President Donald Trump doubled down on his controversial tariff policy early Friday as markets continued to plummet on fears of a US economic recession.
In a post on his social media platform Truth Social, the president said, “TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!”
Heading into Wednesday’s “Liberation Day,” the massive scope and intensity of Trump 2.0 tariffs had been underestimated by investors, despite the consistent promises from Trump on the campaign trail.
In 2024, then-candidate Trump pledged to impose blanket tariffs of at least 10% on all trading partners, including a 60% tariff on Chinese imports.
(Courtesy: Truth Social)
That promise materialized Wednesday (and then some) with the president slapping reciprocal tariffs on countries around the world, with the new levies ranging from a 10% “baseline” tariff to additional duties for nations the administration considers to be the “worst offenders.”
All told, Trump announced tariffs that will impact some 185 countries, including the United States’s largest trading partners.
Additional reciprocal tariffs, for instance, will include 34% tariffs on Chinese imports, a 20% tariff on European Union imports, a 46% tariff on imports from Vietnam, 32% on imports Taiwan, and 26% on India — all set to take effect on April 9.
Notably, the additional 34% tax on China will be added to the country’s existing 20% tariff, meaning its total tariff rate will rise to 54%.
Beijing retaliated early Friday with a slew of countermeasures that included additional tariffs of 34% on all US goods, on top of the 10% to 15% tariffs China levied on roughly $21 billion worth of US agricultural trade last month.
In response to the retaliation, Trump said on Truth Social, “CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!”
U.S. President Donald Trump holds a signed executive order on tariffs, in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. REUTERS/Leah Millis/File Photo · Reuters / Reuters
Stocks cratered further on Friday in the face of China’s retaliation. Shortly after the opening bell, the Dow Jones Industrial Average (^DJI) plummeted another 1,200 points after falling 1,700 points the day prior. Similarly, the S&P 500 (^GSPC) and Nasdaq (^IXIC) each sank over 3%.
Trump appeared somewhat surprised when asked Thursday about Wall Street’s intense reaction.
“I said this would exactly be the way it is,” he said when asked about the state of the markets, comparing the tariff rollout to a surgical operation.
Separately on Friday, the March jobs report showed the labor market added 228,000 jobs in March, more than the 140,000 expected by economists.
