Topline
President Donald Trump defended his tariff policy while taking aim at China in a Truth Social post Saturday morning, urging Americans to “hang tough” as the sweeping levies he imposed on most countries this week caused global markets to plunge and sparked Republican pushback.
President Donald Trump told Americans to “hang tough” as tariffs cause the stock market to plunge in … More
AFP via Getty ImagesKey Facts
Trump said the tariffs “won’t be easy, but the end result will be historic,” appearing to acknowledge economists’ fears the tariffs will cause consumer prices to rise and send the United States “perilously close” to a recession.
Trump also slammed China, which said Friday Trump’s tariff “seriously undermines China’s legitimate rights and interests” and announced it would retaliate by imposing a 34% duty on U.S. goods, matching Trump’s new 34% tariff against the country.
China and “many other nations, have treated us unsustainably badly,” Trump said, accusing them of using the United States as a “whipping post,” echoing his rationale for the tariffs as he has accused other countries of “taking advantage” of the United States.
Trump dubiously claimed the United States has seen “more than FIVE TRILLION DOLLARS OF INVESTMENT,” though it’s unclear where this figure is from, and it comes five days after he claimed he has secured $3 trillion in private investment during his second term.
The $5 trillion figure echoes the total stock market losses following Trump’s chaotic tariff rollout, as the Dow Jones Industrial Average fell 1,680 points Thursday and another 2,200 on Friday, marking the sharpest declines since the COVID-19 pandemic began in 2020.
What Else Has Trump Said About The Tariffs?
Trump has continued to defend his “Liberation Day” tariffs policy despite early stock market chaos and growing backlash from members of his own party. “THE PATIENT LIVED, AND IS HEALING,” Trump said in a Truth Social post Thursday, claiming the economy will be “FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT.” Trump’s press secretary Karoline Leavitt said Thursday there is “not going to be any pain” from the tariffs for American companies or workers, claiming Americans can “expect price stability.” Trump announced his sweeping tariff policy Wednesday, imposing steep rates on nearly every country.
How Has China Responded To Trump’s Tariffs?
The Chinese State Council’s Tariff Commission said Friday the United States’ tariffs are “typical unilateral bullying” while warning they threaten both U.S. and global economic interests. China’s new 34% tariff imposed against the United States will take effect April 10 and affect all goods imported from the U.S. Trump slammed China’s retaliation in a Friday morning Truth Social post: “CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” China also reportedly backed off from a deal to sell TikTok to a U.S.-based company after Trump announced his tariffs, just days before the TikTok sale deadline, which Trump extended.
Chief Critics
Trump’s tariffs have raised alarms among economists and members of Congress. JP Morgan Chase’s chief economist Michael Feroli said Trump’s tariffs will “take the economy perilously close to slipping into recession.” Democrats have widely criticized the measure, while a growing number of Republicans have voiced concerns, including Sen. Mitch McConnell, R-Ky., who said “the last thing we need is to pick fights with the very friends with whom we should be working with to protect against China’s predatory and unfair trade practices.” Sen. Ted Cruz, R-Texas, said he is concerned about a trade war and is “not a fan of raising taxes on millions of American cosponsors.” Some Republicans have voiced support for a bill that would require congressional approval for new tariffs, though it’s unclear whether the measure could pass the Republican-majority legislature.
Further Reading
Tariffs Cause Another Stock Market Rout—Losses Approach $5 Trillion As Dow Plummets Another 2,200 Points (Forbes)
Trump’s Tariffs Face Growing Republican Backlash: ‘Last Thing We Need’ (Forbes)
Read the full article here
