Imagine you’re an executive at an American company that relies at least in part on imports and exports. As part of your day-to-day responsibilities, you have to make decisions about product purchases, shipping, staffing and investments that will shape your business’ future.
Then imagine you saw a timeline like this one:
Feb. 1: Trump announces the imposition of new tariffs on the United States’ three largest trading partners — Canada, Mexico and China — and says there is nothing anyone can do to delay the policy.
Feb. 3: The American president backs off, claiming he’s made some last-minute deals that effectively did not exist.
March 4: Trump again announces that he’s imposing tariffs on Canada, Mexico and China.
March 5: He exempts auto makers from his policy.
March 6: Trump issues another round of broad exemptions for a wide range of goods.
April 2: In a speech filled with bizarre lies, president announces it’s “Liberation Day” and unveils sweeping international tariffs based on a formula that was quickly exposed as gibberish.
April 3 to April 8: The president, White House officials, congressional Republicans and their allies insist there is simply no way that Trump would back down under pressure as his tariff policy rocks global markets and raises the specter of a recession.
April 9: Trump backs down under pressure, pausing much — but not all — of his failing policy.
Treasury Secretary Scott Bessent told reporters after the reversal, “[T]his was his strategy all along.”
And if you believe that, I have a degree from Trump University that I’d love to sell you.
Democratic Rep. Jim McGovern of Massachusetts spoke on the House floor and told his colleagues, “How is any company supposed to forecast for their future, build a plant, hire workers, if they have no idea what the hell this president is gonna do in his next tweet? … I need a neck brace to be able to get through all this.”
Indeed, it’s important to emphasize that Trump’s reversal does not create an “all’s well that ends well” dynamic. An erratic White House has created months’ worth of chaos, undermining international confidence in the United States, its economy and its leadership. Complicating matters, the new policy — at least for now — is still likely to undermine the economy, and no one seems altogether sure exactly what the new tariff rates are for our largest trading partners.
This is a fiasco for the ages, and it’s difficult to say when, or if, the United States’ standing will recover.
