“Madness”: Trump Tariff Fiasco Suddenly Worsens amid Brutal Poll Drop

THE DAILY BLAST with Greg Sargent

The New Republic

News, Politics

4.4 • 800 Ratings

🗓️ 23 April 2025

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

On Tuesday, largely due to President Trump’s tariffs, the International Monetary Fund downgraded its projections for economic growth in a big way. Meanwhile, we’re already starting to see layoffs. All that comes as new polls show Trump cratering on the economy. Trump is now shifting blame to Federal Reserve Chairman Jerome Powell for the tariff fallout. But those attacks are only rattling markets and investors more, backfiring on Trump. We talked to one of the best economic commentators out there, Washington Post columnist Heather Long, author of a new piece on how Trump’s “tariff madness” is likely to drive us into a recession. She explains why the prognosis is so grim—and why Trump is in a bind with no easy way out. Looking for More from the DSR Network? Click Here: https://linktr.ee/deepstateradio Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Daily Blast from the New Republic, produced and presented by the DSR Network.
0:16.5	I'm your host, Greg Sargent.
0:31.7	President Donald Trump's tariffs just produced some terrible economic news.
0:38.5	On Tuesday, the International Monetary Fund downgraded its projections for economic growth in a big way,
0:44.2	particularly for the United States. Meanwhile, we're already starting to see some layoffs,
0:50.4	some of them deep in Trump country. And all that comes as new polls show Trump cratering on the economy. Trump is now actively laying the groundwork to blame Federal Reserve Chairman
0:56.4	Jerome Powell for the fallout from his tariffs. But his attacks on the Fed chair are only
1:01.7	rattling markets and investors more. The Wall Street Journal ripped into Trump over exactly this,
1:08.0	declaring that the quote, markets are spooked because Trump is running everything
1:12.5	by his impulses. It all looks like quite a bind for Trump. And to make sense of it all, today
1:18.8	we're talking to one of the best economic commentators out there, Washington Post columnist Heather
1:23.6	Long. Thanks for coming on, Heather. Hey, with an intro like that, of course I'm coming. Thanks.
1:30.1	Yeah, we always treat our guests well around here, Heather. So the IMF forecast was bad. Its World Economic
1:37.4	Outlook Report projects that global output will slow to 2.8% this year down from 3.3%.
1:45.0	In the U.S. output is expected to slow to 1.8% this year down from 2.8% in 2024.
1:53.3	In early January, things were looking a lot better for the economy.
1:57.1	Something happened between now and then.
1:58.9	What happened, Heather?
2:00.5	Oh, boy. First of all,
2:02.1	it's important to know that the IMF is very conservative. So for them to get to 1.8 is sort of like
2:08.0	everybody else's 0.2 or negative number. So obviously, dramatic change has happened. And we're all very aware of the tariff situation, looking at some of the highest tariffs in the United States has had in over a century going back to the Great Depression era, some in some cases even earlier, depending upon how you calculate the exact figure.
2:34.0	But we basically haven't seen anything like this
	...

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