President Donald Trump encouraged U.S. consumers to “hang tough” amid tariffs against foreign goods since his administration began collecting on them.
The encouragement was needed due to a six-week slump in the S&P 500. On the stock market close Friday, the day before the 10% baseline tariff began, it dropped 10.5%, which is the lowest point since April 2024. This result has prompted some panic, which Trump addressed with a Truth Social post.
“We have been the dumb and helpless ‘whipping post,’ but not any longer. We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!” Trump wrote Saturday. “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!”
According to Trump, the 34% reciprocal tariff that China placed on U.S. goods was proof that “China has been hit much harder than the USA, not even close.” While the 10% tariffs against Chinese goods have already begun, the additional 24% will start on Apr. 9.
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A deal to divest TikTok away from Chinese-owned ByteDance was already upended just as Trump announced the “Liberation Day” tariffs, the Washington Examiner found. TikTok hadn’t pursued divestiture when then-President Joe Biden signed the ban into law, and it opted to challenge the ban legally. However, the Supreme Court ruled the Protecting Americans from Foreign Adversary Controlled Applications Act did not violate the platform’s First Amendment rights. Trump has since extended the divestiture deadline.
China has also filed a lawsuit against the United States with the World Trade Organization. Since additional tariffs were announced against another 57 countries, it could prompt further lawsuits.
