Gallego: Trump is Driving America into a Recession

JPMorgan says there is a 60% chance of an economic recession despite Trump’s 90-day pause in his draconian tariffs. A recession means you won’t be able to get a job, loans will be expensive and hard to get, stocks in retirement savings will crash, and you may have to file for bankruptcy.

“Last week, President Trump threw the economy into chaos again when he announced sweeping, across-the-board tariffs. These tariffs will jack up costs for groceries and other essentials, regardless of whether we are even capable of producing the goods in the U.S.,” Arizona US Senator Ruben Gallego said.

Gallego said Trump’s reckless trade war will hurt hardworking families. “All told, Trump’s tariffs will cost middle-class households an average of $4,000 on necessities like groceries, diapers, and clothes. I’ll keep pushing for trade policies that put Arizona first – because trade policy shouldn’t be decided in secret deals or Truth Social posts, and working families shouldn’t have to pay the price for Trump’s tantrums,” Gallego said.

“This is the Trump recession, with tariff price increases, job losses coming,” a CEO said in a CNBC CEO Council survey.

The US economic outlook has taken a dive after just three months:

• The Dow Jones Industrial Average dropped 9% from April 2 through April 7.
• The S&P 500 average fell 13% at the same time.
• Trump’s tariffs would reduce the gross national domestic product by about 8% and wages by 7%.
• A middle-income household would face a lifetime loss of $58,000. 

In the wake of the new tariffs, Trump’s overall and economic approval ratings have sunk. 53% of Americans disapprove of the way Trump is handling his job as president, and 55% disapprove of the way Trump is handling the economy.

US Senator Mark Kelly said, “ Thinking more about the chaotic day in the stock market. We should expect more of this because of Trump’s tariffs. I think the president said it well when he said no other president would’ve done this. He is right. And the reason he is right is because this is a really bad idea and it’s hurting people.”

“It’s hurting them in their 401Ks if they’re getting ready for retirement, especially. So right now, it’s up to my Republican colleagues to get off the sidelines, do their jobs, speak truth to power, tell him that this was a bad plan and he should end these blanket tariffs. It’s not good for our economy.”

“It’s not good for you,” Kelly said.