President Donald Trump‘s administration swatted down ideas that his proposed” tariffs/” target=”_blank” rel=”noopener” title=””>Liberation Day”, when broad taxes will be unveiled on Wednesday, may lead to a sad stock market and increased costs for the consumer.
” They’re not going to be bad. It is going to work”, said White House press secretary Karoline Leavitt during a Tuesday press presentation.
” And the leader has a beautiful team of experts who have been studying these problems for decades, and we are focused on restoring the beautiful era of America”, Leavitt continued.
The uncertainty of Trump’s plan of mutual taxes on the government’s trading lovers and a flat 20 % tax rate , has shaken the financial investment business.
On Monday, the S&, P 500 and the Nasdaq , Composite had their worst quarters since 2022, but on Tuesday, the S&, P 500 rose 0.1 % while the Nasdaq Composite rose 0.6 %.
However, Leavitt claimed that” just like they were in his first term, Wall Street will be just fine” when discussing the stock market.
Business owners and economists have warned that tariffs will be passed on to consumers through higher prices, which Leavitt was questioned about.
” The president is doing everything he can, and this entire administration is doing everything we can, to bring down the cost of living in this country, an inflation mess that was fueled by the previous administration’s reckless spending, ]and ] over-burdensome regulations that this administration is focused on slashing every single day”, Leavitt responded.
Other foreign nations claimed they would retaliate against the United States, with China, Japan, and South Korea saying in a joint statement that they would push back against Trump’s actions.
The White House remains unimpressed, with Leavitt saying the best way to avoid tariffs is to build products in the U. S.
” I would point you to the investments that have already trickled into this country, and the president hasn’t even made his tariff announcement yet tomorrow”, said Leavitt. ” There have been billions of dollars in private investments from around the world pouring into American communities”.
Leavitt’s statements reflect Trump’s repeated claims that countries that invest in the U. S. will not see negative consequences.
WHAT TO KNOW ABOUT ‘ LIBERATION DAY ‘ AS TRUMP PREPARES TO TARIFF THE WORLD
” It’s simple. If you make your product in America, you will pay no tariffs”, said Leavitt.
Leavitt also said that whatever tariff announcement Trump makes during Wednesday’s Rose Garden event” will be effective immediately”.
