Today is the day that Trump’s Liberation Day tariffs go into effect. The market has had a few dead cat bounces but remains significantly lower than a week ago, when Trump initially announced the tariffs. The dollar remains considerably lower, too. Interest rates on bonds are rising. Walmart and Delta, among other major businesses, are announcing that they must revise all their future projects because of the tariffs.
Perhaps most importantly, Fox News has finally begun to talk about the potentially negative impacts of the tariffs on one of the President’s favorite shows: Fox and Friends.
Here’s the full quote:
“We think that China is gonna have to pay for it. A special needs toy importer– when the tariff went into effect, his tariff bill went from $26,000 at midnight to $346,000. And that’s money that’s got to have to come out of his pocket… They think foreign countries have to pay the tariff, that’s not true. Tariffs are being paid by Americans.”
I’m not sure who they think the “we” who think other countries will pay for the tariffs are.
Oh wait:
That clip is from a Republican Party dinner last night.
Fox and Friends’ reality check represents a significant shift for Fox in terms of content. Until now, all of the significant Fox editorial content (Watters, Hannity, Ingraham) has been more or less all in on supporting the tariffs.
Chances are that President Trump watched the segment. The only question is whether or not he is listening. This gets us to a larger issue about President Trump’s media consumption habits:
