Washington: As stock markets across the US, Asia, and Europe took a hit following President Donald Trump’s bold tariff moves, the President urged Americans to remain “strong” and “patient.” Trump reassured the public that his controversial decisions would ultimately lead to “greatness.”
In a post on his social media platform, Truth Social, Trump argued that oil and food prices are down, there’s “no inflation,” and the US is raking in billions of dollars in tariff revenues from foreign nations. He also called on the Federal Reserve to cut interest rates.
The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!
— Donald J. Trump (@realDonaldTrump) April 7, 2025
The stock market response was swift, with all three major US indices falling by over three percent. The S&P 500 dropped 3.2 percent in early trading. The decline came after Trump announced a hefty 50 percent tariff on China, escalating the trade war following Beijing’s retaliatory 34 percent tariff on US goods. The US’s tariff on Chinese imports now stands at a record 84 percent.
Trump also issued a 24-hour ultimatum to Chinese President Xi Jinping, demanding that China reverse its additional tariffs or face even higher US levies. Should this occur, China’s total tariff burden would rise to 94 percent.
These new tariffs are part of a larger strategy, including a 10 percent global tariff on goods from a range of nations, such as China, India, and the European Union. The escalating trade tensions are creating widespread economic uncertainty.
