Trump praises McKinley, plans tariff increase on Liberation Day

Donald Trump has invoked the legacy of President William McKinley, the 'Tariff King,' in his recent push for increased tariffs on imports, which he announced on his 'Liberation Day.' This move is seen as an attempt to replicate McKinley's protectionist policies, despite concerns that these tariffs have contributed to a crashing stock market and economic instability. Critics, including the Lincoln Project, have ridiculed Trump’s assertions that the tariffs are beneficial, highlighting a disconnect between his claims and the realities of market turmoil. Meanwhile, Scott Bessent, the US Treasury Secretary, is tasked with managing the financial implications of these tariffs, which are intended to fund tax cuts and reduce the national debt. In the broader geopolitical context, there are fears that the current trade wars and tariff strategies are ushering in a new era of power politics reminiscent of historical conflicts. Analysts warn that the consequences of this approach could lead to significant global instability.