Summary
Despite a temporary pause on some tariffs, economists warn Trump’s trade war continues to pose serious risks to the U.S. economy.
Current import taxes now exceed levels seen during the 1930s Great Depression. A Yale analysis estimates a $2.4 trillion tax increase over 10 years, costing households $4,400 more.
Tariffs on Chinese imports have reached 145%, driving up prices and investor anxiety. Markets briefly surged after Trump’s announcement but quickly fell again.
Critics highlight Trump’s deep misunderstanding of trade mechanics and fear long-term economic damage from persistent uncertainty.
I see it as only a matter of time before the world moves away from the USD standard to the Euro.
To that end, I’ve opened a European bank account and have begun depositing cash in euro denominations for when (not if) I eventually need to get the fuck out of here.
Where and how did you open bank account in Europe? I tried this but they refused to create a bank account saying I need to be there.
Which bank was it?
There is an international no-brick-and-mortar bank called Wise that will let you do that and convert your deposits to other currencies within your accounts. I dug into them a bit a few days ago; they appear to be an established player and, afaict, legit.