When President Donald Trump‘s announcement last week of sweeping tariffs on dozens of foreign countries including a 104 percent tariff on China caused the stock market to plummet, panic ensued in some well-monied places and even some loyal Republicans got the jitters.
Over the weekend, Trump cabinet members including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent appeared on mainstream media to try to reassure Americans invested in the stock market not to worry, that Trump “knows what he’s doing.”
But this messaging had to compete with opposing advice from other top financial voices including billionaire Trump supporter Bill Ackman and former Treasury Secretary Larry Summers, who insisted that the only way to turn the market around was for Trump to pause (Ackman) or walk back (Summers) the tariffs.
[The most devout MAGA lawmakers and supporters accused worried Americans of crying “the sky is falling.” And Trump himself coined a new word for Republicans who doubted his vision because the markets were shaken: he called them “Panicans.”]
On Wednesday when the President announced a 90-day pause on the nearly universal “reciprocal” tariffs — with the exception of those on China, which were raised to 125% — the stock market bounced back. Former Fox News star Megyn Kelly responded to the stock surge on X, saying she had essentially looked the other way during the market chaos.
I am pleased to say that I did not freak out over tariffs & now I feel the way I do when I arrive to the airport late & I board gleefully unaware of the flight having been delayed/cancelled/moved to another gate or whatever other drama preceded, but was fixed before, my arrival.
— Megyn Kelly (@megynkelly) April 9, 2025
Kelly wrote: “I am pleased to say that I did not freak out over tariffs & now I feel the way I do when I arrive to the airport late & I board gleefully unaware of the flight having been delayed/cancelled/moved to another gate or whatever other drama preceded, but was fixed before, my arrival.”
Those not sold on Trump’s tariff strategy are replying to Kelly with comments including “the stock market is still down 6.4% for the year, AFTER yesterday’s bounce.” Another asserted that “the tariffs were/are still ridiculous. Freaking out would’ve been reasonable as this could have led to recession or depression.”
One MAGA supporter replied to Kelly: “Ackman HAHAHAHA But you have to admit… Bill Ackman’s emotional X roller-coaster has been a hoot!”
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