Shafaq News/ US President DonaldTrump said on Saturday that the country’s new wave of tariffs would ultimatelybenefit the American economy, despite retaliatory action from China and a sharpdownturn in global financial markets.
“China has been hit much harder thanthe USA, not even close,” Trump wrote on his Truth Social platform. “We arebringing back jobs and businesses like never before. Already, more than FIVETRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMICREVOLUTION, AND WE WILL WIN. HANG TOUGH, it won't be easy, but the end resultwill be historic.”
His comments came as US customsauthorities began enforcing a 10 percent tariff on all imports from a widerange of countries, as part of Trump’s unilateral trade plan. Higher tariffs ongoods from 57 major trading partners are set to follow in the coming days.
The new measures took effect at12:01 a.m. EDT (04:01 GMT) on Saturday at US ports, airports, and customswarehouses, marking a break from post-World War II tariff norms based onnegotiated agreements.
Markets reacted sharply to the newmeasures. The S&P 500 index lost $5 trillion in value over two days byFriday’s close—a record drop. Oil and commodity prices also declined, whileinvestors shifted to government bonds.
Countries initially affected by the10 percent tariffs include Australia, Britain, Colombia, Argentina, Egypt, andSaudi Arabia.
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