'Incompetence': Trump threatens American economy with tariff letters

Tariffs and Trade Policy - The Trump administration's tariff policies are confusing and chaotic, marked by rollouts and rollbacks, indicating incompetence in trade policy handling from the White House [1] - President Trump announced new tariff rates, including a 35% tariff on Canada, despite lacking finalized deals with trading partners [1] - The motivation behind tariffs on Canada is questioned, with the administration citing fentanyl concerns despite minimal fentanyl seizures from the northern border (43 pounds out of 21,000 pounds seized) [2] - Economic policy is being used for political ends, such as imposing tariffs on Brazil to influence the situation of the former president, Bolsinaro [4][5] - Large-scale tariffs are considered detrimental to the American economy by economists, contrasting with the benefits of free trade [8] - The imposition of tariffs could negatively impact the economy, potentially affecting consumer prices and leading to economic challenges [11] Political Implications and Congressional Response - Congress has ceded too much authority to the president regarding tariffs, although legal challenges are possible [13] - Republicans in Congress are hesitant to challenge President Trump's trade policies, fearing political repercussions [18] - Wall Street anticipates that President Trump may not fully implement the announced tariffs [22] - The Republican party has been remade in President Trump's image, with fewer dissenting voices in Congress [25]