President Trump responded to criticism of his tariffs on Monday, urging Americans to be patient and not be a “panican,” a new term he coined.
“The United States has the opportunity 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 founded on weak and stupid people!). Be strong, courageous, and patient, and you will achieve greatness!” Trump spoke on Truth Social.
He later stated that countries would no longer be able to abuse and take advantage of the United States under his tariff plan, which included 10% tariffs on trading partners and additional higher tariffs on 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,” Donald Trump told Truth Social.
He went on to say, “This is despite the fact that the biggest abuser of them all, China, whose markets are collapsing, just raised its tariffs by 34% on top of its long-term ridiculously high tariffs (Plus!), ignoring my warning to abusing countries not to retaliate.”
They’ve made enough for decades by taking advantage of the good ol’ USA! Our previous ‘leaders’ are to blame for allowing this, and so much else, to happen in our country.”
The president and White House officials have defended the plan announced last week, which sparked recession fears and a stock market drop. Trump stated on Sunday that he was elected because of the tariffs, which will cost the United States $1 trillion by next year.
Bill Ackman, a billionaire hedge fund investor who endorsed Trump last year, issued a stark warning Sunday that tariffs would cause the economy to collapse, disproportionately affecting Trump supporters.
CNBC host Jim Cramer warned that if Trump sticks to his tariff plans, an event similar to “Black Monday” could occur, referring to the 1987 market collapse.
The tariffs apply to nearly every country that exports goods to the United States and have raised concerns about rising domestic prices, but the White House insists they will bring jobs to the country and has urged Wall Street and critics to trust Trump.
The Dow Jones Industrial Average opened sharply lower on Monday morning, dropping 1,500 points by 9:40 a.m. EDT.
Investors are bracing for a tough Monday after the Dow fell nearly 4,000 points on Thursday and Friday following Trump’s announcement on Wednesday.
