Trump tells US to 'hang tough', trade war 'won't be easy'
US President Donald Trump on Saturday doubled down on the sweeping tariffs he unleashed on countries around the world, vowing that his "economic revolution" will yield historic results for Americans.
"HANG TOUGH, it won't be easy, but the end result will be historic," Trump said in a post on his Truth Social platform, vowing that his economic policies are "bringing back jobs and businesses like never before."
US customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Keep updated, follow The Business Standard's Google news channel
The initial 10% "baseline" tariff took effect at US seaports, airports and customs warehouses at 12:01am ET (0401 GMT), ushering in Trump's full rejection of the post-World War Two system of mutually agreed tariff rates.
Trump's Wednesday tariff announcement shook global stock markets to their core, wiping out $5 trillion in stock market value for S&P 500 companies by Friday's close, a record two-day decline. Prices for oil and commodities plunged, while investors fled to the safety of government bonds.
