Some of the new tariffs announced by President Trump earlier this week went into effect Saturday, triggering customs agents’ collections at ports of entry across the U.S.
Mr. Trump, in a post on Truth Social on Saturday, urged Americans to “hang tough,” calling the implementation of tariffs an “economic revolution.”
“We are bringing back jobs and businesses like never before,” he said, adding, “It won’t be easy but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!”
Earlier this week, Mr. Trump unveiled two new tariffs – a 10% universal duty on all U.S. imports and so-called reciprocal tariffs applied to imports from about 90 nations. He said they would revitalize American manufacturing, create jobs and generate federal revenue.
Countries targeted by Mr. Trump for higher tariffs are due to go into effect on Wednesday. Those include assessments as high as 50% for Lesotho, 49% for Cambodia and 47% for Madagascar.
The tariff announcement was the latest and perhaps boldest manifestation of Mr. Trump’s second term and sent global markets plummeting.
The S&P 500 fell 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8% — ending the worst week financial markets have had since the onset of the COVID-19 pandemic.
Trump says China has been hit harder by tariffs
Mr. Trump said on Truth Social on Saturday that China has been negatively impacted by tariffs “much harder than the USA, not even close.”
Mr. Trump has warned other countries not to retaliate to the barrage of levies on U.S. imports. Ignoring that advice, China on Friday said it will impose a 34% tariff on imports of all U.S. products starting April 10.
At his golf course in Jupiter, Florida, the president was spotted in his motorcade reading a tabloid article about China’s response to U.S. tariffs.
“They, and many other nations, have treated us unsustainably badly,” Mr. Trump said on Truth Social. “We have been the dumb and helpless “whipping post,” but not any longer.”
