Markets shaky as Trump prepares to unveil tariff strategy

Financial markets were up and down on Monday in anticipation of sweeping new tariffs on both imported and exported goods.

The details of President Trump’s tariff strategy should come into focus this week, along with Republican plans for pushing the president’s agenda through Congress.

Recent polls show a growing majority of Americans feel President Trump is not doing enough to bring down prices, as he said he would, and is focused too much on tariffs. That sentiment may only become stronger this week.

“On Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it,” said White House press secretary Karoline Leavitt.

Liberation, the president says, because his imposition of tariffs will finally free the nation from decades of unfair trading practices. In a Rose Garden ceremony, Trump will unveil his much-anticipated reciprocal tariffs, reportedly on all nations. Then, the 25 percent tariffs Trump announced last week on imported cars and car parts will go into effect.

“The people that are going to make money are people that manufacture cars in the United States. Outside of the United States, that’s going to be up to them. I don’t care too much about that,” said Trump.

But critics point out even domestic car brands are made with imported parts.

“This is just creating confusion and apprehension in the market, and that’s not good for our industry,” said car dealership owner Steve Maus.

Meanwhile, Senate Republicans plan to try to move the House budget resolution this week, a critical step in being able to extend Trump’s Tax Cuts and Jobs Act (TCJA) — if they can also identify offsetting spending cuts.

“And so we’re looking for about $2 trillion in trade off of deficit reduction to be able to extend to permanency the TCJA… It’s sizable,” said Rep. Josh Brecheen (R-Okla.).

Brecheen and other Republicans are pushing for a full repeal of the Biden-era Inflation Reduction Act, with the tax credits it provides for clean energy. They say that would cut a trillion dollars by itself.