Trump tells Americans to “hang tough” as 10% universal tariffs take effect
President Trump’s new tariffs have officially gone into effect, with customs agents now collecting duties at ports of entry across the U.S. The President took to Truth Social to urge Americans to “hang tough” during this “economic revolution,” emphasizing that these tariffs will bring back jobs and businesses like never before. He expressed confidence that the end result will be historic and will ultimately “MAKE AMERICA GREAT AGAIN!!!”
The new tariffs announced by President Trump include a 10% universal duty on all U.S. imports and reciprocal tariffs applied to imports from approximately 90 nations. These measures are intended to revitalize American manufacturing, create jobs, and generate federal revenue. Countries targeted for higher tariffs, such as Lesotho, Cambodia, and Madagascar, are set to see assessments as high as 50%, 49%, and 47% respectively, starting on Wednesday.
The tariff announcement has caused global markets to plummet, with the S&P 500 falling 6%, the Dow Jones Industrial Average plunging 5.5%, and the Nasdaq composite dropping 5.8%. This has marked the worst week for financial markets since the onset of the COVID-19 pandemic.
President Trump asserted that China has been hit harder by tariffs than the USA, emphasizing that other countries should not retaliate against the levies on U.S. imports. Despite this warning, China announced that it will impose a 34% tariff on all U.S. products starting on April 10. President Trump, while at his golf course in Jupiter, Florida, criticized China’s response, stating that they and other nations have treated the U.S. unfairly but that this will no longer be tolerated.
The President’s bold actions regarding tariffs have sparked controversy and market turbulence, but he remains steadfast in his belief that these measures will ultimately benefit the American economy. Time will tell how these tariffs will impact the global trade landscape and whether they will achieve the desired outcomes.
