President Trump on Monday pushed back on criticism over his tariffs, calling on Americans to be patient and not be a “panican,” coining a new term.
“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump said on Truth Social.
He later said that countries will no longer be able to abuse and take advantage of the U.S. with his tariff plan, which applied 10 percent tariffs to trading partners and higher reciprocal tariffs to dozens of countries.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” Trump said on Truth Social.
He added, “This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country.”
The president and White House officials have been defending the plan, which was announced last week and sparked recession fears and a stock market plummet. Trump said on Sunday that he was elected because of the tariffs, telling reporters they will make the U.S. $1 trillion by next year.
Billionaire hedge fund investor Bill Ackman, who endorsed Trump last year, offered a stark warning on Sunday that tariffs would cause the economy to collapse while hurting Trump supporters the most.
CNBC host Jim Cramer warned of the possibility that an event similar to “Black Monday” could occur, which is a reference to the market collapse of 1987, if Trump sticks to his tariff plans.
The tariffs apply to nearly every country that exports goods to the U.S. and caused concern for higher prices domestically, while the White House insists they will bring jobs to the U.S. and has called on Wall Street and critics to trust Trump.
The Dow Jones Industrial Average opened sharply down on Monday morning, hitting negative 1,500 points by 9:40 a.m. EDT.
Investors are bracing for a tough Monday after the Dow lost nearly 4,000 points over Thursday and Friday following Trump’s announcement on Wednesday.