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Fox News’ propagandists cheered President Donald Trump’s tariff climbdown as a “huge win” that shows he was playing “3D chess” and executing the “Art of the Deal.” Meanwhile, reporters at outlets including Fox pointed out that Trump had “capitulated” out of fear that his unilateral imposition of massive taxes on all of our trading partners was triggering a collapse in the bond market.
Trump announced on Wednesday a 90-day pause on the massive tariffs he had proposed the previous week on dozens of countries and farcically described as “reciprocal,” with the countries instead subject to a still-high 10% tariff during bilateral trade negotiations. At the same time, he increased tariffs on China, the largest U.S. trading partner, to a total of a whopping 145%, and left unchanged sectoral tariffs he has proposed or implemented on steel, aluminum, and cars (he also proposed this week additional tariffs on lumber and pharmaceuticals).