The White House urged US investors to believe in President Trump, saying he was consistent with the proven economic formula.
“To people on Wall Street this morning, I want to say ‘Believe in President Donald Trump’. This is the president who is consistent with the economic formula that has been proved to from his first term,” the White House Press Secretary Karoline Leavitt said today, referring to the US stock market.
The speech was made after President Trump on April 2 announced the 10% tax plan with all imported goods into the US on April 5. After that, from April 9, trading partners will be subject to higher reciprocal tax rates, up to 50%.
Ms. Leavitt affirmed that this tariff policy means that “the United States is no longer deceived by other countries” and seems to rule out the possibility that Mr. Trump recovers tax impulses before they are deployed.
White House press secretary Karoline Leavitt at the White House on April 1. Image: AP
“The president clearly stated that this was not a negotiation. He was always ready to pick up the phone, but said the reason why we acted like that. The countries in the world had about 70 years to do the right thing for the American people and they chose not to do it. The president ended this situation,” the White House press secretary said.
The future indicators of the US Securities come down as soon as Mr. Trump announced the reciprocal tax, showing that investors are concerned that Wall Street will plummet in the 3/4 session.
Despite Leavitt’s reassurance, the investor still sells stocks due to concerns of global war. All three key indicators of the US stock market, Dow Jones, S&P 500 and Nasdaq, lost more than 3% when opening today’s session.
President Trump acknowledged his policy shocking, but emphasized that the US economy would rise “much stronger”. “The surgery has ended! The patient is still alive and is recovering. The diagnosis is that the patient will be much healthier, bigger, better and more durable than ever,” he wrote on the social network Truth Social.
Many countries around the world have voiced opposition to Trump’s reciprocal tax, saying that it is “completely unreasonable” and “not based on any logic”. Some countries warn will take measures to respond to the United States.
US Vice President JD Vance describes Trump’s tariff policy as “a big but necessary change”, saying that it is a measure to deal with “globalization economy that is causing the US to carry huge debts to buy things that other countries produce for themselves”.