President Donald Trump has doubled the controversial tariff program and has been urging Americans to “hang” “tough” amid stock market turmoil over the past few days.
In a post on True Social Saturday Morning, Trump wrote that his plans are working with trillions of dollars already poured into the US economy.
“We’re reviving jobs and businesses more than ever before. Already, we’re investing over $5 trillion, and rising rapidly! This is an economic revolution and we’re going to win,” Trump wrote.
President Donald Trump has doubled the controversial tariff program and has been urging Americans to keep track of the course amidst the stock market turmoil over the past few days. (Andrew Harnik/Getty Images)
This is what Trump really does bet on tariffs gambit
The sudden losses this week for the S&P 500 and Nasdaq were one of the worst as stocks fell for the second day in a row in the past decade. On Friday, the Dow Jones Industrial Arage fell 2,231.07 points (5.5%), while the S&P 500 and NASDAQ Composite fell 5.97% and 5.82%, respectively. The Nasdaq entered Bear Market territory on Friday.
Trump implemented a 10% baseline tariff on all goods imported into the US, but some countries were slapped at higher tariffs.
But Trump remains rebellious about his plans working in the long term as he aims to reduce the US trade deficit with other countries, protect American industry, and strengthen employment by encouraging businesses to return manufacturing to the US.
“Hang tough, that’s not easy, but the end result is historic,” Trump wrote. “We’re going to make America great again!!” Trump wrote.
Trump targeted China after the communist states returned to Trump’s release date tariffs with a 34% tariff on US imports.
“China has been hit much harder than the US and isn’t close,” Trump wrote. “They, and many other countries, have treated us badly in a lasting manner. We were stupid and helpless ‘whipposts’, but no more. ”
Trump’s 34% tariffs announced on China on Wednesday come in addition to the 20% tariffs already imposed on the country.
Trump implemented a 10% baseline tariff on all goods imported into the US, but some countries were slapped at higher tariffs. (Washington Post via Demetrius Freeman/Getty Images)
How did you reach the release date: See Trump’s past comments on tariffs
“China got it wrong, they panic – one thing they can’t afford to do,” Trump wrote on Friday about the true society.
The back and forth has raised concerns about the potential global trade war and recession.
According to the Wall Street Journal, new Chinese tariffs on the US will come into effect on April 10th.
Companies selling goods to China on Friday, including those from aerospace, agriculture and heavy machinery, were hit hard.
Banks, airlines and tech companies, some of Thursday’s biggest losers — sunk again on Friday. Others, including retailers, clothing, restaurants, etc. were down, but not too bad. A handful of Nike-like people posted small profits on Friday.
On Friday, April 4, 2025, TV market news is broadcast on the floor of the New York Stock Exchange (NYSE) in New York, USA. The S&P 500 fell to 5.97% on Friday, closing its worst week since Covid. (Michael Nagle/Bloomberg via Getty Images)
Click here to get the Fox News app
The so-called magnificent seven shares that have dominated the market for the past few years have had the biggest losses. Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla have lost a combined market value of around $1.8 trillion over the past two days.
Meanwhile, conservative legal groups are challenging President Trump’s tariffs on China, calling them an “illegal attempt” to force Americans to pay higher taxes on Chinese imports.
The FOX Business Team and the Associated Press contributed to this report.
