for this still have to suffer the consequences", while one added, "The USA hit the iceberg the moment Trump was voted back in for 2nd term."
A person stated, "Trump will push women and children out of the lifeboats."
Another mentioned, "The market totally disagree with Trump."
"Sailing the ship of folly toward the rock of indigence. The Captain needs to go down with the ship," a comment read.
An individual noted, "When Trump was re-elected ... we laughed, and we cried ... and we kissed the US goodbye!"
This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.
