U.S. President Donald Trump defended sweeping new tariffs on global imports, calling the economic turbulence a necessary step to regain trade advantage, as financial markets reeled and world leaders reacted to the abrupt policy shift.
“It’s an economic situation, but we will win,” Trump posted on Truth Social, addressing the American public. “Hold on tight, it won’t be easy,” he added, following the implementation of an additional 10% tariff on a broad range of imports into the United States.
The new levies — which come on top of existing customs duties — have sent shockwaves through global trade. Market volatility spiked, with Wall Street losing $6 trillion in market capitalization over just two days.
The blanket tariffs apply to nearly all imported goods, with exemptions for key commodities such as oil, natural gas, gold, copper, silver, palladium, construction timber, semiconductors, pharmaceuticals, and minerals not domestically available in the U.S.
Steel, aluminum, and imported automobiles are also excluded from the new tariffs, as they are already subject to existing 25% duties.
Starting April 9, the tariff impact will intensify for countries with large trade surpluses with the U.S. Import duties will reach 54% on goods from China, 46% from Vietnam, 24% from Japan, and 20% on products from the European Union.
Canada and Mexico, while governed by separate trade arrangements, are also feeling the economic strain since the beginning of Trump’s new term.
