Finally Friday Reads: It’s late but I took some ME time

“Well, I don’t know why I came here tonight
I’ve got the feeling that something ain’t right
I’m so scared in case I fall off my chair
And I’m wondering how I’ll get down the stairs” John Buss, Repeat1968 with h.t t;o Stealers Wheels

Good Day, Sky Dancers!

I took some time today to enjoy a friend from FDL, sushi from Lin’s at St Roch Market, and the Bywater and Marigny right up to the edge of the Quarter. The only way to explore my neighborhood is by foot or by bus.  That way, you really get to know us. The stores on LA49 (better known as St. Claude Avenue) are small, locally owned, and full of surprises.  I don’t think I can ever emphasize how much I love this city. It’s probably why I stay here and don’t go elsewhere anymore.  I first discovered this because when I ventured around the state or country, I had dreams about not being able to find or go home, which ended immediately when I opened the front door. I really wish you this feeling. It’s amazing.

It gave me a breath from reading stuff today.  So, here I go, right into the thick of it.  This is from Dr. Paul Krugman’s Substack. “The Third-Worlding of America. How to destroy 80 years of credibility in less than 3 months.”  Like all excellent economists, he’s got charts and numbers to prove it. I got all these degrees to help people understand financial markets and economic policy. Now, I live with knowledge; I just pray it still empowers people, even if it feels disheartening today.

Remarkably, the sanewashing continues despite the unprecedented craziness of the past 10 days. Many observers assert that Trump has backed down on tariffs and will speedily make a bunch of trade deals. The first assertion is just false, while the second is very unlikely.

In fact, savvy traders have realized that there’s no coherent economic strategy. There’s an old line about military analysis: “Amateurs talk about tactics, but professionals talk about logistics.” Well, when it comes to taking the pulse of financial markets, amateurs talk about stocks, but professionals talk about bond and currency markets. That’s because bond and currency markets are generally less driven by emotion. There’s no “meme gambling investing” in bond and currency markets. And these markets are both signaling major loss of faith in America.

First, about tariffs: It’s true that for the time being Trump has scaled back some of the tariffs displayed on his big piece of cardboard last week. For example, unless we have another policy swerve, the European Union will now face a 10 percent tariff over the next three months rather than a 20 percent tariff. But the tariff on China, our third-biggest trading partner after Canada and Mexico, has gone from 34 percent to more than 130 percent. And we still have high tariffs on steel, aluminum and so on. In effect, observers who claim that tariffs have gone down are missing the biggest part of the story.

Economists who have actually run the numbers, like those at the Yale Budget Lab, estimate that the April 9 tariff regime will raise consumer prices more than the April 2 regime because of the extraordinarily high tariff rate on Chinese imports. Specifically, the budget lab estimates that the latest version of Trump’s trade war will raise consumer prices by 2.9 percent. This is roughly ten times the probable impact of the infamous Smoot-Hawley tariff of 1930.

It’s hard to overstate the craziness of announcing a radical tariff plan, then announcing a quite different but equally radical plan just a week later. Furthermore, the claim that the wild zigzags in policy were always part of Trump’s plan just adds to the destruction of the administration’s credibility.

But are these tariffs just an opening gambit for trade negotiations? I doubt it. Bear in mind that Trump and Peter Navarro, his tariff guru, start from the premise that other countries are cheating, that they’re taking advantage of America and treating us unfairly. In fact, however, most of them aren’t. Take the case of the European Union. The EU imposes an average tariff on U.S. goods of just 1.7%, and there aren’t any significant hidden barriers.

So what are we supposed to be negotiating about? Nations can’t promise to lower their trade barriers when there aren’t any barriers. Navarro has been claiming that value-added taxes are de facto tariffs, but they aren’t, and EU nations literally can’t afford to give them up.

I guess other countries might make fake concessions that Trump can claim as fake victories. This is what he did with China during his first term, claiming that it had made significant concessions — claims which were, in the end, false. In fact, American soybean farmers have never fully recovered the loss of market share. And remember too how Trump made minor changes to NAFTA and claimed to have negotiated a whole new trade pact.

However, Trump is now clearly high on his own supply. Even with the April 9 tariff regime, Trump is imposing high tariff rates on our three largest trading partners. Currency and bond market traders — no fools they — are certainly not acting as if we’re on a path to successful deals.

The Chinese are pranking Trump today. This is from the Washington Post.  “China raises tariffs on U.S. goods to 125 percent as trade war deepens. Beijing hit back in response to the Trump administration’s move to raise tariffs on Chinese goods to 145 percent, saying it would “fight to the end.”  They can afford to. They’re making deals with South Korea and Japan, among other countries.  The only group this is hurting is US importers and Exporters. This includes farmers.

The response underscored China’s decision to stand firm in the face of pressure from Washington and deepened the showdown between the world’s two largest economies.

“If the U.S. insists on substantively damaging China’s interests, China will firmly retaliate and fight to the end,” China’sState Council said in a statement.

The move came after Trump increased the levies on Chinese goods to 145 percent on Wednesday, while also announcing that the tariffs he had previously imposed on more than six dozen other countries would be fixed at 10 percent during a 90-day pause.

The State Council derided Trump’s move to continue ratcheting up the levies and said it would ignore further hikes. The tariffs are a “joke” and “no longer have any economic significance,” its statement said, because the current levels make U.S. exports to China not financially viable. The new Chinese tariffs, which increased from 84 percent, are effective Saturday.

Chinese leader Xi Jinping, in a meeting with Spanish Prime Minister Pedro Sánchez on Friday, stressed that trade wars have no winners and called for China and Europe to “jointly oppose unilateral bullying,” according to state media. European leaders also emphasized the damaging effects of uncertainty beyond the 90-day pause.

Experts in Beijing expressed concern about the latest turn in tensions with Washington. “U.S.-China trade will soon be almost nonexistent,” said Shi Yinhong, an international relations professor at China’s Renmin University. “To ease tensions, Trump must first make concessions.”

Turmoil over tariffs drove fluctuations in global markets on Friday.

Japan’s Nikkei 225 and Topix indexes dropped by5percent, before trimming their losses to under 3 percent by market close. South Korea’s Kospi and Australia’s ASX 200 fell by less than1 percent, while Taiwan’s bourse kicked off the day with a fall of under 1 percent before logging a 2.5 percent gain. Hong Kong’s Hang Seng Index and China’s Shanghai composite index were mostly flat, with the Hang Seng closing just over 1 per cent higher.

Major European markets fell slightly after opening on Friday, following rebounds the previous day. By 6 a.m. Eastern time, Germany’s DAX was down 1.62 percent, France’s benchmark CAC fell by 1.11 percent and London’s FTSE 100 was down around 0.3 percent.

CNN has this headline today for a story written by Ella Nilsen. “Trump’s budget plan eviscerates weather and climate research, and it could be enacted immediately.”  I guess I better hurry to put that Weather Station up in the Pergalo.

The Trump administration intends to eliminate the research arm of the National Oceanic and Atmospheric Administration, close all weather and climate labs and eviscerate its budget along with several other NOAA offices, according to internal documents obtained by CNN.

The documents describe the administration’s budget proposal for 2026, but indicate the administration expects the agency to enact the changes immediately.

The cuts would devastate weather and climate research as weather is becoming more erratic, extreme and costly. It would cripple the US industries — including agriculture — that depend on free, accurate weather and climate data and expert analysis. It could also halt research on deadly weather, including severe storms and tornadoes.

The administration intends to make significant cuts to education, grants, research and climate-related programs in NOAA, the plan says, which the administration believes “are misaligned with the … expressed will of the American people.”

While the phrase “climate change” refers to the manmade influence on the global climate system via planet-warming fossil fuel pollution, “climate” in NOAA parlance is simply the weather that has been observed over time.

CNN has reached out to the White House and the Department of Commerce, which houses NOAA, for comment on the plan.

Additionally, NASA is on the chopping block!  Does this include all that money going to Elonia?   This is from ars TECHICA‘s Eric Berger.  “Trump White House budget proposal eviscerates science funding at NASA.  “This would decimate American leadership in space.”   #FARTUS seems dead set on sending us back to the Gilded Age. Even the best of the Modern Era is about to be erased.

This week, as part of the process to develop a budget for fiscal-year 2026, the Trump White House shared the draft version of its budget request for NASA with the space agency.

This initial version of the administration’s budget request calls for an approximately 20 percent overall cut to the agency’s budget across the board, effectively $5 billion from an overall topline of about $25 billion. However, the majority of the cuts are concentrated within the agency’s Science Mission Directorate, which oversees all planetary science, Earth science, astrophysics research, and more.

According to the “passback” documents given to NASA officials on Thursday, the space agency’s science programs would receive nearly a 50 percent cut in funding. After the agency received $7.5 billion for science in fiscal-year 2025, the Trump administration has proposed a science topline budget of just $3.9 billion for the coming fiscal year.

Among the proposals were: A two-thirds cut to astrophysics, down to $487 million; a greater than two-thirds cut to heliophysics, down to $455 million; a greater than 50 percent cut to Earth science, down to $1.033 billion; and a 30 percent cut to Planetary science, down to $1.929 billion.

Although the budget would continue support for ongoing missions such as the Hubble Space Telescope and the James Webb Space Telescope, it would kill the much-anticipated Nancy Grace Roman Space Telescope, an observatory seen as on par with those two world-class instruments that is already fully assembled and on budget for a launch in two years.

We’re also unlikely to see other countries send their best and brightest to our US Universities with all this craziness. As some with with multiple degrees and ones that aren’t that easy to achieve, I would just like to say that my teachers, my students and grad assistants, and my colleagues and fellow students were consistently the best part of higher education school. I owe so much of my math chops to fellow students from India, Iran, Hong Kong, Turkey, and Taiwan. Both of my Doctorate advisors came here as students. One from India.  The other is from Bangladesh. This brain drain will put us on the road to mediocrity.

This is from the AP.  “Immigration judge finds that Columbia University activist Mahmoud Khalil can be deported.”

Columbia University graduate student Mahmoud Khalil can be kicked out of the U.S. as a national security risk, an immigration judge in Louisiana found Friday during a hearing over the legality of deporting the activist who participated in pro-Palestinian demonstrations.

The government’s contention that Khalil’s presence in the United States posed “potentially serious foreign policy consequences” was enough to satisfy requirements for his deportation, Immigration Judge Jamee E. Comans said at the conclusion of a hearing in Jena.

Comans said the government had “established by clear and convincing evidence that he is removable.”

Lawyers for Khalil said they plan to keep fighting. The judge gave them until April 23 to seek a waiver. Meanwhile, a federal judge in New Jersey temporarily barred Khalil’s deportation.

Addressing the judge at the end of the hearing, Khalil mentioned that she said at a hearing earlier in the week that “there’s nothing more important to this court than due process rights and fundamental fairness.”

Let me just say that Jena, Louisiana, is a hell realm.

Is it a Constitutional Crisis Yet, Momma?  Brad Reed has that Raw Story headline.

The United States Department of Justice said on Friday that it will not comply with an order from Judge Paula Xinis to reveal information on the whereabouts and status of deported immigrant Kilmar Abrego Garcia.

As reported by Politico’s Kyle Cheney on BlueSky, the DOJ information Judge Xinis that it would not be able to provide the information she requested on Garcia because the court set an “impracticable” deadline to do so.

Judge Xinis had originally demanded that the DOJ provide information about Garcia’s status by 9:30 a.m. on Friday after the United States Supreme Court ruled that the Trump administration needed to facilitate bringing him back from the prison in El Salvador where he had been sent improperly.

The judge extended the deadline to 11:30 a.m. on Friday morning and scheduled a court hearing on the case for 1 p.m.

So, I hope you’re trying to stay positive and calm. I’m going to go walk Temple and feed the kitties. That’s something I can do right now without feeling depressed.

What’s on your reading and blogging list today?