When President Donald Trump last rolled out tariffs this high , financial markets quaked, consumer confidence crashed and his popularity plunged.
Only three months later, he's betting this time is different.
In his new round of tariffs being announced this week, Trump is essentially tethering the entire world economy to his instinctual belief that import taxes will deliver factory jobs and stronger growth in the U.S., rather than the inflation and slowdown predicted by many economists.
On Tuesday, he told his Cabinet that past presidents who hadn't aggressively deployed tariffs were 'stupid." Ever the salesman, Trump added that it was "too time-consuming" to try to negotiate trade deals with the rest of the world, so it was just easier to send them letters, as he's doing this week, that list the tariff rates on their goods.
The letters marked a change from his self-proclaimed April 2 "Liberation Day" event at the White House, where he had posterboards with the rates displayed, a choice that led to a brief market meltdown and the 90-day negotiating period with baseline 10 tariffs that will end Wednesday. Trump, instead, chose to send form letters with random capitalizations and punctuation and other formatting issues.