President Donald Trump, a consistent subject of discussion regarding his tariff policies, claimed on Friday that his tariff policies are responsible for the record-breaking surge in the stock market and the influx of “hundreds of billions of dollars” into the country’s treasury. He also expressed fear regarding court decisions concerning tariffs. Perhaps due to this fear, he warned that any court decision against him could push America into a “Great Depression” like the one in 1929.
In a lengthy social media post, President Trump stated that tariffs are having a “very large positive impact” on the country’s economy, with “new records being set almost every day.” He cautioned that if a “Radical Left Court” were to rule against his administration at this time, the resulting economic damage would be “impossible to overcome.” He added, “It would be like 1929 again, a Great Depression!” He also stated that such a decision would destroy “America’s wealth, strength, and power” and undo many achievements made under his leadership.
President Trump emphasized that if the courts wanted to halt his policies, they should have made a decision much earlier in the process. He argued that if the decision went against him, America would lose its “Chance at Greatness.” He said, “Our country deserves success and greatness, not turmoil, failure, and humiliation. God bless America!” New tariffs imposed by President Trump on American imports from more than a dozen countries came into effect two days earlier, on Thursday.
Trump unexpectedly imposed a 50% tariff on India. He stated that India would have to pay an additional 25% duty on some imports due to its continued purchase of oil from Russia, bringing the total tariff rate to 50%. However, many exporters also say that this move will affect approximately 55% of American exports and threaten long-term trade relations.
The new tariff rates came into effect after midnight and will apply to products from more than 60 countries and the European Union. Imports from Japan and South Korea now face a 15% tariff, while products imported from Taiwan, Vietnam, and Bangladesh will be subject to a 20% tariff.
Under his tariff policy, Trump imposed a 100% tariff on computer chips and heavy taxes on medicines. He said that America is now “taking hundreds of billions of dollars in tariffs” and also predicted an “unprecedented” increase in them.
However, economists have been warning of slow hiring, rapidly rising inflation, and declining home prices since the initial implementation in April. Meanwhile, Germany’s industrial production fell by 1.9% in June, while Switzerland failed in its last-ditch effort to avoid a 39% tariff on its products.
Although the global market has remained quite flexible so far, the S&P 500 has risen by more than 25% since April. However, analysts have warned that the adverse effects will take some time to manifest.
