Wall Street remains shaky amid tariff uncertainty, an economic expert gives us his take, and left-wing protests pop-up all over the country to protest Trump and Musk. Get the facts first with Morning Wire.Old Glory Bank: Go to https://oldglorybank.com/wire today to open your account and put your money in the hands of people you can ACTUALLY trust.Vanta: Get $1,000 off Vanta at https://vanta.com/morningwire.
Chapter 1: What caused Wall Street's recent turmoil?
Wall Street remains shaken as President Trump seeks to reset trade terms around the world.
A lot of our trading partners, including some of our allies, have not been good partners. If tariffs are so bad, why do they have them?
As the White House defends the tariffs, how are world leaders responding?
I'm Daily Wire Editor-in-Chief John Bickley with Georgia Howe. It's Monday, April 7th, and this is Morning Wire. While Trump urges Americans to hang tough amid the economic turmoil, economists debate the president's high-risk gamble.
The economy just doesn't work like a light switch. And that's the risk he takes if he is negotiating, is he could get something that looks like a good deal in the end, and it could be too late for the economy.
And left-wing protests pop up all around the country in anti-Trump and anti-Musk demonstrations.
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Chapter 2: How are global leaders responding to U.S. tariffs?
Now, look, it's impossible to deny that is a very different message from Trump world than we heard during his first term, when the president routinely lauded the record stock market growth we saw from 2016 to 2020. The fact that he's willing to risk a market disruption, a serious one, shows how much he's prioritizing their efforts to revolutionize the economy, in his view, from the bottom up.
It's a risk, but one the White House is confident will pay off. Besant went on to say President Trump inherited an economy that might have had the appearance of health, but was rotting from the inside out.
It's almost like the bodybuilders taking steroids. Outside looks great. You're muscular. Inside, you're killing your vital organs. That's what was going on here. But it would have been easy to keep pumping up the economy, borrowing a lot of money, creating a lot of government jobs. There was no controversy when we're doing all that. But you were going to end up in a calamity.
Others in Trump's cabinet reiterated that we must endure short-term pain in order to bring back American manufacturing, not just to protect our economy, but also to improve national security. Here's Commerce Secretary Howard Lutnick on CBS.
Chapter 3: What is the Trump administration's stance on the economic impact of tariffs?
We don't make medicine in this country anymore. We don't make ships. We don't have enough steel and aluminum to fight a battle. We've got to stop having all the countries of the world ripping us off.
Now, President Trump is hoping the Federal Reserve will extend a bit of a jolt to the economy by cutting interest rates. He posted on Truth Social Friday, quote, this would be the perfect time for Fed Chair Jerome Powell to cut interest rates. He is always late, but he could now change his image and quickly cut interest rates, Jerome, and stop playing politics.
Powell refused to respond to Trump's comments, saying the Fed was, quote, well-positioned to wait for greater clarity on the economy. But he did say the tariffs were, quote, significantly larger than expected. Ultimately, rate cuts will likely rest on how much inflation spikes as a result of the trade war, and perhaps more importantly, how long these tariffs stay in place.
Now, the president has said the longevity of the tariffs will be determined by how other countries respond. What are we seeing internationally thus far?
Yeah, it's important to note the White House says if our trading partners want those rates knocked down, they'll have to make concessions beyond just lowering tariffs. They want them to address, quote, non-tariff cheating, mainly value added taxes and outright bans on certain products. For example, much of Europe does not allow any American meat to be imported.
We've seen other examples with similar products around the world. Some countries dug in for a protracted trade war. China slapped 34% tariffs on all American imports, while the EU said they would pursue, quote, countermeasures, likely more tariffs. But many countries have come to the negotiating table.
Taiwan, for example, said they would not implement any retaliatory tariffs and would instead pursue a, quote, zero tariff deal with the U.S., Vietnam, one of our largest trading partners in Asia, sent a letter to Trump Saturday offering to remove all tariffs on U.S. imports if Trump would agree to pause our own tariffs for 45 days.
All told, the White House says privately our trade partners have been blowing up the president's phone looking for a deal. In the meantime, the big question still remains. Will this past week be a short blip on the radar and the dawn of an economic renaissance or the start of a recession? And the question on everyone's mind at this point. Kevin, thanks for reporting. Anytime.
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Chapter 4: Why are anti-Trump and anti-Musk protests happening across the U.S.?
Anti-Trump activists gathered in cities across the country over the weekend in the largest show of protests since Trump took office.
Here to talk about the protests is Daily Wire reporter Tim Pierce. So, Tim, a lot of activity over the weekend from these apparently multiplying protests. What was the main message from the protesters?
It didn't seem like they had any concrete goals. Many protesters said they just wanted to be heard by the people in power and show others that they aren't alone. The mass action was vaguely named Hands Off, which gave protesters a pretty broad platform to layer their grievances on top of. According to organizers, there were over 1,200 protests across all 50 states. The protest in Washington, D.C.
took place on the National Mall and featured Democratic lawmakers, union officials, activists, and many others. Here's some of California Congressman Eric Swalwell's remarks on Saturday.
And he's not just disappearing people. He's disappearing rights. And to that we say, disappear. We're still here.
There were also a lot of demonstrations against Elon Musk. There were protests outside of Tesla dealerships, chance to deport Musk, and all sorts of anti-Musk signage, much of which essentially called him a Nazi.
Now, has it been confirmed that George Soros is funding a lot of this activism?
The demonstrations had dozens of sponsors, but yes, the Soros-funded group Indivisible has taken a leading role. Its co-executive director, Ezra Levin, promoted the protests on networks ahead of April 5th. Here was Ezra on MSNBC with Rachel Maddow last week.
One of the beautiful things about this is it's meeting people where they are. We are all coming to this for a different reason. We can say hands off the Department of Education, hands off our Social Security, hands off our Medicaid, hands off trans kids, hands off our communities, hands off our civil rights, hands off our democracy.
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