Donald Trump stands firm on his decision to impose tariffs on most countries exporting goods to the US and reveals the number the US could be making in a day in tariffs alone if they come into full effect.
Things have been heating up
You must’ve at least heard one piece of news in the past few days about the economic panic caused by Trump’s new tariffs.
Despite the stock market chaos and world leaders scrambling to save the global economy, Donald Trump is standing firm on his decision to impose tariffs on countries around the world.
‘Liberation Day’ saw tariffs on a lot of important items
Other than a baseline tariff of 10% on most nations announced on April 2 (dubbed ‘Liberation Day’ by the president), Trump imposed higher tariffs on certain goods like cars and car parts receiving a 25% tariff.
RELATED STORIES
There were arguments with some nations
Some nations faced Trump’s wrath more than others, with European Union countries, for example, receiving a 20% tariff, prompting the EU commission to make Trump an offer to remove all industrial tariffs.
Trump seems embroiled in a trade war with China
Notably, the US seems to be engaging in a new trade war with China, who has refused to back down on its retaliatory tariffs.
Trump has so far raised tariffs on Chinese goods to 145%, causing a crisis to the tech industry as many smartphones are made in China, with iPhones, for example, set to dramatically increase in price if the tariffs stay this high.
Trump believes it will benefit the American people
Ultimately, Trump believes his tariff plan will benefit the American people and see the ‘American industry reborn’.
He recently also spoke at the White House about the amount of money the US would be making if the plan went into full effect.
He revealed the money America would be making
At a White House event on Tuesday April 8, Trump said the US was already “taking in almost $2 billion a day in tariffs.”
He also said that many countries have been desperate to negotiate with him to lower the tariffs, saying, “These countries are calling me up, kissing my a**… they are dying to make a deal…”
He mocked those countries
Trump proceeded to mock the countries trying to strike up a deal with him and mimicked them, saying, “‘Please, please, sir, make a deal. I’ll do anything.’”
“I really think we are helped by the tariff situation that is going on which is a good situation, not bad, it’s great,” Trump continued.
Trump believes he’s doing ‘legendary’ things
He added, “It is going to be legendary, you watch, legendary in a positive way, I have to say.”
“That is why additional tariffs on Chinese goods are in place effective midnight tonight at 104% until they make a deal with us that is what it is going to be,” he said.
Trump had given China a deadline that day
“I think they’ll make a deal at some point, China wants to make a deal, they really do, they just don’t know how to get it started because they are proud people,” he continued.
Trump had given China a deadline on Tuesday April 8 to remove their retaliatory tariffs or he would move tariffs on Chinese goods to 104%. The situation has since escalated after China refused to back down, with Trump most recently imposing a 145% tariff on all Chinese goods entering the US as of April 10, according to The Independent.
