Trump’s Commitment to High Tariffs Has Always Been Serious

During his 2024 campaign, Donald Trump consistently made significant promises regarding tariffs, frequently overlooked by investors, possibly due to the extensive nature of his commitments.

This week, as president, he demonstrated that he has always been serious about these commitments. If sustained, his actions reflect a realization of many of his repeated campaign promises in precise detail.

In 2024, Trump, as a candidate, pledged to impose tariffs of 10% to 20% on U.S. trading partners and up to 60% on China. He even asserted, “I don’t need Congress … I possess the authority to impose them unilaterally.”

Recently, Trump signed an executive order that will boost tariffs on Chinese goods to 54%, with certain sector-specific tariffs already exceeding 60%.

Additionally, he is setting a minimum tariff of 10% for most other nations, with numerous countries facing much higher rates.

He executed these measures unilaterally, even amidst dissent from some members of his own party in Congress.

When questioned by reporters about the falling stock market on Thursday afternoon, the president expressed astonishment that anyone was surprised.

“I predicted this outcome,” he remarked, drawing a comparison between his recent actions and “a patient undergoing surgery.”

US President Donald Trump holds a signed executive order after delivering remarks on reciprocal tariffs during an event in the Rose Garden entitled

President Donald Trump showcases a signed executive order after addressing reciprocal tariffs at the White House on April 2. (SAUL LOEB/AFP via Getty Images)
· SAUL LOEB via Getty Images

Despite the explanations, market reactions were unmistakably negative. Stocks declined sharply as investors processed the implementation of unprecedented tariffs that could elevate U.S. tariffs to their highest levels in over a century if fully realized next week across approximately 185 nations.

The baseline 10% tariff on all countries is slated to be enforced on April 5, with further additional duties expected to follow on April 9.

Read more: What Trump’s tariffs imply for the economy and your wallet

This week, Trump also fulfilled a campaign promise regarding automobiles, imposing new 25% tariffs on foreign-made vehicles.

This is not the first time Trump has exceeded projections regarding his policy enactments. In 2016, he made numerous commitments during his initial presidential campaign, then largely delivered on them during 2017 and 2018 once in office.

A frequent argument downplaying the impact of Trump’s tariff promises during the 2024 campaign was that they were merely a negotiating strategy that could result in lower rates.

While this remains a possibility — and Trump’s team has expressed willingness to negotiate — the recent announcement seems to limit immediate options for reducing rates quickly.