Trump says market reaction to tariffs ‘going very well’ despite stock plunge
You’ve never seen anything like it, he says
After imposing a new round of tariffs, US President Donald Trump claimed the market response was "going very well," despite US stocks plunging amid fears of a recession.
"I think it's going very well," Trump said when reporters asked about the market reaction, reports Bloomberg.
He said, "You've never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom."
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Responding to a question about tariffs, Trump says "the rest of the world wants to see if there's any way they can make a deal."
Yesterday (3 April), the United States imposed higher reciprocal tariffs on several countries as part of President Donald Trump's proposed trade policy, arguing that these nations charge significantly higher duties on American goods.
The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalisation that have shaped the global order.
According to a list published by the White House, the Trump administration is set to impose levy a 37% "discounted reciprocal tariff" on Bangladesh while 26% on India, 34% on China and 20% on the European Union, as a response to duties put on US goods.
Trump also said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, in a move that ratchets up a trade war that he kicked off on his return to the White House.
"It's our declaration of independence," Trump said at an event in the White House Rose Garden.
According to the poster he displayed at the event, among the other Asian countries Pakistan will face a 29% reciprocal tariff, Myanmar 44%, Vietnam a staggering 46%, Taiwan 32%, Cambodia 49%.
