What Trump has said about tariffs as stock market reacts

President Trump has stood by his decision to implement sweeping tariffs, despite the backlash and concerns about a potential global trade war. The tariffs, announced on what the president dubbed “Liberation Day,” have caused stock markets to plummet worldwide and raised fears of a recession in the United States.

Many Americans are worried that the tariffs will drive up the prices of everyday goods, with Goldman Sachs economists even raising the odds of a recession to 45%. JPMorgan CEO Jamie Dimon has cautioned that the tariffs could slow the economy and lead to increased inflation.

President Trump unveiled a baseline 10% tax on all U.S. imports, along with additional “reciprocal” tariffs on imports from 90 countries. He framed these tariffs as a strategy to reduce the trade deficit between the U.S. and other major global powers like China and the European Union.

Despite the market turmoil and concerns about the impact of the tariffs, President Trump has remained steadfast in his support for them. He has emphasized that there will be no pause in tariffs, stating that negotiations are ongoing with many countries to secure fair trade deals.

In a recent post on Truth Social, President Trump urged Americans to “hang tough” as the tariffs take effect. He highlighted the economic benefits he believes will come from these measures, emphasizing the importance of bringing back jobs and businesses to the U.S.

Addressing the market plunge that followed the tariff announcement, President Trump acknowledged that tough measures are sometimes necessary to fix economic issues. He reiterated his commitment to standing firm on the tariffs, despite the potential short-term challenges.

Secretary of Commerce Howard Lutnick has echoed President Trump’s stance, emphasizing that the tariffs are essential to protecting U.S. factories and strengthening the country’s position in the global market. Lutnick emphasized that the administration is fully committed to executing Trump’s agenda.

As the international markets experience significant losses, President Trump has reaffirmed his intent to raise tariffs on China to 50%. He has warned Beijing to withdraw their retaliatory tariffs or face even higher costs. Additionally, he has indicated that negotiations with other countries will begin immediately.

In conclusion, President Trump’s unwavering support for the tariffs has sparked a global debate and raised concerns about the potential economic impacts. As the trade war looms, the future remains uncertain, with both supporters and critics closely watching the developments.