President Donald Trump on Thursday praised his wide-reaching tariff policy as a driving force behind record-breaking stock market gains and surging government revenues, while issuing a stark warning of economic disaster if the measures are overturned.
“Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set,” Trump posted on Truth Social. He claimed “hundreds of billions of dollars” were flowing into U.S. coffers and warned that if a “Radical Left Court” overturned the measures, “it would be 1929 all over again, a GREAT DEPRESSION!”
Tariffs Target Over 60 Countries and the EU
The warning came hours after tariffs of 10% or more took effect on goods from more than 60 nations and the European Union. Products from the EU, Japan, and South Korea now face 15% duties, while imports from Taiwan, Vietnam, and Bangladesh are taxed at 20%.
Earlier this week, Trump imposed a 25% surcharge on Indian goods—citing India’s purchase of Russian oil—raising its total tariff rate to 50%. He also announced steep new levies on Swiss exports, including pharmaceuticals and computer chips.
‘Essential to America’s Wealth and Power’
Trump defended the tariff strategy as vital for safeguarding America’s “wealth, strength, and power,” stressing that critics should have acted sooner.
“Our Country deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE. GOD BLESS AMERICA!” Trump declared.
Economic Risks and Criticism
While Trump points to the S&P 500’s more than 25% rise since April and recent tax cuts as evidence of “unprecedented” growth, economists warn the tariffs could slow hiring, push up consumer prices, and strain U.S. trade relationships.
“There’s no one in history that has gone through the trials, tribulations and uncertainties such as I,” Trump wrote, presenting himself as uniquely prepared to lead the country through the trade dispute. “Amazingly beautiful things can happen.”
