Tariff Tsunami: Trump claims US gains despite market meltdown
Shafaq News/ US President Donald Trump said on Saturday that the country’s new wave of tariffs would ultimately benefit the American economy, despite retaliatory action from China and a sharp downturn in global financial markets.
“China has been hit much harder than the USA, not even close,” Trump wrote on his Truth Social platform. “We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won't be easy, but the end result will be historic.”
His comments came as US customs authorities began enforcing a 10 percent tariff on all imports from a wide range of countries, as part of Trump’s unilateral trade plan. Higher tariffs on goods from 57 major trading partners are set to follow in the coming days.
The new measures took effect at 12:01 a.m. EDT (04:01 GMT) on Saturday at US ports, airports, and customs warehouses, marking a break from post-World War II tariff norms based on negotiated agreements.
Markets reacted sharply to the new measures. The S&P 500 index lost $5 trillion in value over two days by Friday’s close—a record drop. Oil and commodity prices also declined, while investors shifted to government bonds.
Countries initially affected by the 10 percent tariffs include Australia, Britain, Colombia, Argentina, Egypt, and Saudi Arabia.
