Tariffs or 1929: Pick Your Apocalypse Package

In a masterclass of calamity salesmanship, the Trump administration warned a federal appellate court that overturning its tariffs might usher in a '1929-style depression,' threatening Social Security and Medicare. The letter declares, 'If the United States were forced to pay back the trillions... America could go from strength to failure.' Apparently, their trillions are invisible future project investments—basically IOUs promising jobs and money that are already causing disputes. And don’t worry, if replaced, those tariff substitutes are 'short-term, not nearly as powerful.' Because who wouldn’t choose economic doom flavored with a side of legal drama?

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Source: Axios | Published: 8/11/2025 | Author: Ben Berkowitz