Investor and CEO of Euro Pacific Capital, Peter Schiff, is once again warning about the economic fallout from President Donald Trump's tariffs, arguing that the trade war is backfiring on the U.S.
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China Shifts Away From the Dollar
In a post on X on Thursday, Schiff said Trump’s tariffs are strengthening ties between China and the European Union. “It’s likely that China is selling dollars and Treasuries and buying euros and bunds,” Schiff wrote. “This will allow the [European Central Bank] to keep interest rates and inflation low and China to sell more goods to the EU.”
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Earlier that day, Schiff claimed the U.S. has no leverage. “If Trump really wanted to use the threat of tariffs to negotiate deals, he substantially weakened his bargaining position by demonstrating how much damage the U.S. would suffer by imposing them,” he posted. “By floating the Hindenburg of trial balloons, Trump reduced himself to a paper tiger.”
Market Reactions Are Severe
Schiff's criticism came as markets took a sharp hit. The dollar fell to a 20-month low while gold prices surged to record highs. The S&P 500 dropped 3.5% on Thursday, reversing a 9.5% gain from the previous session. The Nasdaq fell 4.3%, and bond yields spiked as investors moved into safe-haven assets.
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Trump paused the steep tariffs on some countries for 90 days, which offered brief relief. But Wall Street analysts and investors remain worried. According to the Financial Times, Goldman Sachs GS said it’s “too early for the ‘all clear'” and warned that policy uncertainty is still weighing on consumer and business activity.
Schiff: ‘Not a Genius Master Plan’
While Schiff did credit Trump for recognizing a mistake, he rejected any suggestion that the resulting economic turbulence was part of a calculated move.
“Don’t get me wrong. I commend Trump for recognizing his mistake and trying to correct it,” he wrote. “But I’m not willing to accept that crashing the stock and bond markets was part of his genius master plan.”
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Pushback and Agreement
Not everyone agrees with Schiff. One X user pushed back, saying, “Tariffs are not the real threat, dollar dominance is.” Schiff replied, “And the dollar is losing its dominance as we speak.”
Others questioned his take, with one person noting that China still faces high tariffs. Schiff countered, “We face those tariffs, not China. You still don’t get how tariffs work.”
As market volatility continues and political uncertainty grows, Schiff's core message remains unchanged: the U.S. may be doing more harm to itself than to its trading partners.
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