LETTERS FROM AN AMERICAN
April 8, 2025
Heather Cox Richardson
Apr 09, 2025
Stocks were up early today as traders put their hopes in Treasury Secretary Scott Bessentās suggestion that the Trump administration was open to negotiations for lowering Trumpās proposed tariffs. But then U.S. Trade Representative Jamieson Greer said there would not be exemptions from the tariffs for individual products or companies, and President Donald J. Trump said he was going forward with 104% tariffs on China, effective at 12:01 am on Wednesday.
Markets fell again. By the end of the day, the Dow Jones Industrial Average had fallen by another 320 points, or 0.8%, a 52-week low. The S&P 500 fell 1.6% and the Nasdaq Composite fell 2.2%.
Rob Copeland, Maureen Farrell, and Lauren Hirsch of theĀ New York TimesĀ reported today that over the weekend, Wall Street billionaires tried desperately and unsuccessfully to change Trumpās mind on tariffs. This week they have begun to go public, calling out what they call the āstupidityā of the new measures. These industry leaders, the reporters write, did not expect Trump to place such high tariffs on so many products and are shocked to find themselves outside the corridors of power where the tariff decisions have been made.
Elon Musk is one of the people Trump is ignoring to side with Peter Navarro, his senior counselor for trade and manufacturing. Navarro went to prison for refusing to answer a congressional subpoena for information regarding Trumpās attempt to overturn the 2020 presidential election. Since Musk poured $290 million into getting Trump elected in 2024 and then burst into the news with his āDepartment of Government Efficiency,ā he has seemed to be in control of the administration. But he has stolen the limelight from Trump, and it appears Trumpās patience with him might be wearing thin.
Elizabeth Dwoskin, Faiz Siddiqui, Pranshu Verma, and Trisha Thadani of theĀ Washington PostĀ reported today that Musk was among those who worked over the weekend to get Trump to end his new tariffs. When Musk failed to change the presidentās mind, he took to social media to attack Navarro personally, saying the trade advisor is ātruly a moron,ā and ādumber than a sack of bricks.ā
Asked about the public fight between two of Trumpās advisorsātwo of the most powerful men in the worldāWhite House press secretary Karoline Leavitt told reporters: āBoys will be boys.ā
Business interests hard hit by the proposed tariffs are less inclined to dismiss the men in the administration as madcap kids. They are certainly not letting Musk shift the blame for the economic crisis off Trump and onto Navarro. The right-wing New Civil Liberties Alliance, which is backed by billionaire Republican donor Charles Koch, has filed a lawsuit claiming that Trumpās tariffs against China are not permitted under the law. It argues that the presidentās claim that he can impose sweeping tariffs by using the International Emergency Economic Powers Act (IEEPA) is misguided. It notes that the Constitution gives to Congress, not the president, the power to levy tariffs.
With Trumpās extraordinary tariffs now threatening the global economy, some of those who once cheered on his dictatorial impulses are now recalling the checks and balances they were previously willing to undermine.
Today the editors of the right-wingĀ National ReviewĀ urged Congress to take back the power it has ceded to Trump, calling it āpreposterous that a single person could enjoy this much power overā¦the global economy.ā They decried the āraw chaosā of the last week that has made it impossible for any business to plan for the future.
āWhat has happened since last Thursday is hard to fathom,ā they write. āBased on an ever-shifting series of rationales, characterized by an embarrassing methodology, and punctuated with an extraordinary arrogance toward the countryās constitutional order, the Trump administration has alienated our global allies, discombobulated our domestic businesses, decimated our capital markets, and increased the likelihood of serious recession.ā While this should worry all Americans, they write, Republicans in particular should remember that in less than two years, they āwill be judged in large part on whether the president who shares their brand has done a good job.ā
āNo free man wants to be at the mercy of a king,ā they write.
Senator Rand Paul (R-KY) told the Senate yesterday: āI donāt care if the president is a Republican or a Democrat. I donāt want to live under emergency rule. I donāt want to live where my representatives cannot speak for me and have a check and balance on power.ā
Adam Cancryn and Myah Ward reported inĀ PoliticoĀ today that Republican leaders are worried about Trumpās voters abandoning him as prices go up and their savings and jobs disappear. After all, voters elected Trump at least in part because he promised to lower inflation and spur the economy. āItās a question of what the pain threshold is for the American people and the Republican voters,ā one of Trumpās economic advisors told the reporters. āWeāve all lost a lot of money.ā
MAGA influencers have begun to talk of the tariffs as a way to make the United States āmanlyā again, by bringing old-time manufacturing and mining back to the U.S. Writer Rotimi Adeoye today noted MAGAās glorification of physical labor as a sort of moral purification. Adeoye points out how MAGA performs an identity that fetishizes ārural life, manual labor, and a kind of fake rugged masculinity.ā That imageāand the tradwife image that complements itārecalls an imagined American past. In reality, the 1960s manufacturing economy MAGA influencers appear to be celebrating depended on high rates of unionization and taxation, and on government investing heavily in infrastructure, including healthcare and education.
Adeoye notes that Trump is marketing the image of a world in which ordinary workers had a shot at prosperity, but his tariffs will not bring that world back.
In a larger sense, Trumpās undermining of the global economy reflects forty years of Republican emphasis on the myth that a true American man is an individual who operates outside the community, needs nothing from the government, and asserts his will by dominating others.
Associated with the American cowboy, that myth became central to the culture of Reaganās America as a way for Republican politicians to convince voters to support the destruction of federal government programs that benefited them. Over time, those embracing that individualist vision came to dismiss all government policies that promoted social cooperation, whether at home or abroad, replacing that cooperation with the idea that strong men should dominate society, ordering it as they thought best.
The Trump administration has taken that idea to an extreme, gutting the U.S. government and centering power in the president, while also pulling the U.S. out of the web of international organizations that have stabilized the globe since World War II. In place of that cooperation, the Trump administration wants to invest $1 trillion in the military. It is not just exercising dominance over others, it is reveling in that dominance, especially over the migrants it has sent to prison in El Salvador. It has shown films of them being transported in chains and has displayed caged prisoners behind Homeland Security Secretary Kristi Noem, who was wearing a $50,000 gold Rolex watch.
Now Trump is demonstrating his power over the global economy, rejecting the conviction of past American leaders that true power and prosperity rest in cooperation. Trump has always seen power as a zero-sum game in which for one party to win, others must lose, so he appears incapable of understanding that global trade does not mean the U.S. is getting āripped off.ā Now he appears unconcerned that other countries could work together against the U.S. and seems to assume they will have to do what he says.
Weāll see.
For his part, Trump appears to be enjoying that he is now undoubtedly the center of attention. Asked to make ādinner remarksā at the National Republican Congressional Committee tonight, he spoke for close to two hours. Discussing the tariffs, he delivered a story with the āsirā marker that indicates the story is false: āThese countries are calling us up. Kissing my ass,ā he told the audience. āThey are dying to make a deal. āPlease, please, sir, make a deal. Iāll do anything. Iāll do anything, sir. And then Iāll see some rebel Republican, you know, some guy that wants to grandstand, saying: āI think that Congress should take over negotiations.ā Let me tell you: you donāt negotiate like I negotiate.ā
Trump also told the audience that "I really think we're helped a lot by the tariff situation thatās going on, which is a good situation, not a bad. It's great. Itās going to be legendary, you watch. Legendary in a positive way, I have to say. Itās gonna be legendary.ā
LETTERS FROM AN AMERICAN
HEATHER COX RICHARDSON








