President Donald Trump is reaffirming his contentious tariffs strategy and urging Americans to “stay strong” during recent stock market fluctuations.
In a post on Truth Social early Saturday, Trump declared that his initiative is already yielding results, with trillions of dollars being infused into the U.S. economy.
“We are reviving jobs and businesses like never before. Over FIVE TRILLION DOLLARS OF INVESTMENT has already been generated, and it’s climbing quickly! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL PREVAIL,” Trump asserted.
President Donald Trump is reaffirming his contentious tariffs strategy and urging Americans to maintain their resolve amidst recent stock market fluctuations. (Andrew Harnik/Getty Images)
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This week’s significant declines in the S&P 500 and the Nasdaq mark some of the worst performances in the past decade, as stocks fell for two consecutive days. On Friday, the Dow Jones Industrial Average dropped 2,231.07 points, or 5.5%, while the S&P 500 and Nasdaq Composite decreased by 5.97% and 5.82%, respectively, with the Nasdaq entering bear market territory.
Trump has enacted a 10% baseline tariff on all incoming goods to the United States, with certain countries facing even higher tariffs.
Despite the turmoil, Trump is resolute that his strategy will yield long-term benefits by aiming to decrease America’s trade imbalance, safeguard American industries, and stimulate job creation by incentivizing companies to relocate manufacturing back to the U.S.
“HANG TOUGH, it won’t be simple, but the outcome will be historic,” Trump remarked. “We will, MAKE AMERICA GREAT AGAIN!!!”
Trump directed his criticism towards China after the communist nation responded to his Liberation Day tariff proclamation with an equal 34% tariff on U.S. imports.
“China has suffered much more than the USA, by a great margin,” Trump noted. “They, along with several other nations, have treated us in a patently unsustainable manner. We have been the foolish and defenseless ‘whipping post,’ but that ends now.”
Trump’s 34% tariffs imposed on China this past Wednesday are in addition to the already applied 20% tariffs against the country.
Trump has put a 10% baseline tariff on all imported goods into the United States while some nations face even higher tariffs. (Demetrius Freeman/The Washington Post via Getty Images)
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“China miscalculated, they panicked — the one thing they couldn’t afford to do,” Trump commented on Truth Social Friday.
This exchange has stoked fears of a global trade war and potential recession.
The new Chinese tariffs on U.S. goods are set to take effect on April 10, as reported by The Wall Street Journal.
Companies exporting their products to China experienced significant losses on Friday, particularly those in the aerospace, agriculture, and heavy equipment industries.
Among Thursday’s major losers — banks, airlines, and tech firms — saw further declines on Friday. Other sectors like retail, clothing, and restaurants faced downturns but not as steep. A few companies, like Nike, even recorded modest gains on Friday.
A television displays market news on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, April 4, 2025. The S&P 500 fell by 5.97% on Friday, marking its worst week since COVID. (Michael Nagle/Bloomberg via Getty Images)
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The so-called Magnificent 7 stocks, which have led the market in recent years, experienced some of the largest losses. Companies like Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla have collectively lost about $1.8 trillion in market capitalization over the past two days.
In the meantime, a conservative legal organization is contesting President Trump’s tariffs on China, labeling them “an unlawful attempt” to impose higher taxes on American consumers for Chinese goods.
The Fox Business team and The Associated Press contributed to this report.
