by Will Espero
The Trump administration continues its controversial ways and decisions with its expected tariffs that have disrupted stock markets and economies worldwide.
Retirees, investors, entrepreneurs, and countries are reeling as trillions of dollars have been lost due to the recently enacted tariffs Trump has imposed on countries globally. Our allies are stunned and appalled by Trump’s actions.
Tariffs are taxes that importers of foreign goods to the United States must pay. Foreign countries do not pay the tariffs.
In most cases, tariffs will be passed on to the consumers who purchase these goods.
Higher costs lead to inflation which Trump said he would end once in office. It looks like the opposite will occur, and a campaign promise has been broken.
We are now in a global trade war, and some economists even say we are in a recession. Consumer prices are expected to rise, and uncertainty by Wall Street paints a bleak future.
Trump claims the pain will be short-lived, and the economy and business investments will bounce back as he rewrites the tariff imbalance that has been imposed on the United States by her trade partners.
Trump wants to renegotiate the tariff situation with other countries, but his actions have caused countries to raise or impose tariffs, which could lead to an economic crisis worldwide.
Some countries want to negotiate tariffs with the United States, but the devastation caused by Trump will be difficult to fix in the short term. A tariff or trade war with China would be devastating economically.
Trump is risking his presidency with his tariff wars, and he risks losing the mid-term elections for Republicans due to the disapproval of Democrats, Republicans, and independents of his policies, which seem to care little about retirees and the working people of our country.
Peaceful protests and civil unrest have erupted throughout our nation, with billionaire Elon Musk and his Tesla company feeling much of America’s anger.
Federal firings, lack of due process for immigrants, treatment of veterans, defunding important programs and agencies, inappropriate texting, and constant golf outings have infuriated voters and constituents to the point where protests are now common in many towns and cities.
The cry of resistance is loud and getting louder.
Some individuals with disposable income are using this opportunity to reinvest in the stock markets as stock prices have dropped.
Some cynically say Trump is tanking the stock market so he and his wealthy friends can buy stocks at lower prices and acquire future gains in the long run.
Whatever the situation, many Americans are hurting, and the loss of their investment values and savings is painful and devastating.
Those who live paycheck to paycheck and those who live on a fixed income will be hurt the most. Rising prices will mean less buying power.
Low-income individuals, poor families, and blue-collar workers are suffering due to Trump’s policies. People will dip into their savings, and the quality of life for many will diminish.
This is the early legacy of Trump’s second term. Our hope now lies with Congress and the Courts.
The Republican-led Congress must show courage and address Trump’s bad policies and decisions or risk losing future elections.
Congressional Democrats must fight back to stop or slow the bad policies.
The Courts must act and show they are not a rubber stamp of the president.
Checks and balances are necessary now, and the legislative and judicial branches must reel in the executive branch. To do nothing is not an option.
Much of what is happening is due to the United States Supreme Court giving Trump presidential immunity. It is one of the most terrible decisions the currently conservative Court has ever made.
WILL ESPERO retired from the Hawaii legislature after serving 19 years in the state House of Representatives and state Senate. He is currently a novelist, poet, and supporter of the arts. Lingering Thoughts provides a glimpse of his perspective on current events and issues.
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