Trump defends Liberation Day tariffs as markets slide, allies and critics react

CV NEWS FEED // President Donald Trump is standing by his sweeping new tariff policy, assuring Americans it will spark an economic boom, despite current market and global reactions. 

The Dow Jones Industrial Average, S&P 500, and Nasdaq all posted sharp losses since the tariff announcement. 

Despite the market reaction, the Trump campaign is touting the move as a long-overdue correction to decades of one-sided trade deals.

Announced during a “Make America Wealthy Again” event Wednesday, the plan introduces a baseline 10% tariff on nearly all US imports, with higher rates targeting 57 countries he accused of unfair trade practices. Trump called it a “reciprocal” policy designed to restore American prosperity. 

“With today’s action, we are finally going to be able to make America great again, greater than ever before,” Trump said. 

The White House backed the strategy as a continuation of Trump’s first-term economic policies, “where we saw growth, low inflation, a significant increase in real wages, and American workers put first,” Press Secretary Karoline Leavitt explained on X.

“President Trump is doubling down on the economic agenda from his successful first term,” Leavitt wrote. “With historic tax cuts, massive deregulation, and our energy industry unleashed – we will see an economic BOOM in the months ahead.”

Lawmakers supportive of Trump’s policy echoed that message. 

“We want a level playing field,” Rep. Carlos Gimenez, R-Fla., said in a Friday CNN interview. “For years, all these countries have been imposing tariffs on us… It was always tipped against us. And the president… is trying to level that playing field.”

Gimenez acknowledged there may be a short-term adjustment period but said the tariffs are the “right thing to do.” 

Still, some have heavily criticized the decision, leading to a heated political divide. 

The Democratic Congressional Campaign Committee called the policy a “disaster,” and Sen. Adam Schiff, D-Calif., mocked the initiative as “liberating Americans” from financial security. 

“Based on this, I can confirm many Americans will be liberated from: Being able to afford groceries, Much of their retirement savings, Any hope of buying a home,” Schiff said. 

International response has been swift. China announced a retaliatory 34% tariff on all US goods, effective April 10. Other nations are expected to consider similar actions in the coming days. 

Despite the pushback, Trump expressed optimism about forging stronger trade partnerships. 

On Truth Social, he said Vietnam’s Communist Party General Secretary To Lam is open to eliminating tariffs “if they are able to make an agreement with the US.”