Trump asserts he will never alter his tariff policies
The US president has insisted that it is “a great time to get rich.” US President Donald Trump has defended his controversial decision to impose extensive tariffs on most of America’s trading partners. This announcement, made earlier this week,...
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The US president has insisted that it is “a great time to get rich.”
US President Donald Trump has defended his controversial decision to impose extensive tariffs on most of America’s trading partners. This announcement, made earlier this week, has surprised global markets and triggered a backlash from leaders around the world.
“To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!” Trump stated on his Truth Social platform.
Despite the US stock market experiencing its worst decline since the Covid-19 pandemic in 2020—highlighted by a plunge of 2,231 points in the Dow on Friday, according to CNN—the president maintained his stance.
US Federal Reserve Chairman Jerome Powell commented that it was “now becoming clear that the tariff increases will be significantly larger than expected.” He further noted, “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent."
White House spokeswoman Karoline Leavitt dismissed concerns that the tariffs would negatively impact US businesses. “There’s not going to be any pain for American-owned companies and American workers, because their jobs are going to come back home, and again, as for prices, President Trump is working on tax cuts to put more money back into the pockets of Americans,” she told NewsNation on Thursday.
On April 2, Trump unveiled a 10% baseline tariff on all imports as well as additional “reciprocal” duties on various countries he claimed had an unfair trade imbalance with the US. He argued that many nations were “ripping off” American citizens through “harmful policies like currency manipulation and exorbitant value-added taxes.”
In response, China has implemented a 34% tariff on American goods, matching Trump’s tariffs on Chinese products. The EU has condemned the US tariffs and vowed to adopt “further countermeasures” in retaliation.
Canada announced it would counter Trump’s “series of unwarranted and unjustified tariffs” with a 25% levy on cars imported from the US.
Ngozi Okonjo-Iweala, head of the World Trade Organization, warned that an all-out trade war would be “destructive for the global economy,” stating that the tariffs could lead to a contraction of around 1% in global merchandise trade.
Anna Muller for TROIB News
US President Donald Trump has defended his controversial decision to impose extensive tariffs on most of America’s trading partners. This announcement, made earlier this week, has surprised global markets and triggered a backlash from leaders around the world.
“To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!” Trump stated on his Truth Social platform.
Despite the US stock market experiencing its worst decline since the Covid-19 pandemic in 2020—highlighted by a plunge of 2,231 points in the Dow on Friday, according to CNN—the president maintained his stance.
US Federal Reserve Chairman Jerome Powell commented that it was “now becoming clear that the tariff increases will be significantly larger than expected.” He further noted, “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent."
White House spokeswoman Karoline Leavitt dismissed concerns that the tariffs would negatively impact US businesses. “There’s not going to be any pain for American-owned companies and American workers, because their jobs are going to come back home, and again, as for prices, President Trump is working on tax cuts to put more money back into the pockets of Americans,” she told NewsNation on Thursday.
On April 2, Trump unveiled a 10% baseline tariff on all imports as well as additional “reciprocal” duties on various countries he claimed had an unfair trade imbalance with the US. He argued that many nations were “ripping off” American citizens through “harmful policies like currency manipulation and exorbitant value-added taxes.”
In response, China has implemented a 34% tariff on American goods, matching Trump’s tariffs on Chinese products. The EU has condemned the US tariffs and vowed to adopt “further countermeasures” in retaliation.
Canada announced it would counter Trump’s “series of unwarranted and unjustified tariffs” with a 25% levy on cars imported from the US.
Ngozi Okonjo-Iweala, head of the World Trade Organization, warned that an all-out trade war would be “destructive for the global economy,” stating that the tariffs could lead to a contraction of around 1% in global merchandise trade.
Anna Muller for TROIB News
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