President Donald Trump is doubling down on his controversial tariffs strategy, urging Americans to “hang tough” as the stock market weathers days of volatility. In a Truth Social post on Saturday morning, Trump claimed his plan is already delivering results, with trillions of dollars flowing into the U.S. economy. “We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN,” Trump wrote.
This week’s sharp declines in the S&P 500 and Nasdaq marked some of the worst market losses in the past decade, as stocks sank for a second consecutive day. On Friday, the Dow Jones Industrial Average plunged 2,231.07 points, or 5.5%, while the S&P 500 dropped 5.97% and the Nasdaq Composite fell 5.82%, officially entering bear market territory. The market turmoil followed President Trump’s rollout of a 10% baseline tariff on all imported goods, with some countries facing even steeper rates.
Despite the market reaction, Trump remains steadfast in his belief that the strategy will pay off in the long run. His goal: shrink the trade deficit, protect American industries, and boost domestic job creation by encouraging companies to bring manufacturing back to U.S. soil. “HANG TOUGH, it won’t be easy, but the end result will be historic,” Trump wrote. “We will, MAKE AMERICA GREAT AGAIN!!!” Trump wrote.
Trump responded to China after the communist country retaliated against Trump’s Liberation Day tariff announcement by imposing a 34% tariff on U.S. imports. “China has been hit much harder than the USA, not even close,” Trump wrote. “They, and many other nations, have treated us unsustainably badly. We have been the dumb and helpless ‘whipping post,’ but not any longer.”
On Wednesday, Trump announced an additional 34% tariff on China, which adds to the existing 20% tariffs already imposed on the country. “China played it wrong, they panicked — the one thing they cannot afford to do,” Trump wrote Friday on Truth Social.
The escalating trade tensions have sparked fears of a global trade war and a potential recession. According to The Wall Street Journal, China’s retaliatory tariffs on U.S. goods are set to take effect on April 10. Industries heavily reliant on exports to China—such as aerospace, agriculture, and heavy equipment—took a significant hit on Friday. Many of Thursday’s worst-performing sectors, including banks, airlines, and tech companies, continued to slide. Other areas, like retail, apparel, and restaurants, also declined but to a lesser extent. A few companies, including Nike, managed to eke out small gains by the end of the day.