The range of outcomes is broad and everything depends on just one guy, a petulant nutcase who sounds like he's making it up on the fly.
How is that democracy? Rather, an imperial presidency, divorced from reality, so yeah, the Nero analogy seems about right ... just as the court donors (Musk/Ackerman) and advisors (Navarro) begin to fight among themselves.
Treasury yields went down then rose again dramatically. No one has trust in this. Least of all the countries Trump has alienated. They're not buying ... and others are selling for cash, the only "safe haven" right now, aside from gold.
I listened to Treasury Secretary Bessent, in his interview, with Carlson (who challenged him on nothing) say, among a grab bag of reasons, that they're doing this so as not to be "hostage" (his word) to foreign supply chains.
By which he means Asia, more particularly China. You would only blow up the economy (just in the short term, they think) if you're planning to go to war, with Iran soon, and China, someday in the not too distant future.
They're so paranoid about China's (noticeably un-warlike) rise, they may feel the only way to stop it is through real warfare. The US tried tech bans under Biden, only to end up with the shock of DeepSeek, and are now, in all but words, at the defacto embargo stage of 100% tafiffs.
As Nero would have known, all empires require hegemony ... and China is a threat to the present-day one.