President Donald Trump on Saturday called on Americans to “hang tough” through what he described as a difficult-but-necessary adjustment period following his sweeping new tariff policy, which has reset U.S. trade strategy and triggered a global market selloff.
“We will win. Hang tough, it won’t be easy, but the end result will be historic,” Trump wrote, partially in capital letters. “We will, make America great again!!!”
The message followed Trump’s April 2 address from the White House, where he declared an economic emergency and announced a 10 percent tariff on nearly all imports. Steeper duties were unveiled for roughly 60 nations identified by the administration as “worst offenders” in trade imbalances with the United States—with China at the top of the list.
Specific levies include a 34 percent tariff on Chinese imports (raising total tariffs to 54 percent), 46 percent on Vietnam, 24 percent on Japan, and 20 percent on Europe. The global tariffs took effect at 12:01 a.m. on Saturday, with the higher, targeted tariffs scheduled to begin on April 9.
China swiftly responded Friday with a 34 percent tariff on all U.S. imports, alongside other retaliatory measures—including a potential restriction on exports of rare-earth elements critical to technologies such as electric vehicles and defense systems.
In response, Trump said that China can’t afford to retaliate and that his policies have already triggered trillions in new U.S. investment and robust job growth.
“China has been hit much harder than the USA, not even close,” Trump wrote. “They, and many other nations, have treated us unsustainably badly. We have been the dumb and helpless ‘whipping post,’ but not any longer. We are bringing back jobs and businesses like never before. Already, more than five trillion dollars of investment, and rising fast!”
On Thursday, a day after the announcement, Wall Street saw declines that extended into Friday. The S&P 500 fell 6 percent, the Dow Jones dropped 5.5 percent, and the Nasdaq slid 5.8 percent on April 4.
When asked about the market selloff, Trump likened the economy to a patient undergoing surgery.
“I think it’s going very well. We have an operation, like when a patient gets operated on, and it’s a big thing. I said this would exactly be the way it is,” Trump told reporters outside the White House on Thursday.
“Sit back, take it in, let’s see how it goes, because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” Bessent told Fox News’s ”Special Report” on Wednesday evening.
Bessent also addressed Americans concerned about their retirement savings amid the market downturn, including sharp drops in 401(k)s and IRAs.
“We’re setting the stage for long-term economic growth,” Bessent said, adding that massive government spending had set the country on an unsustainable path: “We were on our way to a financial crisis.”
While some countries have vowed to retaliate against Trump’s tariffs, others are taking a more cautious tone.
“We should avoid launching a policy of counter-tariffs that could be damaging for everyone and especially for us,” Italian Economy Minister Giancarlo Giorgetti said at a business forum in Cernobbio, Italy, on Saturday. “Our message is that we need to avoid pushing the panic button. … We are following a pragmatic and rational approach.”
Members of the Trump administration have argued that America’s $1.2 trillion trade imbalance last year underscores the need for a dramatic policy shift. Trump has long maintained that other nations have taken advantage of the United States and that the new tariffs are designed to restore fairness in global trade.
