The president confidently asserts that people will eventually see that tariffs are beneficial for the nation, despite the latest decline in the US stock market.
Donald Trump is staunchly backing his strategy of ‘reciprocal tariffs’ on international countries after unveiling the plan on April 2, which sent ripples across the global economy.
According to the president, the tariffs on imported goods will invigorate local industries, result in job creation, and bolster the US economy.
This involves imposing a 20 percent tax on goods from the European Union, a 54 percent tax on items from China, and a 10 percent levy on UK imports, along with various other taxes on as many as 60 different countries.
Despite this, the stock market witnessed a sharp decline, with the S&P 500 shedding $2 trillion in market value.
Economists caution that the tariff measures might lead to increased expenses for Americans, impacting everything from groceries to automobiles and even retirement plans, not to mention the historically unfavorable outcomes of tariff hikes for the US.
Nevertheless, even as stock futures dipped once more on the night of April 6, the president remains committed to the policy, describing the tariffs as a ‘beautiful thing to behold’ for the country’s future.
“We have massive Financial Deficits with China, the European Union, and many others,” Trump shared on his social media platform, Truth Social. “The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A.
“They are already in effect, and a beautiful thing to behold.”
He also took a swipe at his predecessor, Joe Biden, stating: “The Surplus with these Countries has grown during the “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY.
“Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!”
Trump further claimed that leaders from several nations have reached out to him to negotiate deals with the US, as reported by the New York Post.
“I spoke to a lot of leaders — European, Asian, from all over the world. They’re dying to make a deal,” he stated. “But I said we’re not gonna have deficits with your country. We’re not gonna do that because to me a deficit is a loss. We’re gonna have surpluses or we’re at worst gonna be breaking even.”
However, stock futures experienced another decline last night, with the Dow Jones Industrial Average dropping 2.1 percent and the S&P 500 decreasing by approximately 2.5 percent.
Nasdaq saw a decline of about 3.1 percent, and share prices across Asia were severely affected, with Tokyo’s 225 index plummeting roughly 8 percent at market open and settling at a 6 percent decrease by midday, according to the news outlet.
Hong Kong’s Hang Seng index also fell by 9.4 percent, and the Shanghai Composite index endured a 6.2 percent dip.
The president expressed his reluctance to see stock values fall but remarked that ‘sometimes you have to take medicine to fix something’.
“We have been treated so badly by other countries because we had stupid leadership that allowed this to happen,” he added. “They took our business, they took our money, they took our jobs.”