‘Stay strong, it won’t be easy’: Trump remains defiant as sweeping tariffs spark global backlash and market upheaval

WASHINGTON, April 7 — US President Donald Trump reaffirmed his commitment to sweeping global tariffs on Saturday, warning Americans of challenging times ahead but promising long-term gains in jobs, investment, and national prosperity.

The tariffs — among the most wide-ranging imposed by a US administration in recent history — took effect amid fears of global retaliation and rising economic uncertainty. Leaders from Britain and France have responded by stating that “nothing should be off the table.”

Addressing the potential fallout, Trump urged Americans to remain steadfast.

“For too long, we've been the world’s ‘whipping post’ — but that ends now. We’re bringing back jobs and businesses like never before,” he wrote on Truth Social.

“This is an economic revolution, and we will win. Hang tough, it won’t be easy, but the result will be historic,” he added.

A new 10 percent baseline tariff was implemented just after midnight, targeting most imports except those from Mexico and Canada, under Trump’s use of emergency economic powers.

Interestingly, Elon Musk signaled a different view, expressing hope for a “zero-tariff situation” between the US and Europe, potentially creating a free-trade zone. He shared the sentiment during talks in Rome with Italian Deputy Prime Minister Matteo Salvini.

About 60 US trading partners — including the EU, Japan, and China — are bracing for even higher tariffs from April 9.

Trump’s planned 34 percent tariff on Chinese imports, due next week, prompted China to retaliate with a matching levy and announce a lawsuit at the World Trade Organization. Beijing also plans to restrict exports of rare earth minerals crucial for electronics and medical tech.

“China’s been hit far harder than the US — not even close,” Trump said. “They and many others have treated us unfairly for too long.”

Meanwhile, French President Emmanuel Macron and UK Prime Minister Keir Starmer stressed that although “nothing is off the table,” a trade war would benefit no one.

Markets in turmoil

Wall Street plunged on Friday, mirroring sharp declines across Asia and Europe, as analysts warned the new tariffs could stifle growth and drive inflation.

The latest measures exclude some recently tariffed sectors like steel, aluminum, and cars. Products such as copper, semiconductors, pharmaceuticals, lumber, and energy goods are also temporarily spared — though Trump has ordered reviews that could lead to further action.

Canada and Mexico remain unaffected by the current round, as their exports are already subject to separate duties outside the North American trade agreement.

Retaliation looms

Although the staggered rollout offers room for negotiation, Oxford Economics cautioned that nations unable to secure exemptions are likely to retaliate — as China has already done.

EU trade commissioner Maros Sefcovic stated the bloc would respond “calmly and in a unified way,” but made clear the EU “won’t stand idly by.” France and Germany have also floated the idea of taxing US tech giants in response.

Japan’s prime minister urged a “measured approach” following Trump’s new 24 percent tariffs on Japanese goods.

Since returning to office, Trump has levied tariffs on imports from Mexico and Canada over border and drug-related concerns, while raising the overall tariff burden on Chinese goods to 54 percent starting April 9.

Auto tariffs of 25 percent also took effect this week, prompting automaker Stellantis to halt production at some plants in Mexico and Canada.

The latest trade actions mark the most aggressive tariff expansion since the 1930 Smoot-Hawley Tariff Act, widely blamed for intensifying the Great Depression, according to the Center for Strategic and International Studies.

Oxford Economics estimates that Trump’s measures will push the effective average US tariff rate to 24 percent — exceeding levels not seen since the 1930s. — AFP