Trump asks Americans to ‘hang tough’ amid market crash, China’s return fire | India News
US President Donald Trump on Saturday reinforced his sweeping global tariff policy, cautioning Americans about upcoming economic hardship while assuring ‘the outcome will be horic.’
“We have been the dumb and helpless ‘whipping post,’ but not any longer. We are bringing back jobs and businesses like never before,” Trump posted on his Truth Social platform.
“This is an economic revolution, and we will win,” he continued. “Hang tough, it won’t be easy, but the end result will be horic.”
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His remarks came as the broadest set of US tariffs to date officially took effect, which imposes a 10 percent “baseline” tariff on most imports into the United States. Goods from Mexico and Canada are exempt, as Trump invoked emergency economic powers to address what he described as long-standing trade imbalances.
Trump’s announcement of tariffs on Wednesday sent shockwaves through global stock markets, erasing $5 trillion in market value from S&P 500 companies the close of trading on Friday — marking a record two-day loss. Oil and commodity prices also tumbled as investors rushed toward the relative safety of government bonds.
At 12.01 ET on Wednesday, Trump’s higher “reciprocal” tariff rates of 11% to 50% are due to take effect on around 60 US trading partners — including the India, European Union, Japan, and China — with rates tailored to each country.
China, in particular, has been hit hard. A new 34% US tariff on Chinese goods is set to take effect next week, prompting Beijing to announce an equivalent 34% tariff on US imports starting April 10. China also plans to file a complaint at the World Trade Organisation (WTO) and restrict exports of rare earth elements critical to advanced electronics and medical technologies.Story continues below this ad
“China has been hit much harder than the USA, not even close,” Trump wrote on Truth Social. “They, and many other nations, have treated us unsustainably badly.”
Other major trading partners have responded more cautiously, choosing to monitor the situation amid growing fears of a global recession.
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