US President Donald Trump’s implementation of sweeping tariffs on nearly all countries has triggered a global economic crisis. Late-night hosts Seth Meyers and Stephen Colbert panned the move, warning it would raise prices for American consumers, escalate a pointless trade war, and plunge the economy into a self-inflicted meltdown.
Meyers explained that Trump’s promise to lower grocery prices was incompatible with his tariff policy, which would inevitably lead to higher costs. The Dow Jones plummeted over 1,600 points, its largest drop since 2020, as the S&P 500 and Nasdaq also experienced significant declines.
Colbert mocked Trump’s reassurances about a booming market, pointing out that the president was more interested in golf than addressing the economic crisis. Meanwhile, economists warn of a potential recession, citing the $2.5 trillion loss in US stock value in one day.
The tariffs’ impact is already being felt, with Americans bracing for sticker shock on imported products like coffee and parmesan cheese. Critics argue that the policy is “madness” and “mafia-style governance,” designed to bully other countries into submission.
Source: https://www.theguardian.com/culture/2025/apr/04/seth-meyers-trump-tariffs