Zinger Key Points
- Stock market takes a nosedive, shedding over 1,600 points, as Trump's tariff tactics stir global market unease.
- Former Trump insider warns against "echo chamber of stupidity," as China hits back with its own tariffs.
- Feel unsure about the market’s next move? Copy trade alerts from Matt Maley—a Wall Street veteran who consistently finds profits in volatile markets. Claim your 7-day free trial now.
Anthony Scaramucci has publicly criticized President Donald Trump‘s recent tariff policies.
What Happened: Scaramucci, who had a brief stint in the Trump administration in 2017, has been a consistent critic of the president. His latest remarks were in reaction to Trump’s decision to impose new tariffs on the majority of the U.S.’s major trading partners.
Following a significant plunge in the stock market and global markets in the wake of Trump’s “Liberation Day” announcement, Scaramucci expressed his criticism on a social media platform. In a post on X, he stated, “There is stupid and then there is Donald Trump Stupid: DTS. A new global low.”
Furthermore, Scaramucci lambasted Trump’s team for being in an “echo chamber of stupidity” with regards to its trade policy. His comments came on the heels of China’s retaliation against the U.S.’s tariffs with its own on Thursday.
Also Read: Scaramucci Says Trump Is Souring on VP Vance: ‘The President Will Make Him More Irrelevant’
Trump’s tariff announcement triggered a global selloff, resulting in the Dow Jones Industrial Average falling more than 1,600 points on Thursday.
Despite the market’s reaction, Trump likened the United States to a patient requiring surgery, suggesting that the market drop was anticipated.
Why It Matters: The ongoing trade war has been a contentious issue, with critics arguing that the tariffs could harm the U.S. economy. Scaramucci’s comments highlight the growing concern among some former Trump administration officials about the potential economic fallout from the president’s trade policies.
Moreover, the market’s reaction to the tariff announcement underscores the potential global economic impact of these policies.
The significant drop in the Dow Jones Industrial Average following the announcement indicates the level of concern among investors about the potential economic consequences of the ongoing trade war.
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Shutterstock: Al Teich
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