National & Minnesota Report
In what can only be described as a bewildering flip-flop, President Donald Trump (R) recently announced a 90-day pause on tariffs that had been set to dramatically reshape the global trade landscape. This sudden backpedal comes after the president, just days earlier, declared his unyielding commitment to the tariffs, insisting that he wouldn’t “blink.” Yet, on Wednesday, he did exactly that, just as the tariffs were on the cusp of implementation. This shift begs the question: Was this the result of pressure from donors, plummeting bond markets, or was it merely a case of Trump caving to political realities?
Former Federal Reserve Chair and Treasury Secretary Janet Yellen didn’t mince words when discussing Trump’s economic policies, bluntly calling them the “worst self-inflicted wound” by any administration. Her assessment encapsulates the stunning incompetence that has come to define the Trump era, where chaotic, erratic decisions have often been followed by equally chaotic reversals.
Indeed, the tariff suspension was made just as the stock market began to panic, and bond yields plunged. Trump, who has frequently claimed credit for any positive market movement, seemed quick to step back when it became clear that the very policies he championed were beginning to unravel. As recently as Tuesday, Trump had doubled down on his stance, declaring that tariffs were necessary to “level the playing field.” Yet, only a day later, he stood before the cameras announcing a temporary halt, admitting that the tariffs were causing too much unease. It was, in essence, a desperate attempt to stymie the market volatility his own administration had created.
The disconnect between Trump’s earlier rhetoric and his sudden retreat only highlights his failure to understand the economic consequences of his actions. It was no surprise to many when House Press Secretary Karoline Leavitt tried to justify the president’s reversal, claiming that the media “clearly missed” the genius of Trump’s so-called “Art of the Deal.” This laughable defense only serves to underscore the delusion surrounding Trump’s policies, where self-aggrandizing narratives often overshadow basic economic understanding. Besides, he didn’t even write the book it was ghostwritten for him by Tony Schwartz, nor is it likely he even has read it.
What’s more, Trump’s habitual need to shift blame remains ever-present. As the tariffs began to take their toll, he quickly pivoted to blaming the Biden administration for everything that went wrong. In fact, just as this article is being written, Trump is convening a cabinet meeting where his secretaries and the ever-present Elon Musk are sitting around a table, engaging in yet another round of disparaging remarks aimed at the current administration’s “failed policies.” It’s a familiar refrain from Trump’s camp: When things go wrong, it’s always someone else’s fault, never his.
In this environment, it seems that Trump and his sycophantic cabinet members have become so caught up in their inflated egos that reality has become secondary. If beauty is indeed in the eye of the beholder, then perhaps Trump’s cabinet should be replaced with mirrors and recorded messages that constantly remind them of how wonderful he is. After all, Trump’s reality is one that can only exist in a world of sycophants, yes-men, and uncritical followers who are willing to ignore his many blunders.
The ultimate irony of this tariff debacle is that the very same people who cheerlead his every move are now watching him retreat from a policy that was supposed to signal his tough, deal-making persona. Instead, we are left with an administration that has repeatedly shown it is more adept at making disastrous, self-inflicted wounds than actually managing the complex global economy. It’s time to stop pretending that Trump’s economic decisions are anything other than a series of reckless moves driven by political posturing rather than any real understanding of the world’s financial systems.
In the end, the 90-day tariff pause isn’t a victory for Trump—it’s a glaring admission of failure. This 90-day reprieve may provide temporary relief, but it does nothing to address the underlying incompetence and unpredictability that has marked Trump’s economic policies from the beginning. The truth is, when it comes to international trade and economic strategy, Trump is a man who continues to make promises that he is incapable of keeping, and when his policies begin to backfire, he’s quick to blame others and take credit for things he had no part in. His “Art of the Deal” is nothing more than an illusion—a hollow boast from a president who has consistently failed to deliver on his grand economic vision.