Several of the new tariffs introduced by President Trump earlier this week took effect on Saturday, prompting customs agents to begin collecting at ports of entry throughout the U.S.
On Saturday, Mr. Trump took to Truth Social to encourage Americans to “stay strong,” referring to the rollout of tariffs as an “economic revolution.”
“We are reviving jobs and businesses in a way we’ve never seen before,” he stated, further asserting, “It won’t be a walk in the park, but the ultimate outcome will be historic. Together, we will MAKE AMERICA GREAT AGAIN!!!”
Earlier this week, Mr. Trump revealed two new tariffs – a 10% blanket duty on all U.S. imports and what he termed reciprocal tariffs targeting products from approximately 90 countries. He claimed these measures would boost American manufacturing, create employment opportunities, and generate federal revenue.
The higher tariffs that Mr. Trump has targeted are expected to take effect on Wednesday, with rates reaching as high as 50% for Lesotho, 49% for Cambodia, and 47% for Madagascar.
This tariff announcement marks one of the boldest moves in Mr. Trump’s second term and caused a significant decline in global markets.
The S&P 500 dropped 6% on Friday, the Dow Jones Industrial Average fell 5.5%, and the Nasdaq composite declined by 5.8%, marking the worst week for financial markets since the COVID-19 pandemic began.
Trump claims that China has been more adversely affected by tariffs
On Saturday, Mr. Trump stated on Truth Social that China has suffered from tariffs “much more than the USA,” adding that the difference is substantial.
He has advised other nations against retaliating to the increased tariffs on U.S. imports. However, disregarding his warning, China announced on Friday its plan to impose a 34% tariff on imports of all U.S. products starting April 10.
At his golf course in Jupiter, Florida, the president was seen in his motorcade reading a tabloid article discussing China’s reaction to U.S. tariffs.
“They, along with many other countries, have treated us unsustainably poorly,” Mr. Trump stated on Truth Social. “We have been the foolish and powerless ‘whipping post,’ but that ends now.”
