Over the weekend, former President Donald Trump had some big things to say about America’s energy future if he wins the presidential election this fall. During an interview on Fox News’ “Sunday Morning Futures” with Maria Bartiromo, Trump laid out his vision, and let me tell you, it’s all about ramping up energy production like never before.
Trump didn’t mince words when he talked about what he plans to do. “Drill, baby, drill,” he said, emphasizing his goal to tap into what he calls America’s “liquid gold” — our vast reserves of oil and natural gas. According to Trump, the United States has more energy resources under its feet than even energy giants like Saudi Arabia and Russia.
His plan? To make America “energy-dominant” by not just meeting our own needs but supplying energy to Europe and the rest of the world. He sees this as a way to lower energy prices domestically and turn America into a global energy powerhouse.
But that’s not all. Trump also took a shot at current policies that he believes are holding the country back. He pointed out that people in New England pay some of the highest energy prices in the world because, according to him, New York is blocking a pipeline that could bring in cheaper energy. This ties into his broader critique of what he sees as restrictive energy policies that hurt American consumers.
In addition to energy, Trump discussed bringing back tariffs, particularly to protect the U.S. auto industry. He expressed concern that without strong protective measures, states like Michigan could see their auto jobs disappear as companies move production overseas, particularly to China and Mexico. Trump made it clear that he plans to use tariffs to ensure that American workers and industries are protected, emphasizing that this approach would create jobs like never before.
Now, while Trump was outlining his future plans, the stock market was facing some turbulence. U.S. stocks saw their third straight day of declines amid growing fears of a recession. The Dow Jones dropped nearly 900 points, with the S&P 500 and Nasdaq also taking hits.
This market slump was fueled by disappointing jobs data, signaling that the economy might be weakening faster than expected. The U.S. unemployment rate climbed to 4.3%, and the economy added just 114,000 jobs, sparking concerns that the Federal Reserve’s high interest rates could tip the economy into a recession.
Amidst these economic jitters, investors started flocking to safer assets like U.S. Treasury bonds, pushing the yield on the 10-year note down to its lowest level since June 2023.
This could potentially bring some relief to the housing market, as mortgage rates are closely tied to these yields. But the downturn wasn’t limited to traditional markets — cryptocurrencies also took a hit, with Bitcoin and Ethereum seeing significant price drops.