U.S. President Donald Trump has officially launched a sweeping set of tariffs affecting about 90 countries, with the new rules kicking in just after midnight on April 9. The move is already sending shockwaves through global markets.
In a bold speech, Trump said countries are now “calling us up, kissing my a–,” desperate to strike trade deals. He described the tariffs as “legendary” and promised they would strengthen America’s economy.
What’s Happening:
- China is the hardest hit with a 104% cumulative tariff.
- Smaller nations like Lesotho (50%) and Cambodia (49%) are also severely impacted.
- The U.S. Customs and Border Protection confirmed it began enforcing the tariffs at 12:01 a.m.
Global Market Reaction:
- Japan’s Nikkei fell 3.8%.
- Taiwan’s stock market plunged 6%.
- South Korea’s won hit its lowest level since 2009.
- Indonesia’s rupiah hit an all-time low.
Impact on the U.S.:
While the tariffs may help shrink the budget deficit, experts like Fitch Ratings warn that they might hurt economic growth and undo the benefits of tax cuts. Wall Street isn’t thrilled either—both the S&P 500 and Nasdaq dropped sharply, now sitting at their lowest points since early 2024.
Trump’s Take:
At a dinner in D.C., Trump doubled down:
“Many countries have ripped us off… now it’s our turn to do the ripping.”
He also brushed off criticism from Republican lawmakers, saying:
“You don’t negotiate like I negotiate.”
While Trump says the tariffs could be “permanent or negotiable,” the White House claims they’re open to talks. But Politico reports that many world leaders haven’t gotten a call back yet.
