President Donald Trump urged his supporters on Saturday via his Truth Social platform to "stay strong" in a message reiterating his administration's position on the extensive "Liberation Day" tariffs that caused market disruptions earlier this week.
In his posting, Trump stated that the U.S. was "resurrecting jobs and enterprises" and referred to the tariff policy as an "economic upheaval." He emphasized, "STAY STRONG, it won't be simple, yet the ultimate outcome will be unprecedented," he penned.
According to Dow Jones Market Data, the Dow Jones Industrial Average dropped by 7.9%, and the S&P 500 fell by 9.1% this week. This places the latter firmly within correction territory.
On Friday, the market took a sharp dive, with the Dow closing over 2,200 points lower, following China’s announcement of retaliation against extensive U.S. tariffs—tariffs that were imposed almost entirely. across the board but aimed specifically at Asian countries with its own 34% tariffs, Barron’s previously reported .
The 10% tariffs implemented by the administration went into effect shortly after midnight on Saturday morning, as outlined in a schedule provided by the White House on Wednesday. Special tariffs are set to come into play on Wednesday, April 9th.
The repercussions of the trade war extend further than what meets the eye. It might interfere with supply chains, harm relations with American allies, and redirect international investments towards different nations. Barron’s wrote recently .
The U.S. financial markets are taking a breather over the weekend; however, it will likely be a restless pause as investors keep their eyes on negotiations and potential additional retaliatory tariffs ahead of the market opening on Monday.
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