President Donald Trump urged Americans to "stay strong" following his tariff announcement, which caused stock markets to decline sharply.
"THIS IS A GAME-CHANGING ECONOMIC TRANSFORMATION, AND VICTORY IS OURS," THE PRESIDENT STATED IN HIS WRITINGS. Truth Social Saturday. "Hang tough; it won't be easy, but the outcome will be historic."
On Wednesday—dubbed "Liberation Day" by Trump—the President announced new duties of 10 percent on every import into the United States along with "reciprocal" taxes imposed on 180 nations. This action caused stock prices to plummet on Thursday; the Dow Jones Industrial Average experienced its most significant drop since the onset of the coronavirus crisis, reported Investor’s Business Daily .
On Friday, China retaliated by imposing a 34 percent tariff on all U.S. products, causing markets to plunge once again.
On Truth Social, Trump assured Americans that "China has been affected far more severely than the USA, not even comparable," and he reaffirmed that the economic hardship was essential to correct years of trade disparities.
They and numerous other countries have mistreated us extremely poorly," Trump stated. "We've been the foolish and powerless 'scapegoat,' but those days are over. We're now restoring jobs and industries as never seen before.
He compared his tariffs to a medical procedure for someone who is ill: "THE PROCEDURE IS COMPLETE! THE PATIENT SURVIVED AND IS RECOVERING," even as plummeting stock prices damaged Americans' 401(k)s on Thursday.
In a distinct posting on Truth Social On Friday, the president put pressure on the Fed chair. Jerome Powell To reduce interest rates, urging him to "CEASE POLITICAL GAMES!"
Powell showed hesitation about reducing interest rates on Friday as the Federal Reserve still faces ongoing inflation issues, which He cautioned that things might deteriorate because of the tariffs.
It’s increasingly evident that the tariff hikes will be much bigger than anticipated," he stated. "This could also hold true for their economic impact, leading to increased inflation rates and reduced growth.
Powell, who was appointed by Trump in 2018, stated that the Fed aims to "remain as distant as possible from politics" since Americans "count on us to be truthful, and that is exactly what we intend to do."
Read more at The Daily Beast.