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'Blow your mind': Experts expose new 'major math error' in Trump trade formula
Experts from a conservative think tank are challenging "bad math" in President Donald Trump's complicated-looking formula explaining why he thinks tariffs are a good idea. CNN's John Berman exclaimed, "This is going to blow your mind here!" when introducing two economists with The American Enterprise Institute who pointed out the "major math error" to the Trump administration. Dr. Stan Veuger explained that the administration "picked the wrong number" based on the results of a research paper to fill in one of the Greek symbols used "to make their approach look a little more sophisticated." The result made each tariff "four times bigger" than they would have been had they used the right number. "I don't think much of the approach makes sense, even conceptually," Veuger said. "But if we're going to take their approach seriously, if we're going to say, 'We're going to base our tariffs, our entire international trading system, on this formula,' they have to put in the right numbers and do the calculation correctly." ALSO READ: ‘I miss lynch mobs’: The secretary of retribution's followers are getting impatient Berman asked, "Have you taken this to them? Have they acknowledged that they have a bum number in here?" "They have not disagreed with us on the substance," Veuger answered. "In fact, what we've seen is that senior members of the administration — Steve Miran, yesterday, who's the chairman of the council of economic advisers, Scott Bessent this morning, who is the treasury secretary — they have both said, 'We had nothing to do with this formula. That was other people in the administration.' "Normally, if you're convinced of the accuracy, the wisdom of your policies, you do not point fingers at other people in the administration and say, 'They came up with this, we did not.'" Dr. Kevin Corinth added, "It's important to point out that we're talking about corrected tariffs. These are not the correct tariffs; we're just saying if you apply their formula correctly, they should have been a fourth as high as what they're saying they should be. But we are not at all endorsing this approach...To say that we should only base these tariffs on the trade deficit is just bad economics." Watch the clip below or at this link via CNN.
'Watch him sweat': Europe reportedly sharpens knives as it sees 'self-destructive' Trump
Jakob Hanke Vela, the bureau chief at the German economics paper Handelsblatt, has been chatting with European trade officials in recent days who are holding off on launching a counterattack to President Donald Trump's trade war — largely because they believe he's sufficiently hurting himself.Writing on X, Vela relayed some of the whispers he's been hearing from European officials who are amazed as Trump takes a wrecking ball to his own economy."Nobody in the Commission thought that the U.S. government would be this stupid and self-destructive," one EU official told him. "That they would blow up their own country by letting ChatGPT make their trade policy." RELATED: MAGA fan who gifted Trump Rolex loses '8 figures' in market collapse: 'Kamala, come back!'Vela added that European officials have been quietly sharpening their knives and preparing "brutal countermeasures" against Trump, but are in no rush to implement them because they don't want to give Trump a scapegoat to blame for a deteriorating American economy."Inside the Commission and among EU trade ministers, the mood is calm — almost mocking, reports Vela. "'We’ll just let them stew,' another senior official says. 'If Trump doesn’t blink by the end of the month, we’re ready to hit hard.' But for now? They'll watch him sweat."Trump last week launched a sweeping series of tariffs against nearly every nation in the world, including on a remote island whose only notable inhabitants are penguins.Ever since then, markets across the world have crashed and economists have drastically raised the odds of a recession hitting the American economy this year. — (@)
US scholar in Thailand jailed pending trial on charges of insulting the monarchy
A U.S. political science scholar accused by the Thai Army of insulting the Southeast Asian nation’s monarchy, an offense punishable by up to 15 years in prison, has been jailed pending trial
Stubborn Trump is backed into a corner — and is forcing US to 'ugly endgame': analysis
CNN's Stephen Collinson believes that there is no easy way out for President Donald Trump when it comes to his trade war — and that means the American economy is headed for what he describes as an "ugly endgame."In his latest analysis, Collinson makes the case that Trump has backed himself into a corner by refusing to budge from his trade wars with nearly every nation on the planet, including a remote island that is primarily populated by penguins."A president who believes he enjoys almost absolute power and who has torn off the constraints of his first term is not looking for an off-ramp," Collinson warns. "And his zeal for confrontation and sense of mission may also have implications beyond the economy and for other policy areas — such as his expansionist designs on Greenland and Canada, his mass migrant deportations and cultural warfare."ALSO READ: Elon Musk attempted 'intervention' in major 'break' with signature Trump policy: reportCollinson thinks that it will be hard for America's trade partners to actually negotiate with Trump give his beliefs about basic economic concepts such as trade deficits, which Trump has insisted that other countries eliminate as a precondition before he'll consider lowering his tariffs."His ideas appear to make sense only according to his own internal logic and conflict with accepted economic theory, the advice of experts or even reality," he observes.This was on display this week when Trump rebuffed offers from Israel, Vietnam and the European Union to lower tariffs to zero on the grounds that they were still supposedly "taking advantage of the United States."In fact, Trump even took a rare direct shot at Israeli Prime Minister Benjamin Netanyahu during a meeting in the Oval Office this week."Don’t forget, we help Israel a lot," Trump said when asked about the possibility of sparing Israel from tariffs. "You know, we give Israel $4 billion a year. That’s a lot. My congratulations, by the way."
'Serious crisis': Analyst warns even Trump's 'die-hard MAGA' fans may soon jump ship
Even the staunchest MAGA Republicans who vehemently argue in favor of President Donald Trump's tariffs could jump ship in the case of a full-blown recession, a new opinion piece in Salon posited.Columnist Heather Digby Parton wrote in Monday's column that the weekend "performances" of Trump's economic and trade team members who ran the gamut of cable news interviews no doubt pleased the president because they told him "exactly what he wanted to hear."Parton continued, "Unfortunately for him, these people sounded to the rest of America like they had just flown in on a spaceship and virtually no one but the most die-hard MAGA cultist or a member of the Trump administration is buying any of that."Surely anyone paying attention "knows that the world economy is in a serious crisis precipitated by Trump and Trump alone," Parton argued.ALSO READ: 'The Hard Reset': Here's how the U.S. is exporting terrorism around the worldAnd, although Trump's "almost impermeable" bubble of supporters continue to feed into his belief that tariffs are the answer to the nation's economic ills, Parton wrote that "purposefully wrecking the economy may just penetrate into the GOP."She quoted Nate Cohn of The New York Times, who speculated, "If the economic fallout is bad enough...congressional Republicans’ continued support of (or acquiescence to) Mr. Trump — whether on tariffs or his other excesses — could be in jeopardy.""In a normal world, there would be no question that tanking the economy would be political suicide," Parton wrote. "But Donald Trump believes he is impervious to the political laws of gravity, and in some ways you can't blame him. He has survived more scandals than any politician in American history."At some point, she said, "you have to wonder if self-preservation may start to look a little different to the other Republicans if the country is mired in recession and the federal government has been so devastated that it can't respond. If not, they may be in for a very big surprise in 2026."Read the Salon article here.
'Incompetent cadre of yes men': CEOs furious at Trump team amid chaotic market spiral
A CNBC survey of business executives revealed an overwhelming majority expected an economic recession as a result of the Trump tariffs, with one calling the whole situation, "disproportionally stupid and illogical."The business network reported the results of a "CEO flash survey" it conducted among its CNBC Council members including 22 chief executives. According to the report, 69 percent said they expected a recession, with more than half predicting the economic decline would occur this year. Three-quarters of those CEOs described the coming recession as "moderate or mild," the survey showed.One CEO labeled it "the Trump recession."Further results revealed that just over a third of the CEOs said they expected to cut jobs due to the downturn, with just under half claiming it was still too soon to know what changes will need to be made. The CEOs taking a "wait-and-see approach" said they're running through worst-case scenarios involving their suppliers and consumers.ALSO READ: 'Not much I can do': GOP senator gives up fight against Trump's tariffs"CEOs expressed a wide variety of views and emotions," the report said, with one stating, "Trump has imposed tariffs on component parts that are simply unavailable in the U.S. and never will be. He has surrounded himself with an incompetent cadre of yes men and women unable or unwilling to offer him cogent counsel."All of the CEOs said they will have to raise consumer prices from between 5 percent to 20 percent, with one CEO saying, "We imagine that our suppliers will have to swallow part of the tariff and we will have to pass on part of the tariff to our customers."Trump has claimed that the tariffs would encourage new manufacturing plants to be constructed in the U.S., but "few" of the CEOs surveyed agreed the administration's policies "would lead their company to build new domestic manufacturing," CNBC reported."Increased capital expense for construction will delay, or reduce the scale of projects," one CEO said, while another claimed, "tariffs on building goods will likely slow and postpone capital construction projects."Still another commented, "All of the uncertainty with how it's being handled will harm our business and limit investment until this is all concluded."On Monday, high-profile hedge fund manager Bill Ackman and JPMorgan Chase CEO Jamie Dimon both denounced the tariffs' deleterious effects on the economy, but Trump remained undeterred. The president threatened to tack an additional 50% tariff on China after that nation imposed retaliatory tariffs, causing the markets to continue their downward spiral.Read the CNBC report here.
Defence secretary meets family of Kenyan woman allegedly killed by British soldiers
Relatives of Agnes Wanjiru say 13-year fight for justice has taken ‘heavy toll’ after meeting with John HealeyThe family of a Kenyan woman who was allegedly killed by British soldiers have said their 13-year fight for justice has taken a “heavy toll”, and that they have been offered “too many empty promises” after a meeting with the defence secretary.Agnes Wanjiru was 21 when she disappeared in March 2012. She was last seen in the company of British soldiers in a bar in a hotel in Nanyuki, a town in eastern Kenya where the British army has a military base, BATUK. Continue reading...
Netanyahu and Trump to talk tariffs, Iran and Gaza
Israeli Prime Minister Benjamin Netanyahu was in Washington on Monday to meet Donald Trump, whom he will likely ask for a reprieve from US tariffs while seeking further backing on Iran and Gaza.Netanyahu becomes the first foreign leader to meet Trump in the US capital since the "Liberation Day" tariffs announcement sent global markets crashing.He was also due to discuss the war in Gaza, following the collapse of a short-lived truce that the United States had helped broker.Arriving in Washington direct from a visit to Hungary, Netanyahu's chief objective was to try to persuade Trump to reverse the decision, or at the very least to reduce the 17 percent levy set to be imposed on Israeli imports before it takes effect.Upon arrival, Netanyahu met with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, according to his office.Before leaving Budapest, Netanyahu had said his discussions would cover a range of issues, including "the tariff regime that has also been imposed on Israel"."I'm the first international leader, the first foreign leader who will meet with President Trump on a matter so crucial to Israel's economy," he said in a statement."I believe this reflects the special personal relationship and the unique bond between the United States and Israel, which is so vital at this time."Analysts said Netanyahu would seek to secure an exemption from the tariffs for Israel."The urgency (of the visit) makes sense in terms of stopping it before it gets institutionalised," said Jonathan Rynhold, head of political studies at Bar-Ilan University in Tel Aviv.Such an exemption would not only benefit Trump's closest Middle East ally but also "please Republicans in Congress, whose voters care about Israel, but are unwilling to confront Trump on this at this point," he said.Israel had attempted to avoid the new levy by moving preemptively a day before Trump's announcement and lifting all remaining duties on the one percent of American goods still affected by them.But Trump did not exempt Israel from his global salvo, saying the United States had a significant trade deficit with the country, the top beneficiary of US military aid.- Gaza truce, Iran -The Israeli leader's visit is "also a way for Netanyahu to play the game and show Trump that Israel is going along with him," said Yannay Spitzer, a professor of economics at Hebrew University."I would not be surprised if there is an announcement of some concession for Israel... and this will be an example for other countries."Netanyahu will also discuss the war sparked by Hamas's October 2023 attack, the Israeli hostages still held in Gaza, and the "growing threat from Iran", his office said.Israel resumed intense strikes on Gaza on March 18, and the weeks-long ceasefire with Hamas that the United States, Egypt and Qatar had brokered collapsed.Efforts to restore the truce have failed, with nearly 1,400 people killed in renewed Israeli air and ground operations, according to the health ministry in the Hamas-controlled territory.Palestinian militants in Gaza are still holding 58 hostages, including 34 the Israeli military says are dead.On Iran, Trump has been pressing for "direct talks" with Tehran on a new deal to curb the Islamic republic's nuclear programme.But Iranian foreign ministry spokesman Esmail Baghai said Tehran's proposal for indirect negotiations was "generous, responsible and wise".There has been widespread speculation that Israel, possibly with US help, might attack Iranian facilities if no agreement is reached.Baghai also said that Iran was ready to respond in case of attack."Should the threats against Iran be realised, they would precipitate a swift, immediate and global response from Iran's side," he said.
'Weakness and fear': German official exploits apparent rift between Trump and Musk
German Economy Minister Robert Habeck is trying to exploit divisions over tariff policy between President Donald Trump and billionaire ally Elon Musk.Via journalist Walter Bloomberg, Habeck pointed to recent remarks from Musk saying he would like there to be a total free trade zone between America and Europe in which no one charges tariffs on imports."What Elon Musk said on tariffs is a sign of weakness and fear, he should talk to his president," Habeck said.ALSO READ: 'Destroying confidence in our country': Trump-backing billionaires in full tariff revoltMusk over the weekend took shots at Trump trade adviser Peter Navarro, who has been one of the biggest cheerleaders for the massive tariffs Trump has levied against the entire world, and he posted a video on his X account on Monday morning that lauded the value of international trade.Regardless, Trump has indicated that he is completely unwilling to budge on tariffs, which he has said are part of a strategy to make the United States "rich" despite the fact that they are a regressive tax whose burden primarily falls on American consumers.
Trump administration revokes all South Sudanese visas in repatriation row
State department accuses east African country of ‘taking advantage of the United States’The US is revoking the visas of all South Sudanese passport-holders and will stop any more of its citizens entering the country.The Department of State said South Sudan was “taking advantage of the United States” by failing to comply with US efforts to return people to the east African country, adding that the measures would come into effect immediately. Continue reading...
UK readies to protect industry as US tariffs upend old order: Starmer
The "world as we knew it" is over and the UK "stands ready" to use direct state intervention to shelter industries from the US tariff storm, Prime Minister Keir Starmer said Sunday.US President Donald Trump's imposition of sweeping tariffs on Wednesday shows that "old assumptions can no longer be taken for granted," Starmer said in a op-ed for the Sunday Telegraph newspaper."The world as we knew it has gone," he wrote.The new world will be governed less by established rules and "more by deals and alliances," added the prime minister. "It demands the best of British virtues -– cool heads, pragmatism and a clear understanding of our national interest," he said.The UK leader reiterated his government's belief that "nobody wins from a trade war" and that the immediate strategy was "to keep calm and fight for the best deal."However, he insisted a US trade deal will only be struck "if it is right for British business" and that "all options remain on the table" in responding to the 10 percent tariffs on the UK.In an immediate sign of the tariff fallout, UK luxury car manufacturer Jaguar Land Rover said on Saturday that it will "pause" shipments to the United States in April as it addressed "the new trading terms".Recognising the shifting global economic sands, Starmer said that he was now prepared to use direct state intervention to protect certain sectors."This week we will turbocharge plans that will improve our domestic competitiveness," he wrote, ahead of an expected major announcement on industrial strategy."We stand ready to use industrial policy to help shelter British business from the storm. "Some people may feel uncomfortable about this... but we simply cannot cling on to old sentiments when the world is turning this fast," he added.
'Hands Off!' Anti-Trump Americans flood Washington
When Liz Gabbitas joined thousands of fellow protesters Saturday in the US capital, she thought her message to the Trump administration would be best delivered through her homemade sign: a cardboard guillotine.The 34-year-old librarian made clear she does not advocate violence, but nevertheless insisted that her one-meter (three-foot) sign, complete with tin foil blade, "communicated the visual language" of revolutionary fervor she longs for less than three months into Donald Trump's presidency."It's easy to be overwhelmed with all of the horrible things going on" under Trump's leadership, she told AFP at the base of the Washington Monument, just blocks from the White House."I'm worried that the separation of powers is dissolving," she added, noting Trump's dramatic expansion of executive authority. "And I do worry that people get into the trap of feeling like, well there's nothing I can do."Americans were taking action all around her, however, on the biggest day of national "Hands Off" protests since Trump returned to power.Hand-scrawled "Resist" signs poked up from the crowd, which organizers said amounted to more than 20,000 people.Some protesters dressed in the red cloaks of "The Handmaid's Tale," a popular novel and TV series about a totalitarian society. Others carried American flags upside down, traditionally a symbol of distress or danger to the country's liberties. "You did Nazi this coming," screamed a sign.Bob Dylan's protest classic "Masters of War" oozed from a portable speaker. A larger-than-life paper mache model of Elon Musk, the billionaire whom Trump has tasked with slashing the federal workforce, cast a fascist salute."Because of Trump and Elon and DOGE, my project died and I was laid off," said Annette, a 39-year-old from Oregon who recently lost her government contractor job in international development.While she fears a collapse in US-funded humanitarian work worldwide, "I'm really heartened to see so many people out here," she said.But "this is not enough... Congress needs to get off their asses, I think," she said."Unfortunately," she added, "I feel this in my heart that people aren't going to come out until it hurts them personally somehow."- 'Coup' by oligarchs -Half a mile away, Shelly Townley and her husband were making their way past the White House, provocatively holding an upside-down American flag and a sign reading "Stop the Musk Coup.""I feel sad. This is the first time I've walked by here without crying," Townley, a 62-year-old from North Carolina, told AFP. "I believe we're under a coup right now, by oligarchs, much to my dismay," and "the checks and balances of our government" are disintegrating, she added.Even though Trump was away in Florida, Townley found herself looking at the White House through tall metal fencing erected ahead of the rally."I wish that instead of being at a golf tournament at Mar-a-Lago that he was in there and could see what was happening out here, that the people are out here" opposing his policies, she said.Not everyone was comfortable openly protesting in public, especially given Trump's executive order issued last week that approves deployment of "a more robust Federal law enforcement presence" in Washington. A 51-year-old woman who represents an NGO said she was wearing a mask "to protect my identity.""I think they are using AI and different recognition technologies to out people and to then punish them," she added."It's all about loyalty with this administration," she warned. "And if you're disloyal, you're at risk of losing everything."
