In an interview with CNN’s Jake Tapper Sunday, Agriculture Secretary Brooke Rollins insisted that there was something very smart about placing a levy on the penguin-populated Heard and McDonald islands.
“The McDonald islands is not imposing—” Tapper interjected.
The White House admitted last week that the tariffs were cooked up with bad and arbitrary math. As economists and financial writers attempted to understand the logic behind how Donald Trump’s team had determined the percentage of tariffs imposed by other countries, they discovered something wildly unusual.
But none of that has swayed Rollins—or, apparently, the president.
“We are unleashing a new golden age, and we will see an economy that will benefit not just every corner of America, but our farmers and our ranchers and the people that have been left behind far too long by Republicans and Democrats,” she added.
The Dow Jones Industrial Average plummeted 756 points—or two percent—by 10:30 a.m. That followed a significant dive late last week, in which the market saw back-to-back 1,500-point losses “for the first time ever,” according to CNBC.
Commerce Secretary Howard Lutnick has argued that some foreign companies were attempting to circumvent levies by shipping through the McDonald and Heard islands before reaching the U.S.
And ridiculous it is—especially since practically a miniscule amount of trade goes through the islands.
The Heard and McDonald islands tariff was very obviously made in error, at least through the eyes of foreign officials. Australian Trade Minister Don Farrell told the Australian Broadcasting Network that the tariff was “clearly a mistake” and indicated a “rushed process.” Farrell extended a free trade agreement with the European Union last week, stating that “the world has changed” in the wake of Trump’s announcement.
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