Specifically, South Africa faced a 30% tariff, Vietnam a 46% tariff, China a 34% tariff, and Japan a 24% tariff, culminating in a total tariff of 54%. Trump pledged to “Make America Wealthy Again,” asserting that this day marked the resurgence of American industry.
The implementation of these tariffs led to significant financial turmoil, with the Dow, S&P 500, and Nasdaq experiencing substantial drops. Former President Obama was among the critics who raised concerns about the administration’s governance and the potential economic consequences. He criticized the government’s approach, cautioning that the new policies could negatively impact the American economy.
Senate Minority Leader Chuck Schumer also expressed apprehension, warning that a recession might ensue due to Trump’s erratic policies.
In retaliation, China announced a 34% tariff on all U.S. imports, condemning the U.S. actions as “unilateral bullying” that threatens the stability of global trade.
