After announcing global reciprocity tariffs, U.S. President Donald Trump stressed that the U.S. economy and stock market will see growth.
In a brief conversation with the media, Trump had a question about the decline in stocks after the tariffs and said: “I think it’s good,” adding that the United States will “have $6 to $7 trillion into our country.”
He further said: “The market will thrive. Stocks will thrive. The country will thrive – the rest of the world wants to see if there is any way they can reach an agreement. They (the country) have used the strengths that we have taken advantage of for many years.”
In amid global criticism, Trump declared a national economic emergency and declared tariffs in all countries at least 10%, with interest rates even higher in 60 countries.
The tariff plan imposes high levies on many countries, including 26% in India, 49% in Cambodia, 46% in Vietnam, 34% in China, 24% in Japan, and 20% in the EU, US media reported that more than 180 countries and regions will face tariffs.
CNN reported on Thursday that U.S. stocks traded after get off work when President Donald Trump spoke at Rose Garden and announced the massive tariffs announced. Now everyone’s eyes will be focused on the Asia index.
Dow Futures fell 256 points, or 0.61%. S&P 500 futures glide by 1.69%. Futures related to the Nasdaq 100 fell 2.54%.
Stocks have been shut down after Trump’s tariff announcement, but began to slide as Trump revealed his administration’s plans to roll out tariffs.
Exchange-traded funds tracking major stock indexes also fell in after-hours trading. CNN reported that ETFs tracking the Dow Jones Index fell 1.1%, while ETFs tracking the S&P 500 SLID 2.2% and ETFs tracking the NASDAQ 100 SLID 3%.
