'Worst is yet to come': MSNBC host predicts major economic pain in coming months

Major retailers, from Walmart to Dollar Tree to Home Depot, are being candid about having to raise their prices because of President Donald Trump's steep new tariffs. And some chains are already raising prices.

During an Friday morning, May 2 appearance on MSNBC's "Morning Joe," Stephanie Ruhle — who hosts MSNBC's late-night show "The 11th Hour" — warned that for U.S. consumers, things are going to get much worse in the weeks and months to come.

Ruhle told "Morning Joe" host Joe Scarborough and his colleague Willie Geist, "What we're doing with China mano a mano is devastating for businesses. And when you talk about the unemployment number, we don't know what it's going to be yet. But the worst is yet to come."

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Ruhle added, "When you've got Apple, one of the most profitable countries in the world, that got one of the first exemptions from the president….. When they're telling you they're going to take a $900 million hit, what do you think it's going to do for the toy store in your downtown?"

Treasury Secretary Scott Bessent is echoing Trump's claim that even if the tariffs create some short-term financial pain, they will lead to widespread prosperity in the long run. Geist asked Ruhle if Bessent really believes that, and the "11th Hour" host didn't hesitate to question his sincerity.

Ruhle told Geist, "From the sources that I speak to, who are Scott Bessent's former colleagues, competitors, peers — no, not one word of it. And I think that's the hardest thing. We all know it's difficult to be on TV, but the reason he might appear awkward on television is because he knows he's not telling the truth. And, you know…. he just said earlier this week: we're not going back to the jobs of the past. We're bringing back industrial jobs of the future. "

Ruhle continued, "Willie, if that were the case, then wouldn't we see exemptions for apparel companies? Because the jobs of the future are not bringing back sweatshops, clothing manufacturers. We are a manufacturing hub. We're the second largest manufacturer in the world. What we have figured out over time is how to optimize our manufacturing."

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