It’s been a whirlwind of a week in the world of politics and finance. Here’s a quick recap of the top stories that made headlines over the weekend.
President Donald Trump cautioned that a potential $15 trillion investment in the U.S. could be “immediately cancelled” if his tariff policies are struck down by the courts. The President expressed his concerns on the Truth Social platform, emphasizing the potential detrimental impact on the American economy.
“We would become a Third World Nation, with no hope of GREATNESS again,” Trump wrote.
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Senator Mitch McConnell (R-Ky.) drew parallels between the current economic climate and the 1930s, citing the Smoot-Hawley Tariff Act of 1930 and the isolationist “America First” policies of President Herbert Hoover. He referred to this period as “the most dangerous since before World War Two.”
“There’s certain similarities right now to the ’30s. Herbert Hoover signed the Smoot-Hawley tariff bill in 1930, widely believed by historians and economists to have taken the depression worldwide,” McConnell said.
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See Also: ‘India Is Ready For It,’ Says PM Narendra Modi On Trump’s Tariff Threats—Will ‘Never Compromise’ On Farmer Interests
President Donald Trump asserted that prices in the U.S. are “way down,” attributing this to falling energy costs and the impact of tariffs on the economy. He also criticized “corrupt politician-approved ‘Windmills’ as detrimental to states and countries using them.
Trump wrote on Truth Social, “All of this despite magnificent Tariffs, which are bringing in Trillions of Dollars from Countries that took total advantage of us, for decades, and are making America STRONG and RESPECTED AGAIN!!!”
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Elon Musk, CEO of Tesla Inc. TSLA, revealed that he was invited to a White House event by President Donald Trump but couldn’t attend. This comes after Musk’s public criticism of the administration’s policies, particularly regarding the energy sector.
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Billionaire Mark Cuban issued a cautionary message to Elon Musk, suggesting that their recent public falling out with President Donald Trump could lead to less favorable policies for Musk’s companies, including SpaceX and Tesla Inc. TSLA.
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