Latest news with #Trumpnomics
The Hill
4 days ago
- Business
- The Hill
Navarro touts ‘Trumpnomics' in rant against Powell, Federal Reserve
White House senior trade adviser Peter Navarro touted 'Trumpnomics' in a recent interview during a rant against Jerome Powell, slamming the Federal Reserve chair as a 'pure partisan' actor who, in his view, is holding back the economy. 'So, here's the deal. It's like in the first term, when President Trump was in, Powell gets up to the chair, and the first thing he starts doing is raising rates, because he doesn't understand how powerful Trumpnomics is and be able to generate strong growth without generating inflation,' Navarro, a frequent critic of Powell, said during his appearance on John Catsimatidis radio show 'Cats Roundtable' on WABC 770 AM. 'He cost this country a full point of growth per year, which is just a lot of jobs, close to a million jobs,' he added. 'It's billions of dollars in tax revenues and so things. And then second, when he's in with Biden in order to get reappointed, he cozies up the Biden, pure partisan political c—, and he doesn't raise interest rates when Biden and then, God, the Democrat Congress are spending money like drunken sailors, driving the inflation rate. Not taking care of supply chains.' Trump and officials in his administration have criticized Powell in recent months over the central bank's decision to keep interest rates steady despite inflation cooling slightly. Powell has defended the decision not to reduce rates, with the Fed wanting to observe the effects of Trump's tax cut plans and trade agenda. The president has previously called for Powell, who was appointed by Trump in 2017 during his first White House term, to resign. Powell's term is set to expire in 2026. Trump said Friday that he will not fire Powell but ripped into the central bank's handling of interest rates. 'I think he's doing a terrible job. I think we should be 3 points lower, interest rates. He's costing our country a lot of money. We should be number one, and we're not and that's because of Jerome Powell,' Trump said. The White House accused Powell on Thursday of mismanaging the Fed's budget during renovations. 'We're in a situation where interest rates should be at least by now, 50 basis points or more lower than they are because what we're seeing in the data is inflation falling significantly. And Powell just doesn't get it,' Navarro said.
Yahoo
06-06-2025
- Business
- Yahoo
US goods import drop by a record 20% in April
US goods imports fell 20% in April, a record drop reported by the US Census Bureau, coming off of President Trump's April 8 "Liberation Day" tariffs. Yahoo Finance senior columnist Rick Newman discusses supply chain shocks and whether Elon Musk can rally opposition to Trump's "Big, Beautiful" tax and spending bill. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. US goods imports plummeted in April, falling by 20% from the prior month. The numbers giving some startling insights into the challenges everyday shoppers may be facing over the next few months. For more on the looming import shortage, let's welcome in Yahoo Finance's Rick Newman for this week's rendition of Trumpnomics. So, Rick, what do we learn from those numbers? Hey, guys. Uh, you know, most people pay no attention to import data, export data. I do. Uh, and, uh, it's pretty startling when you see the biggest drop month to month in imports on record, in data that goes back to 1992. We know why that is, because, uh, companies do not want to import, uh, stuff from other countries with the Trump tariffs in place. So, a lot of companies that import stuff, there's big companies like Walmart, Walmart, and a bunch of very small businesses. Um, a lot of them are just waiting. They they think maybe Trump will make some of these trade deals, and the current tariff rates will go lower. And if they can get pay a lower tax in the future, uh, they'd rather do that. Others, we know they are actually paying the higher tariffs because, uh, tariff revenue actually went up, even though imports went down in April and May. This is all coming to a store near you sometime soon. I mean, these are not these seem like abstract numbers, but this is telling you that the amount of stuff coming into the United States is declining. Uh, I've been talking to some economists and other analysts who are likening this to the early days of the Covid pandemic in 2020, when there were, uh, huge disruptions in supply chains. I mean, think back to what that was like. We had some product shortages on store shelves. After a while, we saw a lot of big price increases. Now, that is not baked in yet. Um, if Trump relents on, uh, his tariffs, then maybe we it won't be quite that bad. But if things stay like they are, we're going to start to see COVID style shortages and price hikes within one, two, or three months. Rick, switching gears, I have a different question for you, which is, I am curious whether you think the Trump Musk bromance breakup could impact Trump's budget bill. And here I have a note from Brian Gardner, very smart strategist over at Stifel. Here was his take, Rick. Here's what he told his clients, speaking of the bromance breakup. Brian says, unlikely to result in meaningful changes to the One Big Beautiful Bill. He says that does not mean that some Senate Republicans won't try to reduce spending by more than what the House proposed, but Musk's sway among Republican voters, he says, is limited. It's unlikely that he'll be able to influence a legislative process that has already moved well down the tracks. You agree with Brian, Rick? Disagree? What do you say? Man, I was wondering what your out of left field question was going to be, and I'm like, Musk, Musk, Musk, it's got to be Musk, I guess, right. Um, I think it depends what happens next. I think it depends how hard Elon Musk wants to go after this bill. And you have to keep in mind that, um, Musk does not need to persuade five or 10 or 20% of Republican voters that this bill stinks. I mean, most most Americans are not paying attention to this bill. They'll they'll, you know, figure out what's in it after it passes. What who Musk is talking to is a small number of conservatives in the House and Senate, um, who who don't like the bill. They do not almost none of them want to be the lone Republican who goes up against Trump and bucks his legislation, uh, and might bring down the whole bill. But if Musk gives them top cover, maybe something will happen. So, I think, you know, having tweeted about this bill a few times in the last week, that's not enough. If he really wants to go to the mat and kill this thing, um, he's going to have to keep at it. He's going to have to start talking to people in Congress, um, and and and see what kind of, uh, muscle twisting he can really do. Um, now we do we know where this is headed? I think we have no idea. He is completely unpredictable. Um, he's created a firestorm here. Is he just going to retreat? I think he's going to continue to agitate. I just don't know if it's going to be enough to make a difference. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-03-2025
- Business
- Yahoo
Nearly half of Americans say economy worsening: Poll
Nearly half of Americans said the economy is worsening, according to a Thursday The Economist/YouGov poll. Forty-eight percent of respondents said they believe the economy is getting worse, while 19 percent said it is getting better. The poll took place between March 9 and 11, a period that included rough days for the stock market. On Monday, the stock market started the week with intense losses. That day, the Dow Jones Industrial Average closed with a loss of 890 points, dropping 2.1 percent. Since the start of the month, stocks have been dropping steadily due to underwhelming economic data and President Trump's tariff plans, but the sell-off escalated Monday. Peter Navarro, a senior trade adviser to President Trump, chalked up the state of the economy on Wednesday to the transition away from 'Bidenomics' to 'Trumpnomics.' The poll also found that most respondents were split on Trump's approach to the economy. Forty-three percent of respondents approved while 47 percent disapproved. Also on Thursday, a Quinnipiac University poll found that most Americans disapprove of the president's handling of the economy. Another survey, from Reuters/Ipsos, found that most find Trump's economic plans to be 'erratic.' Commerce Secretary Howard Lutnick reiterated Navarro's view, stating that any economic troubles could be blamed on former President Biden. 'The only reason there could possibly be a recession is because of the Biden nonsense that we had to live with,' Lutnick said during a Tuesday interview. The Thursday poll from The Economist/YouGov found that Americans are divided on whether the U.S. economy is experiencing a recession. Thirty-seven percent of respondents said they think so, while 32 percent said the opposite. A third of respondents said they were unsure. The poll featured 1,699 participants and a margin of error of 3.2 percentage points as its margin of error. Sophia Vento contributed to this report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
13-03-2025
- Business
- The Hill
Nearly half of Americans say economy worsening: Poll
Nearly half of Americans on Thursday said the economy is worsening, according to a new The Economist/YouGov poll. Forty-eight percent of respondents said they believe the economy is getting worse while 19 percent said it is getting better. The poll took place between March 9 and 11, a period that included rough days for the stock market. On Monday, the stock market started the week with intense losses. That day, the Dow Jones Industrial average closed with a loss of 890 points, dropping 2.1 percent. Since the start of the month, stocks had been dropping steadily due to underwhelming economic data and President Trump's tariff plans, but the selloff escalated Monday. Peter Navarro, a senior trade adviser to President Trump, chalked up the stock market dip and consumer sentiment on Wednesday to the transition away from 'Bidenomics' to 'Trumpnomics.' The poll also found that most respondents were split on Trump's approach to the economy. Forty-three percent approved while 47 percent disapproved. Also on Thursday, a Quinnipiac University poll found that most Americans disapprove of the president's handling of the economy. Another survey, from Reuters/Ipsos, found that most find Trump's economic plans to be 'erratic.' Commerce Secretary Howard Lutnick doubled down on Navarro's view, stating that any economic troubles could be blamed on former President Biden. 'The only reason there could possibly be a recession is because of the Biden nonsense that we had to live with,' Lutnick said during a Tuesday interview. The Thursday poll from The Economist/YouGov found that Americans are divided on whether the U.S. economy is experiencing a recession. Thirty-seven percent said they think so, while 32 percent said the opposite. A third of respondents said they were unsure. The poll featured 1,699 people and plus or minus 3.2 percentage points as its margin of error.
Yahoo
13-03-2025
- Business
- Yahoo
Navarro: US in ‘difficult transition from Bidenomics to Trumpnomics'
Peter Navarro, a senior trade adviser to President Trump, said Wednesday that the U.S. is 'in a difficult transition from Bidenomics to Trumpnomics.' 'Help us understand, what is the bigger picture for the economy from the administration?' host Will Cain asked on his Fox News show. In his response, Navarro said, 'let's start looking through one end of the telescope, through today's data, as you correctly observe, the core rate of inflation has fallen [to its] lowest level in almost four years.' 'That's huge,' Navarro continued. 'Gasoline prices down, we've had mortgage rates down, we've had grocery prices flat. Here's the thing, we're in this — this difficult transition from Bidenomics to Trumpnomics.' 'What is that, OK? Bidenomics was a combination of very overaggressive Keynesian stimulus spending to goose the economy that created large amounts of debt, which is unsustainable. So, [at] the same time that it gave us what we call demand-pull inflation, too much money chasing too few goods, it built in a recession, possibly some time down the road, if that spending weren't controlled,' he added. In an interview that aired Tuesday, Commerce Secretary Howard Lutnick said Trump's tariff policies will be worth it, even in the case that the economy experiences a recession. 'The only reason there could possibly be a recession is because of the Biden nonsense that we had to live with,' Luntick also said during the interview. The stock market on Monday started the week with dramatic losses, with the Dow Jones Industrial Average closing with a loss of 890 points, dipping 2.1 percent. In an editorial published Monday, The Wall Street Journal predicted that a fully fledged economic recession might come following the day's stock market trouble. 'Stock prices have been richly valued for some time, and this may be merely a market correction. But there are also signs of a slowing economy that should have the Trump Administration on alert,' the Journal's editorial board wrote. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
