In spite of tariff turmoil, Emperor Trump held court with privileged admirers.

“It is now becoming clear that the tariff increases will be significantly larger than expected.

The same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remain uncertain.”

-- Federal Reserve Chair Jerome Powell

By J. Basil Dannebohm

Not long ago, had somebody told me that I would write one commentary about tariffs, much less three, I would have thought them crazy. Of course, had somebody told me that democracy would hang in the balance due to the price of eggs I would have thought the same thing – yet here we are.

On April 2nd, which he referred to as “Liberation Day,” Mr. Trump declared yet another “national emergency.” The latest was aimed at broadening his power to place tariffs on essentially all imported goods, as well as higher tariffs on automakers and countries he claims have treated the U.S. "particularly bad."

The decision left hordes of experts from the financial sector scratching their heads. Most economists referred to the stunt as "the stupidest, most amateur formula they've ever seen." The “formula,” or lack thereof, slapped tariffs on nearly every country in the world -- including islands inhabited almost exclusively by penguins -- and a U.S. military base.

One country noticeably absent from Mr. Trump's list of tariffs was Russia. According to its state media channel Rossiya 1, Russia was missing from the list "to the disappointment of many in the West." Some of the Russian coverage took a mocking tone, with pro-Kremlin NTV saying Trump treated America's allies in Europe as "serfs" who only respond with "moaning".

The next day, as fear of a recession gripped Wall Street, the Dow plunged, and the dollar weakened, the President left Washington for a four-day vacation in South Florida. According to his schedule for Thursday afternoon, Mr. Trump was slated to attend a Saudi-funded LIV Golf tournament at his golf course in Doral, Florida, where he planned to "hang out" for two-and-a-half hours before attending an “LIV Dinner.”

On Friday, as markets continued to tumble, the President mingled among thousands of MAGA golf fans who visited Doral, including Yasir Al-Rumayyan, the governor of Saudi Arabia’s $925 billion sovereign wealth fund. The event was styled as a daylong party, with club music blasting and copious amounts of wine and beer flowing. There wasn’t the slightest hint of economic turmoil to be found onsite. That evening, Mr. Trump returned to Mar-a-Lago for another in a series of inexplicable $1 million-a-head dinners. Since he was elected, he has hosted at least four such dinners.

On Saturday, as millions of people took to the streets protesting his administration’s reckless policies, the President showed up at a Trump golf course in Jupiter, Florida for yet another tournament. Reporters and photographers were prohibited from watching him play and were held down the street at a coffee shop. There, they received updates not about the economy, but rather, Mr. Trump’s golf win, in a statement from the White House which read: "The President won his second round matchup of the Senior Club Championship today in Jupiter, FL, and advances to the Championship Round tomorrow."

For historical context, the United States has raised tariffs outside of wartime twice: in 1828 and 1930. Both occasions hurled the nation into great economic depressions. The “Trump Tariff Tax” is the largest peacetime tax hike in U.S. history. Excluding the wealthy 1%, it will cost most American families an average of $3,000 per year. In 1988, President Reagan warned, “Beware of demagogues ready to declare a trade war against our friends; weakening our economy, national security, and the entire free world while cynically waving the flag."

There are those who applaud the current administration for “running the country like a business.” There’s also a reason the President said he likes the “poorly educated.” Only an imbecile with a knowledge of government that’s rudimentary at best would think such a method is a good idea. Nevertheless, Mr. Trump is running the United States like: Trump Taj Mahal, Trump Castle, Trump Plaza, Trump Entertainment Resorts, Trump Hotels and Casino Resorts, Trump University, Trump Airlines, Trump Steaks, Trump Vodka, and so on - straight down the tubes, depleting $4.4 trillion in stock market value in just two short months.

You might be asking yourself, “What happens next?”

To be certain, Mr. Trump is waiting with bated breath for CEOs, union representatives, and foreign leaders to make haste to Washington, where they will shamelessly grovel and pile on praise. The emperor will then broker what he will call a “deal,” which in layman’s terms is known as “extortion money.” Mr. Trump will declare himself a “winner,” his cult base will eat it up, and we will move on to the next chaotic chapter of his presidency.