Washington Post journalist Jeff Stein isn’t pulling punches when it comes to Wall Street and Silicon Valley’s so-called shock over President Donald Trump’s sweeping new tariffs.
As the average import duty spikes to 29% — with Chinese goods facing a staggering 104% rate, Stein took to X to highlight what he sees as blatant willful ignorance.
“I really feel for the Silicon Valley and Wall Street types expressing surprise at Trump’s tariffs,” Stein wrote sarcastically.
“Who could have even thought to pay attention to his campaign speeches, the policy positions on his website, dozens if not hundreds of newspaper articles, nationally televised debates, or try to talk to people in his inner orbit. The information was practically impossible to come by.”
Stein later backed that up with archived links to Washington Post articles from 2023 and 2024, plainly laying out Trump’s intent to overhaul global trade with massive new tariffs.
Tariffs Hit, Shock Spreads
The tariffs officially took effect Wednesday, sending tremors through already-jittery financial markets.
Many investors and executives are now reckoning with the actual cost of policies they either dismissed or underestimated.
The U.S. now has a baseline 10% tariff on all imports, but dozens of countries face much steeper rates. China, the main target, is now subject to triple-digit duties.
“It’s too much too fast,” said Craig Fuller, CEO of logistics firm FreightWaves. According to him, businesses, especially small ones, are simply not equipped to alter their supply chains at the speed and scale Trump desires.
The goal, according to Trump, is to make America “very rich” by reducing reliance on foreign goods and wiping out the trade deficit.
But economists warn this approach could result in higher consumer prices, slower growth and rising unemployment.
Wells Fargo analysts predicted a “modest stagflationary shock” to the economy, with real income declining and unemployment climbing to around 5%.
Wall Street, Silicon Valley Called Out
Commenters piled on in response to Stein’s post. ne user wrote: “They were burning through their Rolodex of government contacts, and all of them were saying the same thing: ‘He’s not going to do it. It’s all talk.’ And then President Trump went and did it.”
Another user noted the shock stemmed from elites believing Trump’s populism was an act: “They thought he’d never actually do things that might really hurt rich people or the markets. That’s why they’re shocked — the con got too big.”
Some pointed out Trump’s long history of supporting tariffs, going back decades.
“Don’t forget the congressional testimony he gave decades ago expressing his love of tariffs! Tariffs are literally the policy he has been most consistent on.”
Others took a harsher tone. “No one wanted to believe every word Trump said was a lie more than his own voters.”
Retaliation and What Comes Next
Canada quickly fired back, imposing 25% tariffs on U.S.-made cars and parts. China hit U.S. energy and agricultural goods with a 34% duty and is reportedly considering a ban on American cultural exports.
Meanwhile, markets continue to tumble. The yield on U.S. government debt has surged, undercutting Trump’s hopes for lower borrowing costs. And experts warn this could be just the beginning.
“A historical shift in trade policy … will not be digested that quickly,” wrote Jens Nordvig of Exante Data. “It could take weeks and months and even quarters before we have their full effects embedded.”
For now, though, the consensus from critics seems clear: If you didn’t see this coming, you weren’t paying attention.
IMAGE CREDIT: “President Donald Trump” by Gage Skidmore, via Flickr. Licensed under CC BY-SA 2.0. Image adjusted for layout.