Growing fallout from President Trump’s sweeping tariffs

This morning, the fallout continues to grow from President Donald Trump’s sweeping tariffs, with the impact being felt across multiple sectors.

(NBC)- This morning, the fallout continues to grow from President Donald Trump’s sweeping tariffs, with the impact being felt across multiple sectors. The stock market has been experiencing wild swings, and top business leaders are sounding the alarm. Billionaire Trump backer Bill Ackman has warned of a potential “self-induced, economic nuclear winter,” urging the president to pause the tariffs.

President Trump, however, remains adamant that the pain of tariffs is worth it to restore U.S. manufacturing and reshape global trade. In a meeting with Israeli Prime Minister Benjamin Netanyahu, the president emphasized that the tariffs would lead to fairer deals with many countries. Netanyahu echoed this sentiment, promising that Israel would eliminate its trade deficit with the United States.

On Capitol Hill, Democrats are highlighting the instability caused by the tariffs and the rising consumer prices. House Minority Leader Hakeem Jeffries (D-NY) called the tariffs “a tax on the American people,” signaling growing concern over the potential long-term effects.

While many Republicans continue to back President Trump’s trade policies, some are voicing concerns about the effects of high tariffs in a prolonged and widespread trade war. Senator Ted Cruz (R-TX) warned that tariffs would be “really bad for Texas and really bad for America.” Republicans, however, are celebrating a Supreme Court ruling that overturned a lower court’s decision blocking the Trump administration’s use of the rarely invoked wartime Alien Enemies Act for deporting migrants. While the ruling allows deportations to proceed, the justices emphasized that migrants must first be given due process—a decision that immigration experts say has been sorely lacking in recent actions.

Nayna Gupta, Policy Director at the American Immigration Council, criticized the lack of due process, noting that migrants have been denied the opportunity to challenge their deportations before any decision-makers. The Supreme Court also issued a separate ruling, pausing an order to return a man who was wrongly deported to an El Salvador prison.