2 weeks Ago By Diana George
Stock markets plunged sharply in the wake of former President Donald Trump's sweeping new tariff announcements, triggering panic on Wall Street even as Trump remained defiantly optimistic. Unfazed by the $2 trillion market crash that followed, Trump insisted the pain was necessary and recovery was underway. "THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING.
THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE," he declared in trademark all-caps, doubling down on his aggressive economic move. Also Read: Trump Tariffs Send US Markets Into Shock, S&P 500 Sheds $2.4 Trillion While the Dow and S&P sank by 4% and the NASDAQ dropped nearly 5% within hours of trading, Trump allies scrambled to defend the decision, touting its long-term benefits.
Officials claimed that reciprocal tariffs would eventually generate trillions in revenue, attract foreign investment, and create millions of jobs—though the sell-off suggested investors weren’t convinced. A scathing cover in the New York Post summed up the sentiment with the headline: 'World War Fee!' Former Treasury Secretary Lawrence Summers minced no words in his rebuke, saying: "Never before has an hour of Presidential rhetoric cost so many people so much..
. The best estimate of the loss from tariff policy is now is closer to $30 trillion or $300,000 per family of four." Also Read: How Did Trump Decide Tariffs For Each Country? Details Of Calculation Here The Democratic Party also slammed the tariffs in blistering terms: "Tariffs are ECONOMIC TERRORISM—crushing small businesses, jacking up prices, and killing jobs.
They're anti-capitalist, anti-free market, and pure sabotage, plain and simple." The Trump administration pushed back hard against criticism. Treasury Secretary Scott Bessent called the tariffs part of a broader strategy and urged trading partners to stay calm: "My advice to everyone is do not retaliate.
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." Also Read: Trump's Scapegoat For Tariff 'Fallout' Is Ready - Here's The Man Who May Be Blamed Eric Trump also jumped in, warning other countries not to delay talks with his father: "I wouldn't want to be the last country that tries to negotiate a trade deal with @realDonaldTrump.
The first to negotiate will win - the last will absolutely lose." Republicans Express Doubt But even within the Republican camp, doubts lingered. One GOP senator admitted on TV: "In the long run, he's right.
But ...
in the long run, we're all dead. Short run matters too. Nobody knows what the impact of these tariffs is going to be on their economy.
" Former Vice President Mike Pence, once part of the Trump administration, also distanced himself from the move: "The Trump Tariff Tax is the largest peacetime tax hike in U.S. history.
These Tariffs are nearly 10x the size of those imposed during the Trump-Pence Administration and will cost American families over $3,500 per year. Check Out 'Spoiling America’s Golden Age'." Also Read: 'For Modi Ji, It Is.
..': India's First Response To Trump's 26% Reciprocal Tariff Despite the criticism, Trump loyalists highlighted how he has stuck to his long-standing views.
Commerce Secretary Howard Lutnick posted a 1988 Oprah interview where Trump voiced nearly identical complaints about foreign nations "ripping off" the US—a script he continues to follow decades later. Get Latest News Live on Times Now along with Breaking News and Top Headlines from US News, World and around the world..
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