While stock market crises drain Americas 401 (K), Trump supports his billionaire acolyte

CNN –

While Wall Street sparked a second consecutive day on Tuesday, President Donald Trump chose not to appear with worried workers, but to support the actions of the shares and the wealth of the richest man in the world Elon Musk with a bizarre sales argument for Tesla on the southern lawn of the White House.

Trump's perspective responded to the camera in this way to a branch rout that has suffered billions of American retirement accounts in the middle of anxiety in the face of its commercial wars and its erratic leaders. This was particularly the case given the public anxiety caused by sales that lowered the S&P 500 by almost 10% of its summits and prevail over the wishes made as a candidate to quickly reduce the prices of the grocery store.

In the 2024 campaign, Trump put on an apron and worked a station of McDonalds fries and climbed aboard a garbage truck in a fluorescent vest in effective photo sessions that highlighted its kinship with ordinary Americans and Democrats to connect.

But with growing fears of a recession, Trump twice refused to exclude breathtaking markets on Sunday, the president seemed to be the most concerned about a billionaire colleague in the White House. The best aiders have minimized investor panic as a simple symptom of an economic transition period.

Trump was held with Musk next to a sparkling range of the pioneering electric vehicle magnates and convicted demonstrations and threats targeting Tesla dealers as head of the Ministry of Government Effectiveness Develop the bureaucracy and reduces government spending.

The president condemned the criticisms of musks for having treated it unfairly, adding, you cannot be penalized to be a patriot.

But the event raised questions about the disconnection of the president of economic suffering in the country one of the trends that led to his electoral victory last year.

A new CNN / SSRS survey on Wednesday showed that 56% of Americans are now disapproving of the economy management of the economy of his worst note on this question of his entire career in the White House. The story is reversed on immigration with 51% saying that they support the approach of the presidents.

Musk, the most powerful private sector in a presidential administration in modern times, faces boycotts and product protests while taking a chainsaw in the federal government. Most of the demonstrations were peaceful, but the police investigate generalized vandalism reports in certain places. The market value of musk companies has also dropped since he played his new polarizing role in politics.

But thanks to Trump approval and promise to buy a Tesla Model S Tesla, the shares climbed 3.8%on Tuesday, in the opposite direction of the industrial average of Dow Jones, which fell 478 points (1.4%).

When asked if her event for Tesla would increase sales and share prices of the company, the president said, I hope this is the case.

Sometimes, while Trump and Musk spoke of teslas, they looked more like sellers on a concessionary forecourt than to the most powerful man in the world and his wealthy. Trump held a paper lists the prices of various models illustrated by a photographer Getty Images which noted that a basic model can be rented for $ 299 per month.

Who else, but this guy, would conceive that and everyone on the road looks at him, the president was amazed in front of a cybertruck. Musk replied: We want the future to look like the future.

On a sunny day in March in Washington, the president was in a good mood, and he made jokes while joking with a press pool and staff. In a more normal administration, the photo shoot could be transmitted as a simple president highlighting a large American company. In 2021, for example, the president of the time, Joe Biden, took a hybrid electric Jeep during a trip through the White House.

But it is a mark of the way Trump and Musk broke the normal ethical conventions surrounding the presidency that the event took place. He has represented an amazing conflict of interest for a president to carry out an argument for sales for a product belonging to a member of his administration who is able to shape government policy and regulations for the benefit of his own companies. A journalist asked chief Doge if Hed continues as CEO of Tesla during his stay in government. He replied that he would do it, as if it was the most normal thing in the world.

But there are new signs that muscles the leading role are back with the public. In the CNN survey, only 35% of Americans had a positive vision of the technological magnate, 53% having a negative vision. About 6 out of 10 Americans say he has neither the good experience nor the judgment to change the functioning of the government.

The Tesla Tesla event came another day of spinning exchange with Canada which characterized the frightening markets of volatility. The president had threatened to slap a 50% rate on Canadian steel and aluminum imports after Doug Ford, the Prime Minister of Ontario, addressed a 25% supplement to electricity exports to Michigan, Minnesota and New York. The climbing was defused after a telephone call between the secretary of the trade Howard Lutnick and Ford, a Trump style populist. The president congratulated the Prime Minister as strong as each party claimed that the other had fallen.

The spit was the last of an extraordinary series of disputes between the Trump administration and Canada, one of the allies closest to the Americas, which broke the idea that the two nations, as well as Mexico, could form a commercial block to compete with the European Union and China. Indeed, Trump again insisted on Tuesday that Canada should become the 51st state. The prospect of a total trade war and presidents of other disruptive policies as they have folded down with enemies such as Russia and allies reprimanded across the Atlantic, spoke of a feverish atmosphere that has shaken investors. The failure of failure to exclude a recession this year in an interview with Fox News on Sunday was the last straw for the markets. Its unpredictable political movements shake the economic feeling at the wrong time, while hiring slows down and the confidence of consumers refused.

Diane Swonk, chief economist of KPMG US, compared the situation to drivers drawn to a broken cutting edge, little disposed to cross a very frequented intersection because they fear to embark on an accident. This is what we see in real time right now. We see uncertainty weighing on the economy, Swonk told CNNS Erin Burnett. We see him having a direct toll, we see it on all the income calls where people say, we cannot give you advice on where we are going because we do not know what will happen with the prices, we do not know what will happen with borders.

But alongside Musk, Trump blamed the stock market losses on his watch on Biden, which, according to him, allowed us to have given us a horrible economy. Trump added: I think the market was going to go very, very bad despite the forecast of shares last year, the actions would look when he took office.

There is no public sign that Trump plans to change course, despite the painful losses of the market which leave not only many citizens frightened for their future pension funds, but also make life uncomfortable for those who are already retired and must live on their 401 (K) decreasing.

This arouses the question of whether Trump is serious about his desire to transform the global trade system and the American economy regardless of the cost.

The white house press secretary Karoline Leavitt argued Tuesday that the current short -term pain would be a distant memory when policies prevail.

What the president plans for this country is that the United States of America is a manufacturing superpower, where there are American factories and companies belonging to Americans producing goods that we export to the rest of the world, Leavitt told journalists. These income will stay here. This will increase the salaries of people here in our big country. It will ensure our national security and strengthen the morale of the American people to have flourishing industries again.

The objective of bringing jobs back to the United States of low-wage economies abroad is laudable, and the advantages predict to renovate that the economy is a response to the hollow of industrialized areas and to the unequal advantages of globalization. These themes helped him win the White House elections twice, and there is no doubt that he responds to the aspirations of his voters.

However, such a fundamental remodeling of the economy could take decades, and there is no certainty that large companies will make expensive decisions to move in less than four years that Trump has left the White House. Meanwhile, prices, which cause higher prices for consumers, could cause enormous economic damage. And try to recreate a 20th century economy in a new era dominated by the implications of an artificial intelligence revolution could be a retrograde bet in any case.

After his unusual lack of bombing on the economy on Sunday, Trump is back at the golden age. Asked about the possibility of a recession, he replied, I do not see it at all. He added, I think this country will explode.

But the doubt created by the ambiguity of the presidents on the question will take time to dissipate. And he did a better job of cheerleading for the automotive company of his friends on Tuesday than convincing his skeptics, he has a plan to make the economy formidable again.

This story has been updated with additional developments.

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