A biographer from Donald Trump had a grim look at how the president will influence the American economy, warning that Americans will soon start with the consequences of rates.
Winner of the Pulitzer Prize David Cay Johnston, an old Trump critic who has written several books about him, spoke about Trump's 'disastrous' economic policy in the latest episode of the new Podcast of DailyMail, Welcome to Magaland.
“Donald believes that rates are being paid through abroad, although that is ridiculous,” said the former reporter of the New York Times on Monday, adding that it will be the American consumer who will pay for the rates.
'Donald is a scammer in heart and soul. He is very good at it. He has convinced millions of people that his plan will make us rich. It is not possible that this will happen – the actions he has taken cannot lead to enormous wealth except a relatively small number of people at the very top. '
President Trump has shocked economists while he continues to double at rates in Canada and Mexico; On Tuesday he said that he would double the planned rates on steel and aluminum to 50 percent for Canada, so that the trade war escalated in response to the price increases that Ontario on electricity was set up on the US.
“Donald's tariff plan goes back to the era in the United States in the late 18th and 19th centuries when the government was very small and the rates were a way to build the economic muscle of domestic manufacturers,” Johnston said about Trump's economic policy.
The biographer predicted that the approval classification of Trump will suffer as soon as the consequences of rates begin to bite.
“Donald's reviews will stay good until people discover that his economy is not good for them,” he said. I think it will take a while, but it will not surprise me if we start to see in the summer that Americans acids and say, “Wait a moment, what's going on here?”
Rates imposed by President Donald Trump will, according to one of his biographers, have a devastating effect in the American economy
Winner Pulitzer Prize David Cay Johnston, an old Trump critic, says that Americans can feel the consequences of rates as soon as this summer
Trump has pronounced admiration for the Gilded Age Economy and President William McKinlye, who imposed severe rates because the US economy grew a century ago before the US had an income tax.
His trading secretary Howard Lutnick has said that one of Trump's goals is with rates to abolish income tax and the IRS and to have abroad paying abroad for American services.
The president has promised that his economic plan will make America so rich “You will not know where to spend all that money.”
But on Monday, the US stock market had the worst day in three years when Wall Street wondered how much pain President Trump will endure the economy due to rates and other policies to get what he wants.
The S&P 500 fell 2.7 percent to drag it almost 9 percent below all time, which was set last month. At a certain point, the S&P 500 had fallen by 3.6 percent and on the right track during the worst day since 2022. That is the moment when the highest inflation fragments in generations of budgets and worrying about a possible recession that never came.
The industrial average of Dow Jones fell 890 points, or 2.1 percent, after having bought an earlier loss of more than 1,100, while the Nasdaq composite hurled with 4 percentage.
It was the worst day in a scary piece where the S&P 500 has waved more than 1 percent, up or down, seven times in eight days because of Trump's on -S -Gain rates.
The care is that the Whipsaw movements will harm the economy directly or create sufficient uncertainty to bring American companies and consumers into an economy-priesting paralysis.
The economy has already given some signals of weakening, usually through surveys that have increased pessimism. And a much -followed collection of real -time indicators compiled by the Federal Reserve Bank of Atlanta suggests that the American economy may already be shrinking.
In the weekend asked if he expected a recession in 2025, Trump told Fox News: 'I hate to predict things like that. There is a period of transition, because what we do is very large. We bring wealth back to America. That's a big thing. '
He added: 'It takes a while. It takes some time. '
