Tariffs

Monday

Alexander Larman

The problem with Trump’s plan to make American movies great again

Donald Trump is a cinephile, of sorts. Not since Ronald Reagan has there been a US President so visible in theater, with Trump making cameos in everything from Home Alone 2 to Zoolander. Yet just as Trump has been steadfast in his determination to Make America Great Again, so he has been equally keen to Make Hollywood Great Again, too. Initially, he appointed Sylvester Stallone, Mel Gibson and Jon Voight as “Special Ambassadors” to “a great but very troubled place.” Gibson and Stallone appear to have taken the honor on the chin, but Voight has been diligently organizing meetings and has now fed back his thoughts to the President. As a result, Trump has declared that he has his own, unorthodox plans to save the American motion-picture industry.

jon voight movies

Thursday

Freddy Gray

Deals, deals, deals vs China, China, China

How was your Liberation Month? It’s been almost 30 days since Donald Trump stood in the Rose Garden of the White House and announced a shocking set of massive tariffs on the world. The event caused huge convulsions in the economic universe: trillions were wiped off the stock market and, under huge pressure, Trump did agree to a 90-day pause on reciprocal tariffs. After that he exempted electrical goods, though his standard 10 percent remains, and the heads of most financial analysts are still spinning trying to figure out what it all means. Yet for all the angst and the apoplexy, yesterday the S&P 500 index closed just 1 percent down from where it was at the beginning of the month.

empty shelves
Neal Pollack

Is America in the grip of Empty Shelves panic?

The morning of President Trump’s 100th day in office brought fresh tariff melodrama with the coffee, eggs and toast, as a report emerged suggesting Amazon was considering listing the exact cost of a US tariff surcharge next to all goods purchased on the site. White House Press Secretary Karoline Leavitt immediately snarled from the podium that this was a “hostile and political act,” though it was really neither hostile nor political. Regardless, Amazon immediately rolled it back, claiming the story had been misreported by Punchbowl News.  “The team that runs our ultra low-cost Amazon Haul store has considered listing import charges on certain products,” a spokesman said.

Wednesday

Ben Domenech

Josh Hawley talks Trump’s first 100 days: pro-life ‘needs to be a priority’

Senator Josh Hawley of Missouri has been one of Donald Trump’s fiercest allies on Capitol Hill. But since his easy re-election last November, he’s also been someone within the Republican party who demanded public commitments from Trump’s nominees on several issues of importance to him – areas of concern that include the influence of big tech, the encroaching role of China and a promise on the part of nominees with little or no record on the abortion issue to support pro-life policies. Senator Hawley spoke to me on the 100th day of Trump’s second presidency about what he’s seeing on tariffs, foreign policy and China.

hawley
trade
Ross Clark

Was ‘Liberation Day’ just shock therapy?

With Treasury Secretary Scott Bessent announcing that a trade deal between the US and India could be imminent, it once again raises the possibility that Trump’s intended outcome is not the imposition of high, permanent tariffs – but that the measures announced on “Liberation Day” were really just shock therapy aimed at the ultimate liberalization of trade. It is significant that India was one of the countries which were originally put down for some of the higher tariffs: 26 percent was going to be the blanket rate on imports from India. South Korea, another country with which trade deal negotiations seem to be in an advanced state, was going to be subject to 25 percent tariffs.

Tuesday

Urs Gehriger

How Liberation Day rocked Switzerland

When President Donald Trump gathered the world’s media to the White House Rose Garden to unveil America’s “Liberation Day,” Swiss viewers were cautious but optimistic.  Administration insiders had assured us that we had nothing to fear. During Trump’s first term in office, Switzerland had been the port in the storm of European opinion. As outsiders to the European Union, we were able to forge our own relationship with the American superpower. Our small alpine nation, with its population of 9 million, rose from the eighth largest foreign direct investor in the United States to the sixth. Swiss companies, like Nestle, Stadler and Novartis, ramped up their American operations, generating profits and jobs for both countries.

switzerland
globalization
Travis Aaroe

Who cares about globalization?

Donald Trump’s “Liberation Day” was the culmination of a 30-year insurgency against the global economic system. It was the most fiscally significant event since lockdown. By the fiat of the President, tens of trillions of dollars were on the move; stock markets trembled; and the US-China relationship – the material basis of globalization – seemed at risk of permanently freezing over.  Yet just under a week later, tariffs were to be displaced in the news cycle by the case of a deported "Maryland man," Kilmar Abrego Garcia, and his possible gang affiliations. Only one of these events would prompt five Democratic lawmakers to drop everything for an urgent trip abroad.

Wednesday

Teresa Mull

How America can develop its own rare earth elements industry… safely

Give a country rare earth elements and it’ll have fighter jets, missiles and warships for a day. Force a country to extract and process its own rare earth elements and it’ll be safe from relying on countries run by unstable dictators forever.  Such is President Trump’s sensible line of thinking as he keeps up America's trade war with China. As China imposed export licensing restrictions on seven rare earth elements, or REEs, last week, Trump signed an Executive Order “launching an investigation into the national security risks posed by US reliance on imported processed critical minerals and their derivative products.” The administration is now pursuing a deal to procure REEs from Ukraine.

rare earth elements

Thursday

Jacob Heilbrunn

How much hope did Trump offer Meloni?

In early March Donald Trump said Elon Musk was doing “an amazing job.” Last week he said Governor Gretchen Whitmer of Michigan was doing an “excellent job.” On Thursday it was the turn of Italian prime minister Giorgia Meloni during her meeting at the White House. Trump declared that she was “doing a fantastic job.”  What Trump found so fantastic was never specified, but he tossed a variety of bouquets in Meloni’s direction. Not least was his vow that “there will be a trade deal, 100 percent” with the European Union. It was qualified, however, by Trump’s claim that he’s in no rush to strike a deal with Ursula “the West no longer exists as we knew it no longer exists” von der Leyen, the president of the European Commission.

meloni
Ross Clark

China bans Boeing in targeted trade war shot

“If it ain’t Boeing, I ain’t going,” goes the old adage, championing the supposed superiority of the company’s planes on safety issues. If you are traveling in China in future that probably means that you won’t be going very far at all. The US aviation giant is emerging as one of the biggest losers of Donald Trump’s trade war. China has not merely applied punitive tariffs on the company’s planes; it has banned imports altogether. Even existing orders of planes appear to be affected by the ban. What’s more, the ban applies to Boeing itself rather than to general imports of US aircraft – it is personal. Boeing, already reeling from the crash of two 737 MAXs in Indonesia in 2018 and Egypt in 2019, lost $11.

Lionel Shriver

The biggest threat to Trump is Trump

From our UK edition

Although Republicans and Democrats have few things in common, there’s one American universal: we don’t like when you mess with our money. After Donald Trump’s erratic tariff tantrums have sent markets lurching, who knows how much stocks will have spiked or tanked between the typing of this paragraph and it seeing print. Some 62 per cent of Americans own stock; unsurprisingly, I do, too. A believer in the joys of denial, I’ve refused to even peek at my portfolio since the President’s ‘Liberation Day’. I guess not worrying my pretty head about my finances constitutes liberation of a kind. While never a Trumpster, I found the initial weeks of the 47th presidency exhilarating.

The Spectator

Portrait of the week: British Steel seized, army sent to Birmingham and slim told to stay home in Beijing

From our UK edition

Home Parliament was recalled from its Easter recess to sit on a Saturday for the first time since the Falklands War of 1982 to pass a bill to take control of British Steel, which amounts to no more than the works at Scunthorpe owned by the Chinese company Jingye since 2020. Scunthorpe, which employs 2,700 directly and thousands indirectly, is the last plant in Britain capable of making virgin steel. The bill, passing through the Commons and Lords, received the Royal Assent on the same day. The race against time was to supply the blast furnaces with coal before they were ruined by going cold; supplies from the United States were unloaded at Immingham docks, 25 miles away. The Secretary of State for Business, Jonathan Reynolds, received powers to give orders to the board and staff.

Wednesday

Ben Clerkin

Is Trump killing the American dream for mom-and-pops? 

He’s survived an assassination, bounced back from bankruptcy and – so far, at least – avoided all attempts to jail him. But Donald Trump’s most audacious feat is yet before him: to persuade Americans to pay more for their goods as their beloved businesses struggle – and then be grateful to him at the polls.  While tariffs threaten to raise prices across the board for consumers, small businesses with lower margins than their larger competitors are struggling. “Whether or not you support tariffs, or whether or not you think certain offices should be cut, I think overall, any kind of economic turbulence is uniquely burdensome for small businesses,” says Molly Day, the National Small Business Association’s vice president of public affairs.

Monday

Roger Kimball

What the left calls ‘chaos,’ the rest of us call ‘winning’

They never learn, the libs. Back in 2016, they provided hours of entertainment assuring themselves that Donald Trump would “never be president” (“take it to the bank,” said Nancy Pelosi, who in another galaxy, long, long ago was speaker of the House). Patriotic citizens, eager to instruct the public about the dialectic of hubris and nemesis, stitched together many joyful compilations of Hollywood celebrities, ditto-head news readers and Democratic politicians intoning that party line.  Then, after the impossible mutated into the inevitable and Trump was elected, the narrative shifted to “the walls are closing in on Donald Trump.” If it wasn’t Russia, Russia, Russia it was Stormy Daniels, putatively shady business deals or putative efforts at insurrection.

Saturday

Michael Simmons

Tariff turmoil: the end of globalisation or a blip in history?

From our UK edition

17 min listen

Globalisation's obituary has been written many times before but, with the turmoil caused over the past few weeks with Donald Trump's various announcements on tariffs, could this mark the beginning of the end for the economic order as we know it? Tej Parikh from the Financial Times and Kate Andrews, The Spectator's deputy US editor, join economics editor Michael Simmons to make the case for why globalisation will outlive Trump. Though, as the US becomes one of the most protectionist countries in the developed world, how much damage has been done to the reputation of the US? And to what extent do governments need to adapt? Produced by Patrick Gibbons.

Neal Pollack

First came the dire wolf – the wooly mammoth is next

With all the insane news this week surrounding President Trump’s tariff and trade drama, only one non-political story was significant enough to break through the news cycle: a Texas-based company called Colossal Biosciences has bred three dire wolves and is currently keeping them in a secret 2,000-acre natural habitat somewhere in the United States. That’s right: dire wolves. An extinct species. A beast so mythical that we only really know of it from Game of Thrones. In fact, as we learned in an interview with a comic book magazine, Game of Thrones creator George R.R. Martin has even visited the dire wolf reserve. There is a non-AI-generated photo of him online cradling a dire wolf pup and weeping tears of joy.  Immediately, skepticism blew up online.

Friday

Cockburn

Did Douglas Murray break Joe Rogan?

Douglas Murray and the end of ‘historians’ ‘It’s pretty hard to listen to somebody who says, “I don’t know what I’m talking about but now I’m gonna talk”’ Who gets to call themselves an expert? That’s the big question featured in a bruising episode of The Joe Rogan Experience, in which Rogan hosts The Spectator’s Douglas Murray and the libertarian comedian Dave Smith. Murray accuses Rogan of opening “the door to quite a lot of people who’ve now got a big platform, who’ve been throwing out counter-historical stuff of a very dangerous kind.” The nearly three-hour-long program begins with Murray asking if Rogan feels that his show has been “tilted one way” in its guest selection: Dave Smith v.

shares
Ross Clark

Who knew about Trump’s flip-flop?

As a piece of financial punditry, it could hardly be bettered. “THIS IS A GREAT TIME TO BUY”, screamed a post on the platform Truth Social on Wednesday morning. Hours later, the S&P 500 surged by 9 percent – its biggest percentage rise since 2008. The only trouble is that the tipster handing out this invaluable advice was the same man whose announcement caused the surge in the stock market: Donald J. Trump. Unsurprisingly, it has raised questions about who knew that Trump was about to do an about-turn and delay tariffs for 90 days – and whether any of them used the information to their personal advantage. Insider trading has long been treated as a serious issue among corporations.

Thursday

Katy Balls

‘The art of the deal’?

From our UK edition

15 min listen

Two days ago, talk of a 90-day pause on Donald Trump’s ‘reciprocal tariffs’ was branded ‘fake news’ by the White House. But yesterday, the President confirmed a 90-day pause on the higher tariff rates on all countries apart from China. There is some confusion about whether this was The Donald's plan from the start – although the safe assumption is that it wasn't, and that someone senior in the White House sat him down and explained the market chaos he has caused. Is this 'the art of the deal’? Regarding China, the President wrote: ‘Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125 per cent, effective immediately.

pivot
Kate Andrews

The art of the pivot

“THIS IS A GREAT TIME TO BUY!!!” President Donald Trump wrote on his Truth Social account yesterday morning. With trillions of dollars wiped off stock market value since his tariff announcements last week, this appeared to be an attempt to manufacture a silver lining. It also happened to be a literal statement. Within a few hours, the stock market was surging as Trump announced a 90-day pause on the higher “reciprocal” tariffs for most countries, while hiking the tariff on Chinese goods to 125 percent. Was this careless? Intentional? Insider trading? According to the White House, it had been the strategy all along. The President told reporters it had been “the biggest day in financial history.” Speaking to his aides beforehand, Trump noted the market was rallying.