The Trump Crash Is Here

Today’s Lever story: Why are “good” banks now allowed to hide their junk fees?

👇 Spend two minutes reading this 584-word newsletter to learn about: 

• New infighting in Trumpworld.
• The secret buyer of one of the most expensive homes in D.C. history.
• Why RFK Jr. called a mulligan.

🔨 If I had a hammer… President Donald Trump’s tariffs have prompted a stock crash now being called “Orange Monday.” On MSNBC last night, The Lever’s David Sirota described tariffs as a hammer that can be used to build things or destroy things. President Biden carefully used the tariff hammer to build manufacturing jobs — with real success. By contrast, Trump is recklessly using the tariff hammer to destroy the economy. Watch the interview here, watch this clip describing what a constructive tariff policy would look like, and watch this clip about what Congress can do. Then listen to the latest Lever Time about what this all means.

🫨 Liberation Day creates chaos in MAGA-land. Several key figures in Trumpworld are now publicly opposing the president’s tariffs. A right-wing legal organization with ties to Leonard Leo and the Koch network is pushing to get the tariffs knocked down in court, arguing Trump doesn’t have the constitutional authority to issue them. Meanwhile, Elon Musk — who’s publicly broken with Trump and said he wants a “free trade zone” established between the United States and Europe — and top White House tariff adviser Peter Navarro are now catfighting.