Trump dismisses market crash, says it is a 'great time to get rich'
Trump stands by his tariffs decision as markets reel
The United States markets are reeling from the shock of the reciprocal tariffs announced by President Trump on 2 April. The markets are reportedly going through their worst crash since Covid, with Wall Street going into a free fall for the second day straight.
The trade fight triggered by Donald Trump's reciprocal tariffs has sparked fears of global economies going into a recession.
President Trump, however, seems to be determined to stand by his tariffs decision, dismissing the market crash as a "great time to get rich" and adding that his policies "will never change".
Keep updated, follow The Business Standard's Google news channel
In a post on his own social media platform Truth Social, Trump wrote, "To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich—richer than ever before!!!" in all caps.
'Big businesses not worried'
Trump sought to defend his decision by saying that it will "supercharge" the economy of the US and that big businesses are not worried by the tariffs. "Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!" he said.
Trump's confidence seems to stem from the belief that the tariffs will force companies to start production on the US soil rather than importing, which will help turn around the American economy and create jobs for the country's people. That, however, seems like a long shot, at least for now.
China's retaliation
After China retaliated against the Trump tariffs with a 34% duty on the US, which will come into effect on April 10, the seemingly oblivious President said that the country had panicked. "China played it wrong, they panicked -- the one thing they cannot afford to do!" he wrote.
Refusing to take what the US throws its way, China has also threatened that it will sue the United States at the World Trade Organization over its tariffs.
In another big move, China on Friday restricted export of rare earth elements such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. The restriction on these elements, which are used in high-end medical and electronics technology, have put several US industries at risk.
The US depends heavily on China for rare-earth elements, which is the biggest exporter of such compounds. According to USGS, 70% of the US imports of rare earth compounds and metals from 2020 to 2023 came from China, said a Bloomberg report.
