Trump affirms his tariff strategies ‘will never change’
(MENAFN) US President Donald Trump has stood by his decision to impose sweeping tariffs on the majority of the country’s trading partners, despite facing global criticism and market turmoil. On his Truth Social platform, Trump emphasized that his policies would remain unchanged, asserting that this is an ideal time for investors to profit, claiming they could become "richer than ever before."
Trump’s tariff announcement earlier this week led to a sharp downturn in the US stock market, with the Dow experiencing its worst crash since the 2020 Covid-19 pandemic. Federal Reserve Chairman Jerome Powell acknowledged that the tariff increases were set to be larger than expected and could potentially cause sustained inflationary pressure.
White House spokeswoman Karoline Leavitt dismissed concerns that the tariffs would harm American businesses, claiming that jobs would return to the US, and tax cuts would ease the financial burden on Americans.
Trump’s tariff plan includes a 10% baseline tariff on all imports, with additional "reciprocal" duties on nations he believes have an unfair trade advantage over the US. In retaliation, China imposed a 34% tariff on US goods, while the EU condemned the tariffs and pledged to introduce countermeasures. Canada also announced a 25% levy on US-made cars in response.
Ngozi Okonjo-Iweala, head of the World Trade Organization, warned that an all-out trade war could have devastating effects on the global economy, predicting a contraction in global trade by about 1%.
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