President Donald Trump shook up the world economy this week using his favorite political cudgel: tariffs. He doubled down, refusing to give an inch, but days later partially reversed course.
First he instituted an across the board 10% tariff on all imports, with higher rates for countries Trump insists are ripping America off, which took effect this week. However, hours after they took effect, he paused the higher rates on most countries while raising the rate on China to 125%.
As markets recoiled and savings plans took a nosedive, Trump urged Americans to ride it out.
“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (a party based on weak and stupid people!) Be Strong, Courageous and Patient, and GREATNESS will be the result,” Trump posted on X.
Log Cabin Republican Vice Chairman TJ Chang defended the president’s economic strategy.
“In just the past two weeks, more than 50 countries reached out to renegotiate. Vietnam, the UK, Taiwan, Israel — nations used to one-sided deals — are lining up to talk,” Chang wrote on LinkedIn. “This is not chaos. It is control. And Americans are responding with confidence.”
Meanwhile, a 104% tariff on all Chinese imports went into effect April 9, but hours later raised it to 125% after China retaliated by raising its tariffs on the U.S. goods to 84%.
“I’m just trying to cover the 104 percent tariff you’re slapping on things I can’t buy in America that are required to run my business. You want me to sell stock at a massive loss — and huge discount to your wealthy buds — so I can pay your made-up Trump tax?” Wilton Manors businessman Chris Caputo wrote on Facebook. “Bravo, Donald, you’ve officially turned small business owners into involuntary donors to your billionaire buddy fund. Well played, dickhead.”