By C.J. Atkins \People’s World
Photos: People’s World\YouTube Screenshots
Just a sampling of headlines on the first day of the USA’s new “Golden Age” serves to illustrate the chaos and uncertainty – along with the ridiculousness and absurdity – of President Donald Trump’s post-globalization world.
“Layoff announcements surge to the most since the pandemic.”
“Stock market tumbles 1,000 1,200 1,300 1,500 points on fear Trump’s tariffs will spark trade war.”
“Even if it’s made in the USA, they will jack up the price and blame it on tariffs.”
“Cars were already unaffordable before tariffs.”
“‘What extraordinary nonsense’: Trump’s tariff math is crazy.”
“Trump’s tariffs are truly global – Just ask the penguins of McDonald Islands.”
And these are just things the bourgeois press and corporate commentators – in outlets like CNBC, the Wall Street Journal, and Politico – have to say about the situation.
Stock markets have cratered and countries around the globe are threatening retaliation in response to the declaration of economic warfare unveiled by Trump during his “Liberation Day” circus at the White House on April 2.
As People’s World noted two months ago, what we’re witnessing in real-time is a struggle within the ruling class over what the future of U.S. capitalism – in fact, world capitalism – should look like.
Representing those sectors of capital feeling the heat of competition on the world market (especially from China’s rapidly advancing firms), Trump has the system of free trade in his crosshairs. Arrayed against him – as illustrated in the headlines above – are those capitalists and neoliberal ideologues who remain as committed as ever to the system of free trade and open markets.
But erecting protectionist walls around particular U.S. corporations and hurting foreign manufacturers isn’t Trump’s only goal. This whole tariff onslaught has another aim in mind: Making the American working class pay for the next round of tax cuts he wants to give to corporations and billionaires.
His economic advisors are betting (hoping? naively wishing?) that the revenues from his tariffs will fill the U.S. Treasury’s coffers with so much cash that the government will be able to afford another giant tax cut for the rich and perhaps even eliminate income taxes altogether….
