Donald Trump’s Steeper-Than-Expected Tariffs On Goods Imported To U.S. Rattle Markets, Stoke Inflation Fears
deadline.comFinancial markets declined markedly Wednesday after Donald Trump unveiled steeper-than-expected retaliatory tariffs on goods imported to the U.S.
from other nations. A baseline 10% tariff was imposed on all nations, starting at midnight on Saturday. On April 9, a range of retaliatory tariffs are set to kick in, including 34% on imports from China and 20% on anything brought in from the European Union.
Wielding a school-presentation-style tagboard with numbers, percentages and nations during a long-anticipated news conference in the White House Rose Garden, Trump laid out the scheme in a characteristically rambling address. “April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed and the day that we began to make America wealthy again,” Trump proclaimed, trying to give more traction to his new slogan.
When exactly that wealth will start flowing may be a point of contention. As soon as POTUS detailed the specifics of the long-expected tariffs, exchange-traded funds tracking major stock market indices swung from Wednesday’s close of a gain of about 1% to a decline of 2%.
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