President Trump on Thursday defended his new reciprocal tariffs, saying the rollout is “going very well,” despite sharp market declines and rising fears of a global recession. “It was an operation, like when a patient gets operated on, and it’s a big thing,” Trump told reporters. “I said this would exactly be the way it is. We have 6 or 7 trillion dollars coming into our country.”
He predicted the economy would soon rebound: “The markets are going to boom, the stock is going to boom, the country is going to boom.” Trump did not clarify whether he would consider negotiations with affected trading partners.
Wednesday’s announcement included a 10% tariff on all imports and higher rates on nations the White House says have unfair trade practices, including 54% on China. Officials called the tariffs a response to a “national emergency.”
Markets reacted negatively. The Dow dropped 1,700 points (4%), the S&P 500 fell 4.8%, and the Nasdaq slid nearly 6%.
Former Vice President Mike Pence called the tariffs the “largest peacetime tax hike in U.S. history,” estimating they could cost American families over $3,500 annually.
Republican senators voiced concerns. Sen. Lisa Murkowski (R-Alaska) said constituents fear price hikes. Sen. Jerry Moran (R-Kan.) urged a more gradual approach. Sen. Thom Tillis (R-N.C.) warned of retaliatory tariffs and questioned the administration’s strategy. Sen. Susan Collins (R-Maine) criticized the lack of distinction between allies and adversaries.
Sen. Chuck Grassley (R-Iowa) introduced bipartisan legislation to require congressional approval of new tariffs, citing executive overreach.
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