President Donald Trump acknowledged the shock caused by his tariffs on Thursday, but predicted the US economy would emerge “far stronger,” even as global markets fell. Wall Street stocks fell in early trading Thursday, joining a global share selloff as President Donald Trump’s new tariff declaration fuelled fears of a trade war and a global economic slowdown.
Shortly after the opening bell, the broad-based S&P 500 fell 3.3 percent to 5,486.12, mirroring declines in key European and Asian bourses. White House Press Secretary Karoline Leavitt also attempted to soothe US markets, telling CNN, “To anyone on Wall Street this morning, I would say, ‘Trust President Trump.'” This president is doubling down on his tried-and-true economic strategy.
She stated that the tariffs, which include 10% across-the-board charges on imports and significantly harsher barriers on dozens of individual countries, including the top US trading partners, meant “foreign nations will no longer cheat the United States.” Leavitt appeared to rule out the chance of Trump reversing any of the tariffs before they go into effect this weekend.
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