Conservative Scott Jennings Rarely does he part ways with President Donald Trump on CNN, but even he admitted late Thursday that he has "mixed feelings" about the MAGA leader's economic strategy, which caused the global economy to nosedive.
The markets plummeted on Thursday With significant drops observed across main indexes of the U.S. stock market, the NASDAQ Composite plummeted almost 6%, erasing more than 1,050 points. Meanwhile, the Dow Jones Industrial Average tumbled approximately 4%, marking a decline of around 1,680 points. Additionally, the S&P 500 decreased by just below 5%, losing roughly 274 points.
The spiral occurred as Trump marked what he called "Freedom Day," implementing a base rate of 10 percent tariff on goods imported from every country, with increased rates for those he considered uncooperative. Certain tariffs might rise up to 50 percent for particular nations.
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CNN host Abby Phillips strongly criticized the Trump administration, arguing that their approach for determining the tariffs was not based on proper mathematics.
" It's also not economics "It’s essentially not how you manage the largest economy globally,” Philip stated, pivoting towards Jennings, who was known for his strong support of Trump on the channel.
However, this time, Trump discovered no such protection.
"Look, I won’t delve into the mathematical equations they developed since I wasn’t present and have no idea about their process or reasoning behind them," he stated.
Jennings subsequently admitted that he was uncertain about how to react to Trump's policy.
To be honest, I'm conflicted about this," Jennings stated. "My training never included believing in tariffs. As someone who was raised around traditional Republicans, we've always followed Ronald Reagan’s beliefs. What he's doing now is essentially inserting new economic theory genes into the fabric of the Republican Party.
Jennings mentioned that certain Republicans are dismissing the theory, while others are choosing to ignore it. reluctantly along with it , and others are 'wholeheartedly adopting it.'
“I’m aware of individuals within the business sector who hold differing views on this issue, quite honestly, not only in my hometown of Kentucky but also in other places. Personally, I find myself swayed by President Trump’s stance concerning the working class here and additionally by his arguments for fairness. To put it simply: should it prove successful, this would rank as one of the boldest and most courageous moves made by a president in ten years,” Jennings stated.
If it fails though, he added, "the political repercussions will rest solely on one individual’s shoulders."
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