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Trump wagers US economy in high-stakes tariff gamble at 100-day mark
President Donald Trump campaigned for a second term on pledges to lower prices, create jobs and impose tough tariffs on imports, especially from China.
Dubbing himself the «Tariff Man» last fall, he told an audience at the Economic Club of Chicago, «To me, the most beautiful word in the dictionary is tariff.» However, in his first months in office, it is unclear whether Trump can, or should, implement the harsh reciprocal tariffs he announced in April against dozens of countries.
Now, 100 days into his second term, economists told Fox News Digital they see these proposed reciprocal tariffs as politically motivated, unnecessary and failing to secure the benefits from U.S. trading partners that Trump had been hoping for.
CHINA IS ‘CAVING’ TO TRUMP’S TRADE WAR STRATEGY, EXPERT SIGNALS
President Donald Trump holds a «Foreign Trade Barriers» document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025. (REUTERS/Carlos Barria/File Photo)
Instead, they warned, Trump’s tariffs could grind billions of dollars in trade to a halt between the world’s two largest economies, disrupt global supply chains and risk torpedoing the U.S. economy into a major slump or recession.
When Trump took office, chances of recession «were probably about 10%,» Justin Wolfers, an economist at the University of Michigan, told Fox News Digital in an interview. «Now, they’re up to around 55%.»
It is unclear whether Trump will continue to push through with these unpopular tariffs, which are slated to take force in early July. In the near-term, uncertainty and volatility remain.
Traders work on the floor of the New York Stock Exchange in New York City on March 28, 2025 amid President Donald Trump’s escalating trade war. (Spencer Platt/Getty Images)
Short-term tariff impact
Trump announced tariffs on April 2, dubbed «Liberation Day.» The announcement included both a 10% universal baseline tariff and plans to enact larger tariffs on dozens of other countries, including China.
These new import taxes immediately sent stock markets into free-fall, triggering one of the largest single-day S&P 500 losses since World War II, and prompting deep and unyielding uncertainty over possible next moves.
«The only thing that’s happened that has pushed the odds of a recession up so high, so fast, is chaos coming from out of the White House,» Wolfers said.
Trump subsequently paused the reciprocal tariffs for 90 days to encourage the administration to make «deals» with countries on trade and encourage more investment in U.S. manufacturing. Even so, some prices have already risen in anticipation of higher costs under the new tariff regime.
Uncertainty has also played a role. Trump’s tariff announcement in April prompted a number of large container ships to abruptly halt their shipments to the U.S. earlier this month and turn back to their original ports. This means that more consumers will see a price hike for everyday products, likely at certain big-box retailer stores like Walmart or Target, as early as next month.
These price hikes are «not showing up tomorrow, but will show up over the next few months, as scarcities develop and American retailers have to find other sources – that might take a while,» David H. Feldman, an economist and professor at William & Mary College, said in an interview.
TRUMP’S ULTIMATUM TO FEDERAL WORKERS: RETURN TO OFFICE ‘OR BE TERMINATED’
President Donald Trump arrives for a presentation ceremony in the East Room of the White House on April 15, 2025 in Washington, D.C. (Win McNamee/Getty Images)
While Trump says tariffs will target foreign competitors and reduce the trade deficit, the costs will fall mostly on working- and middle-class Americans who buy the bulk of imported goods.
Wolfers said Trump’s focus on the trade «deficit» is based on a common misconception.
«What that means is we sell China a small amount of stuff, and they sell us a large amount of stuff,» he explained. However, for every dollar bill that goes to China, the U.S. gets something for it that Americans want to buy, like T-shirts.
«We have a dollar deficit – but we have a stuff surplus.»
Potential for deescalation
There are few signs that Trump’s tariffs will deliver the gains he sought, such as onshoring U.S. production or securing better trade deals, particularly with Asian countries.
Instead, experts warn these countries are likely to circumvent U.S. markets and supply chains over time.
«If these tariffs stay in place, there will be hardly any trade between the U.S. and China,» by the second half of the year, Gary Clyde Hufbauer, a senior non-resident fellow at the Peterson Institute for International Economics, said in an interview.
Roughly $650 billion in annual trade between the two countries is at risk, along with knock-down effects on global commerce in the long term.
WORLD LEADERS REACT AS TRUMP RE-ENTERS THE WHITE HOUSE
President Donald Trump, left, and Chinese leader Xi Jinping.
Trump’s tariffs also discard decades of international understanding that has depoliticized trade disputes, Feldman said.
The U.S. is «moving from a system that at least was based on mutually acceptable rules of behavior to a system that does not have that as its anchor,» Feldman, whose research focuses on global trade policy, told Fox News Digital. That shift allows the government to target foreign nations individually and offer selective tariff relief to firms and industries «if they do ‘our’ bidding,» he argued.
«America is now master of the shakedown.»
President Donald Trump gestures to members of the media before boarding Marine One on the South Lawn of the White House on April 3, 2025 in Washington, D.C. Trump spoke a day after announcing sweeping new tariffs targeting goods imported into the U.S. on countries including China, Japan and India. (Andrew Harnik/Getty Images)
Next steps
After market backlash, Trump appears to be warming to the idea of easing his proposed 145% reciprocal tariffs on China, which has vowed to impose its own retaliatory measures on U.S. goods.
Economists say he is more likely to do so if the economy sours, or he sees a major drop in poll numbers, if the past is precedent.
Still, any path to deescalation remains uncertain. Just last week, China denied Trump’s claim that the two countries were negotiating a tariff deal, after he asserted in an interview that he had reached «200 deals» on trade.
Economists believe Trump will at least partially scale back the tariffs before July but warn he is playing a high-stakes game of brinkmanship that could hit U.S. consumers and businesses hardest.
«What I worry about is that the immediate impact of uncertainty is on business investment in trade-exposed industries, leading to a recession,» Feldman said. «But it could get worse, if it transmits into a financial panic. And if everyone starts to say, ‘geez, I got to get into gold and cash, I can’t be in Treasury bills.’ If we move into a flight to cash, all bets are off.»
Should that happen, he said, «We could slide into 2008 all over again.»
A television broadcasts market news on the floor of the New York Stock Exchange in New York on Friday, April 4, 2025. (Michael Nagle/Bloomberg via Getty Images)
Trump has refused to concede that his early days have been anything but a major success.
In a recent interview with Time magazine, he touted his first 100 days as «very successful,» saying «people [are] writing that it was the best first month, and best second month, and really the best third month» for a U.S. president.
He dismissed stock market volatility and rising inflation as temporary «market fluctuation,» calling it a «transition period» that would level out.
When asked if he would consider it a win if tariffs remained as high as 50% on imports a year from now, Trump said he would.
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«Total victory,» he said.
«Everybody is going to benefit.»
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Ese es el titular y ese es el sentido de los ataques coordinados de Israel y Estados Unidos que este 28 de febrero se han producido contra Irán: no buscan objetivos concretos, como la finalización de la carrera nuclear, o la destrucción de los centros de ensamblaje de los misíles balísticos, sino la caída completa del régimen.
La operación ‘Furia épica’, y su homólogo israelí ‘Rugido del León’ no son una reedición de las operaciones bélicas de junio pasado: el ‘León Creciente’ y su par americano, el ‘Martillo de medianoche”. En aquella ocasión se buscaba amedentrar al régimen, herir sus estructuras bélicas y, sobretodo, atacar las instalaciones nucleares de Natanz, Isafhan y la impenetrable Fordow, después de la constatación del nivel de enriquecimiento crítico del uranio que había conseguido Irán. Fue una operación quirúrgica y, por ende, limitada. Pero esta vez, en palabras del propio Trump, la intención es integral: destruir la industria de mísiles iraní, aniquilar su potencial armado, aniquilar toda opción nuclear, destruir la capacidad de desestabilización de sus aliados terroristas y, en definitiva, eliminar completamente la amenaza que supone el régimen de los ayatolas. Es por ello que Trump ha acabado su vídeo de ocho minutos en Truth Social asegurando al pueblo iraní que “la hora de su libertad está a su alcance” y animándolo a tomar las riendas de su destino. Por si hubiera alguna duda, el primer objetivo del ataque ha sido matar al líder supremo Alí Khamenei, cuya situación al momento de escribir el articulo, aún es confusa.
Si esa es la premisa, la caída del régimen de los ayatolás que aterroriza a su población y desestabiliza a toda la región desde 1978, cabe preguntarse si realmente es un objetivo viable y a qué plazo. Sobretodo porque Irán no es Venezuela: tiene capacidad militar poderosa; su guardia revolucionaria y el resto de cuerpos militares y policiales son compactos y están muy bien entrenados; está situado en un zona de enorme valor geoestratégico, capaz de crear grandes sacudidas económicas; tiene objetivos americanos y al propio Israel al alcance de sus misiles, y sus proxies, pueden atacar a sus enemigos desde muchas posiciones. Con todo ello, no parece que pueda tratarse de una guerra corta (de momento, fuentes de seguridad israelí hablan de más de una semana de ataques), aunque la voluntad americana sea acortarla al máximo y centrarla en los ataques aéreos. Pero si el objetivo es la caída del régimen, ¿será suficiente la batalla aérea? Sin duda a nadie le interesa una guerra con infantería, y menos a Trump, que podría encharcar a Estados Unidos en un nuevo Afganistán. No hay que olvidar que Irán tiene 650.000 efectivos activos, una de las infanterías más grandes del mundo. Pero, si imaginar una guerra con infantería es un pésimo propósito, descartarla es imprudente.
Con todo, la superioridad militar de americanos e israelíes en mar y aire está fuera de toda duda y por tanto es imaginable que consigan colapsar el régimen destruyendo todos sus centros estratégicos, tanto militares, como políticos. Lo cual no significa que Irán no pueda ser letal en las próximas horas y días. El éxito militar de USA e Israel se da por seguro. El cuándo se produce y qué consecuencias políticas tiene, es más difuso.
En este sentido, ¿es el momento de atacar Irán? Sin ninguna duda. Primero, porque es el punto final de la guerra que empezó el 7 de octubre de 2023, con la masacre de Hamás en Israel, auspiciada por los ayatollahas. A partir de aquel punto de inflexión, Irán pasó, de ser el enemigo a vigilar, a ser el enemigo a abatir, no solo para Israel, sinó para otros países preocupados por la carrera nuclear y por el potencial que Irán había aconseguido a través de sus proxies: chiitas iraquíes, la Siria de los Asad, el Hezbollah en el Líbano, los huties del Yemen, y los grupos terroristas que actuaban en Gaza. Y ello sin contar con la penetración iraní en América Latina. No había opción para la negociación. Pero la guerra con Irán solo podía producirse si se ocurrían tres grandes sacudidas: si Israel ganaba su propia guerra en el Líbano contra Hezbollah y en Gaza contra Hamás; si caía el régimen sirio; y si llegaba Trump a la Casa Blanca. Todo pasó, y ahora està ocurriendo lo que entonces ya estaba predestinado.
Pero hay más motivos que han desencadenado la decisión final. Por un lado, la constatación de que China y Rusia no tienen ninguna intención de intervenir. Al contrario, necesitan una situación de estabilidad en la región. Por otro lado, la mayoría de países de la región quieren pasar del momento Irán al momento Acuerdos de Abraham, y al consecuente potencial económico que puede generar. Finalmente, la grave crisis económica del país sumada a la extraordinaria y heroica revuelta de los iraníes, cuya valentía han pagado con miles de muertos, han mostrado la extrema debilidad de un régimen enloquecido y delirante que se aguanta por el terror, con la mayoría de la población en su contra. Con un añadido final: la aparición de Reza Pahlavi, cuya popularidad lo convierte en posible referente para el proceso democrático. Estados Unidos no tiene una Delcy en Irán, pero con Pahlavi tiene un puente de transición.
Conclusiones finales, aunque precarias, dada la volatilidad de la situación: la guerra es total y tiene como objetivo el final del regiment de lo ayatollas; Estados Unidos e Israel han desencadenado una fuerza militar colosal, que Irán no puede vencer; la guerra puede durar más de lo que quisiera Trump, porque el régimen la vivirá como una “guerra existencial” e intentará morir matando; es el gran momento de la oposición al régimen, que siempre consideró necesaria la intervención para poder derrocarlo. Finalmente, lo más importante: si cae el régimen, además de liberar al pueblo persa, habrá ganado la causa de la mujer, la causa de los derechos humanos y la siempre eterna y frágil causa de la libertad.
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President Donald Trump’s joint strikes on Iran are exposing a divide in both parties, as several Democrats come to the president’s defense while a handful of Republicans question his constitutional authority.
Trump announced U.S. and Israeli forces targeted Iranian leadership and military sites in the early hours of Saturday morning, catching millions of Americans — and the majority of lawmakers in Congress — by surprise.
A handful of House Democrats are justifying the operation, bucking most of their party, who are calling the operation a reckless and illegal action. On the other hand, at least three Republican lawmakers are signaling that the news gave them some pause as of Saturday morning.
Rep. Greg Landsman, D-Ohio, said that the strikes «are targeting military infrastructure —- with warnings to Iranian civilians to take shelter away from these military targets.»
Democrats like Rep. Josh Gottheimer are breaking from their party to justify President Donald Trump’s joint operation with Israel. (Graeme Sloan/Bloomberg via Getty Images; Andrew Harnik/Getty Images)
«I want a lasting peace for everyone in the region — from the Iranian people to the Lebanese, Palestinians, Syrians, Iraqis, Jordanians, and Israelis. I hope these targeted strikes on the Iranian regime’s military assets ends the regime’s mayhem and bloodshed and makes way for this lasting peace in the region,» Landsman said.
«Thank you to our brave service members who are leading this effort, and I pray their work will finally free the people of Iran and those in the region from more violence or war.»
Reps. Tom Suozzi, D-N.Y., and Josh Gottheimer, D-N.J., similarly put the onus on Iran, as did Sens. Jacky Rosen, D-Nev., and John Fetterman, D-Pa.
ISRAEL LAUNCHES PREEMPTIVE STRIKE AGAINST IRAN, DEFENSE MINISTER SAYS
On the Republican side, Reps. Warren Davidson, R-Ohio, Thomas Massie, R-Ky., and Sen. Rand Paul, R-Ky., are concerned about how actions against Iran could run afoul of Congress’ own constitutional authority.
«We need a government small enough to fit within the Constitution. We need a government effective enough to solve problems and serve its own people. Or, we need a new Constitution,» Davidson posted on X.
When another user asked if he supported Trump’s actions against Iran, Davidson replied, «No. War requires congressional authorization.»
Rep. Thomas Massie, R-Ky., questions Attorney General Pam Bondi before a House Judiciary Committee hearing on Capitol Hill in Washington, Feb. 11, 2026. (Robert Schmidt/AFP via Getty)
ISRAEL TARGETS IRAN’S SUPREME LEADER IN SWEEPING STRIKES AS US JOINS ‘OPERATION EPIC FURY’
Massie, a longtime critic of foreign intervention, went so far as to introduce a resolution alongside Rep. Ro Khanna, D-Calif., to rein in Trump’s war powers. House Democrats are demanding a vote on that resolution as soon as next week.
Landsman told NOTUS that he would vote against such a measure if it came to the House floor.
Rep. Josh Gottheimer, D-N.J., while similarly praising the military’s moves, refused to tell Fox News Digital if he would support the resolution via a spokesperson.
«Today, the United States, with our key democratic ally Israel, took decisive action to defend our national security, fight terror, protect our allies, and stand with the Iranian people who have been massacred in the streets for demanding freedom from the murderous Iranian regime,» Gottheimer said in a statement.
«I applaud the extraordinary bravery and professionalism of our servicemembers and pray for their safety as Iran and its terrorist proxies retaliate against American bases and our partners in the region.»
He, like Suozzi and Rosen, called for a classified briefing on the operation’s details.
GULF STATES CONDEMN IRANIAN RETALIATORY STRIKES ON THEIR TERRITORIES FOLLOWING US-ISRAELI OPERATION
«I agree with the President’s objectives that Iran can never be allowed to obtain nuclear capabilities. The President must now clearly define the national security objective and articulate his plan to avoid another costly, prolonged war in the Middle East,» Suozzi said in his own statement.
Fetterman, meanwhile, has been among the Democrats most full-throated in his support.
«President Trump has been willing to do what’s right and necessary to produce real peace in the region. God bless the United States, our great military, and Israel,» he posted on X early Saturday morning, among the first lawmakers to sound off.
A person holds an image of Iran’s Supreme Leader Ayatollah Ali Khamenei as Iranian demonstrators protest against the U.S.-Israeli strikes, in Tehran, Iran, Feb. 28, 2026. (Majid Asgaripour/WANA (West Asia News Agency) via Reuters)
He said of the war powers vote, «I’m a hard no. My vote is Operation Epic Fury.»
It’s a stark contrast to the majority of Democratic lawmakers who have lambasted Trump for not getting authorization from Congress before the strikes.
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House Minority Leader Hakeem Jeffries, D-N.Y., accused Trump of moving to «abandon diplomacy and launch a massive military attack has left American troops vulnerable to Iran’s retaliatory actions.»
In the Senate, Minority Leader Chuck Schumer, D-N.Y., said, «Confronting Iran’s malign regional activities, nuclear ambitions, and harsh oppression of the Iranian people demands American strength, resolve, regional coordination, and strategic clarity. Unfortunately, President Trump’s fitful cycles of lashing out and risking wider conflict are not a viable strategy.»
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Did they get him? Khamenei’s fate remains unknown after Israel strike levels his compound
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As the smoke was still clearing over Tehran, one question dominated the region and Washington alike: Did they get him?
In the immediate aftermath of the Israel-U.S. strikes, with the Israeli Air Force targeting senior Iranian leadership infrastructure, rumors swirled that Ayatollah Ali Khamenei, Iran’s 86-year-old supreme leader, had been killed.
Satellite images showed heavy damage to Ayatollah Ali Khamenei’s fortified compound, including buildings believed to house his residence and the so-called House of Leadership. Parts of the complex appeared reduced to rubble.
Regional reports indicated a high-level meeting of Khamenei’s top lieutenants may have been underway when the strike hit. Iranian semi-official media also reported missiles struck near the presidential palace and other leadership sites north of the capital.
Iran’s Supreme Leader Khamenei makes first public appearance in weeks with fresh U.S. threats. (Office of the Iranian Supreme Leader Credit/ASSOCIATED PRESS)
Addressing the nation on Saturday, Prime Minister Benjamin Netanyahu said in Hebrew, «There are more and more signs indicating Khamenei is gone.»
Israeli officials told Fox News Digital they were still assessing the results and said it was too early to confirm the fate of the 86-year-old supreme leader. They did not rule out the possibility that he was killed.
Iranian officials, however, insisted the country’s leadership — including Khamenei and President Masoud Pezeshkian — remained safe, according to The Guardian, despite what they described as an assassination attempt. Meanwhile, a spokesperson for Iran’s Ministry of Foreign Affairs told the BBC that he was not in a position to confirm whether Ayatollah Ali Khamenei had been eliminated.
IRAN FIRES MISSILES AT US BASES ACROSS MIDDLE EAST AFTER AMERICAN STRIKES ON NUCLEAR, IRGC SITES
In this picture released by an official website of the office of the Iranian supreme leader, Supreme Leader Ayatollah Ali Khamenei stands as army air force staff salute at the start of their meeting in Tehran, Iran, Friday, Feb. 8, 2019. Khamenei is defending «Death to America» chants that are standard fare at anti-U.S. rallies across Iran but says the chanting is aimed at America’s leaders and not its people. (Office of the Iranian Supreme Leader via AP)
The long-serving cleric has survived decades of internal unrest, assassination plots and foreign pressure. He rarely appears in public without layers of security and is believed to operate through a tightly controlled network of loyalists embedded across Iran’s military, intelligence and political institutions.
In an exclusive Fox News Digital report earlier this week, researchers described how Khamenei runs what amounts to a parallel state within Iran’s formal government structure.
«The Bayt is the hidden nerve center of the regime in Iran… it operates as a state within a state,» Kasra Aarabi, director of Islamic Revolutionary Guard Corps (IRGC) research at United Against Nuclear Iran (UANI), told Fox News Digital.
IRAN COULD ‘ACTIVATE’ HEZBOLLAH IF US TARGETS REGIME, TRUMP’S INNER CIRCLE TO DECIDE: EXPERT
Smoke rises on the skyline after an explosion in Tehran, Iran, Saturday, Feb. 28, 2026. (AP Photo/Vahid Salemi)
Even if Khamenei himself were removed, Aarabi warned, the institutional machinery he built — involving roughly 4,000 core staff and a broader network of tens of thousands — could continue functioning.
«Even if he is eliminated, the Bayt as an institution enables the Supreme Leader to function,» Aarabi said. «Think of the Supreme Leader as an institution rather than just a single individual.»
That reality complicates the picture.
For decades, Khamenei has positioned himself not merely as a political leader but as the apex of a system designed to survive shocks — whether from protests at home or military pressure abroad.
The 86-year-old cleric has faced repeated waves of unrest, including mass protests in 2009, 2022 and again in early 2026. Each time, his regime cracked down forcefully, consolidating control rather than fracturing.
He has also weathered years of covert operations, cyber campaigns and targeted strikes against key Iranian figures across the region.
Still, the scale of the latest strike appears unprecedented.
If confirmed dead, Khamenei’s killing would mark the most significant decapitation of Iranian leadership since the 1979 revolution. It would also raise immediate questions about succession inside a system he carefully engineered to avoid sudden collapse.
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A person holds an image of Iran’s Supreme Leader Ayatollah Ali Khamenei as Iranian demonstrators protest against the U.S.-Israeli strikes, in Tehran, Iran, Feb. 28, 2026. (Majid Asgaripour/WANA (West Asia News Agency) via Reuters)
If he survived, it would reinforce his reputation for resilience — and underscore how difficult it is to eliminate the core of Iran’s power structure.
For now, officials say assessments are ongoing, and the question may be answered in the very near future.
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