Editorial: A respite from chaos as Trump blinks on tariffs

The Philadelphia Inquirer Editorial Board, The Philadelphia Inquirer on Apr 11, 2025

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Donald Trump caved.

After days of bluster and trillions in financial losses, Trump backed down on his latest round of reciprocal tariffs. Stock markets roared back after he once again paused the levies for 90 days on all countries except China.

The president tried to claim victory amid the wreckage of his defeat. But to clear-eyed analysts, it is painfully obvious Trump is in deep over his head. He has no idea what he’s doing, yet continues to whipsaw the world around like a madman while callously risking Americans’ life savings and livelihoods.

Trump did not care about the financial pain and anxiety he inflicted on small-business owners, farmers, factory workers, or old-age pensioners. It was only after billionaire tech moguls, private equity vultures, and GOP mega-donors began squealing that Trump blinked.

These are the same fanboys who created this monster and cheered on Trump’s other reckless policies, from attacking allies, cozying up to dictators, laying off federal workers, undermining science, destroying higher education, upending the rule of law, deporting legal residents, and weakening national security.

But as stocks nose-dived last week while Trump played golf in Florida, the country club set got a little nervous. As the losses continued to pile up on Monday and Tuesday, some loyal sycophants — including unelected copresident Elon Musk — started to speak out.

As the nativists got restless, Trump tried to reassure them. He defended his moronic tariffs during a rambling 90-minute address to Republican political donors Tuesday night in which he said, “I know what the hell I’m doing.”

That was a clear tell. Trump reversed course the following morning as stocks, bonds, and oil prices continued to fall.

Trump officials tried to spin the on-again, off-again tariff announcement as some kind of grand plan.

Treasury Secretary Scott Bessent said that the reversal on tariffs was the president’s strategy “all along.” But Trump said he made the decision in response to the market turmoil.

Rep. Steven Horsford, D.-Nev., succinctly summed up Trump’s first couple of months in office during a hearing with trade adviser Jamieson Greer: “This is amateur hour.”

Diane Swonk, the chief economist at KPMG, said, “This is nuts.” She added that the 90-day pause only compounded the waste of time and money everyone is expending while Trump zigzags. “Uncertainty is its own tax on the economy.”omp

No one should be surprised by Trump’s chaos, recklessness, and incompetence. He did the same nonsense during his first term, issuing illegal orders, picking needless fights, and floating inane ideas.

Did everyone forget this is the same unhinged guy who, in the middle of the pandemic, recommended people inject bleach to combat COVID-19? Tens of thousands of people died needlessly because of Trump’s idiocy, yet somehow, he was reelected.

One violent insurrection, a criminal conviction, two impeachments, and three other criminal indictments later, a slim majority of voters decided they wanted more.

But this time, it is going to be much worse. The U.S. Supreme Court essentially said Trump is above the law. The Republicans who control Congress can’t rubber-stamp Trump’s foolishness fast enough.

Now, the inmates are running the Washington asylum. An anti-vaxxer and a TV doctor with a history of baseless medical claims are in charge of public health. A part-time Fox News host who texts war plans on unsecured devices oversees military security.

A conspiracy theorist is running the FBI. A Russian sympathizer is handling national intelligence. The list of hopeless and clueless cabinet members goes on and just gets worse, as Trump and Co. wage war on science, education, democracy, the Constitution, and the rule of law.

Trump’s image as a savvy businessman has always been a mirage. He bankrupted six businesses and saddled future generations with trillions of dollars in debt during his last term. He doesn’t understand basic economics, let alone the complex system of trade he decided to take a sledgehammer to.

Experts said Trump’s tariff math was wrong, made no sense, and would cause a recession. History showed tariffs worsened the Great Depression. The tariffs were estimated to cost the average American household $4,600 a year in higher prices. They were also projected to increase inflation and spur layoffs.

Trump ignored all the facts and warnings. He decided to mess around and find out — no matter the cost to everyone else.