During yet another Truth Social meltdown on Sunday, President Donald Trump complained about “BAD STORIES” about his dismal approval rating and pushed more lies about his ill-conceived trade war.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!” he wrote.
Someone should probably tell Treasury Secretary Scott Bessent about this “BONANZA,” since he’s called Trump’s escalating trade war with China “unsustainable” during closed-door meetings with financial leaders. Bessent has also predicted that the United States and China will need at least two or three years to negotiate new trade terms.
Meanwhile, a leading agricultural exports group announced Monday that U.S. farms have already experienced “massive” losses as a result of Trump’s trade war—losses that cannot be recouped.
Peter Friedmann, executive director of the Agriculture Transportation Coalition, told CNBC that the amount of agricultural purchases canceled by China already amounts to “a full-blown crisis” for U.S. farmers.
And the same seems to be true for U.S. households.
According to the Yale Budget Lab, U.S. households are expected to face nearly $3,000 in additional costs in 2025. Unemployment is also projected to rise—job growth has already been slowing under Trump—and it would take more than a decade for the revenue generated by his tariffs to match the revenue collected by U.S. taxpayers in a single year.
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At the same time, consumer confidence continues to plummet, and the business community is bracing for darker days ahead.
Last week, Jamie Dimon, CEO of JPMorgan Chase, told an audience of 500 investors that the best possible outcome from Trump’s trade war would be a “mild recession.”
But will it be a “BONANZA” mild recession?