The Daily Signal - VICTOR DAVIS HANSON: Don’t Be A ‘PANICAN' Over Trump's Tariffs, Wall Street

Episode Date: April 9, 2025

President Trump remains resolute in his tariff strategy, imposing a 125% tariff on China today and posting “Don't be a PANICAN (A new party based on Weak and Stupid people!)” on his Truth Social account. So, is the recent Wall Street drop rooted in facts—or fueled by fear and manipulation? Victor Davis Hanson breaks down the numbers, the history, and the media narrative behind the current economic anxiety on today’s episode of “Victor Davis Hanson: In His Own Words.” “ First term, Donald Trump, was he an enemy of Wall Street? Is there a better alternative? Did he crash the market? No. The market grew 65% under Donald Trump.  “ If it’s not based on data points and it’s not based on what you could infer from his first term and it’s not based on his agenda in other areas or the world scene, what is it based on it? It’s based on panic. It really is. “Part of it is fed by left-wing street theater, media hysterics, which they feel will help their counterparts, their soul mates in Europe, so they can put pressure on Donald Trump.” Don’t miss out on Victor’s latest videos by subscribing to The Daily Signal today. You’ll be notified every time a new piece of content drops: https://www.youtube.com/dailysignal?sub_confirmation=1 Learn more about your ad choices. Visit megaphone.fm/adchoices

At Desjardin, we speak business. We speak equipment modernization. We're fluent in data digitization and expansion into foreign markets. And we can talk all day about streamlining manufacturing processes. Because at Desjardin business, we speak the same language you do. Business. So join the more than 400,000 Canadian entrepreneurs who already count on us. And contact Desjardin today.

We'd love to talk. Business. Is this panic we're watching on Wall Street based on hard data or evidence or experience? What do I mean by that? First term, Donald Trump. Was he an enemy of Wall Street? Did he crash the market? No, the market grew 65% under Donald Trump.

He basically repealed the Dodd-Frank Oversight Act. He deregulated. He cut taxes. He simplified. They loved him. Is it based on data that we've seen so far in his first 80 days? Unemployment? No, actually the job report came 100,000 jobs more than the government.

in itself had predicted. So if it's not based on data points, and it's not based on what you could infer from its first term, and it's not based on his agenda in other areas, or the world seeing what is it based on? It's based on panic. It really is. Hello, this is Victor Davis-Hansson for the Daily Signal. Speaking on a Monday, that the market's gone down 300 points. It's about where we were two years ago, January of 2023. Remember, the market in the last two administrations, eight years, has doubled in value. So it's not like this big collapse.

But more importantly, is this panic we're watching on Wall Street based on hard data or evidence or experience? What do I mean by that? First term, Donald Trump, was he an energy? of Wall Street? Is there a better alternative? Did he crash the market? No, the market grew 65% under Donald Trump. He basically repealed what Wall Street hated most, the Dodd-Frank Oversight Act. He deregulated. He cut taxes. He simplified. He stood up for American companies and their disputes over. They loved him. Is it based on data that we've seen so far in his first 80 days? Unemployment. No, actually the job report came a hundred.

thousand jobs more than the government itself had predicted in March. Well, maybe it's inflation. It's got to be inflation. The Fed, the Fed. No, the inflation rate as it annualized in March fell to about 2.6. It was very 2.6 for the year. Well, maybe it's based on other things he's done that are chaotic. No, there were 10,000 people crossing the border. He said he was going to stop. it. Biden said you had to have comprehensive immigration reformer was impossible. There's zero. It's almost statistically insignificant. There's nobody crossing. He did that in 80 days. Well, maybe abroad, Donald Trump, he's as reckless with the trade as he wasn't abroad. No, the Red Sea for the first time in four years is navigable. The Houthis are emasculated.

They're descending to the status of Hezbollah and Hamas. The octopus itself in Tehran is terrified. They're sending back channel messages to Trump to negotiate so they don't lose their nuclear plan. In other words, it's pretty stable. But how about Ukraine? No, Donald Trump is not doing what Joe Biden said. We're going to go as long as it takes. He's trying to find a ceasefire.

We are closer now to stopping this 1.5 dead, wounded, missing, killed Stalingrad, than we been in three years. So if it's not based on data points, and it's not based on what you could infer from his first term, and it's not based on his agenda and other areas, are the world seeing, what is it based on? It's based on panic. It really is. It's based on what we saw in 1929. It's what we saw in 2008, where Wall Street goes into a fit of hysteria. Part of it is fed. by left-wing street theater, media hysterics, which they feel will help their counterparts, their sole mates in Europe so they can put pressure on Donald Trump to end.

I want to finish with just two considerations. They're very important. 10% of Americans, the elite, they own somewhere between 88 and 93% of the market value in the stock market. think of that. So what we're talking about is the mass hysteria of investors, of academics, of media, of lawyers, of wealthy people, the professional classes. In contrast, 50% of Americans, 160, 170 million people, they have 1% market capitalization. Their wages only went up 35%, not

doubled like the stock market did over the last two. It was a good, rise, it was impressive. But if the stock market had gone up 35% instead of doubled and wages had gone up 100, then you might see them a little bit more interested. Another final consideration, Donald Trump sold this trade readjustment on reciprocity. Indeed, 70 countries are now willing to negotiate. But for this first round, he's got to keep to that. If there's a country like Israel or Australia that either has similar tariffs to our own or is running a deficit with us. And this first round, he should let them go. And if a country says, we want no tariffs and we'll match you, zero to zero, he should take it.

Now, you're going to say finally, well, Victor, they have excise taxes. They put phony security and health regulations to intentionally block American imports, and that is a tariff of sorts. They use money, manipulative. I know all that. But that's for round two. Right now at this moment in time and space, it's very important to keep people on your side. And the only way you're going to do that is reciprocity, equality, whatever they do, we do, parity.

We can work out all of the hidden machinations our trading partners use under the word safety, health, tax, value. That doesn't matter. Right now, he's got to at least say in round one, if you don't have a tariff on us, we won't have a tariff on you. And he'll get his $300 to $400 billion anyway from the countries that resist. Thank you very much. This is Victor Davis-Hansson for the Daily Signal. Thank you for tuning in to the Daily Signal. Please like, share, and subscribe to be notified for more content like this. You can also check out my own website at victorhansen.com and subscribe for exclusive features in addition.