Washington: Donald Trump’s sweeping tariffs on different countries have triggered a backlash in the US also, with several experts predicting an acceleration in the decline of American economy.
With China hitting back with retaliatory tariffs of 34 per cent, the US stock market saw the biggest meltdown since COVID-19 pandemic in 2020.
On Saturday, the US President gave his countrymen a reality check, warning Americans of pain ahead, but promising historic investment and prosperity.
“We have been the dumb and helpless ‘whipping post,’ but not any longer. We are bringing back jobs and businesses like never before. This is an economic revolution, and we will win,” Trump wrote on his Truth Social platform.
“Hang tough, it won’t be easy, but the end result will be historic,” Trump added.
A 10 per cent ‘baseline’ tariff took effect just after midnight on Friday (Washington time), affecting most US imports except goods from Mexico and Canada.
From April 9, around 60 trading partners — including the European Union, Japan, China and India – will face even higher rates tailored to each economy. India has been slapped 26% tariffs, revised from 27% as initially announced.
Defending the tariffs, the White House said trade gaps were driven by an “absence of reciprocity” in relationships and other policies like “exorbitant value-added taxes.”