President Donald Trump is heading to Miami to look at a LIV Golf breakfast on Thursday, only one evening after announcing serious mutual tariffs that have rocked the world economy.
He did eventually mind to Mar-a-Lago, his Florida land, for the weekend, but the jaunt comes earlier than his regular Friday flights down north.
In response, the Dow Jones Industrial Average dropped 1, 300 points, while the Nasdaq Composite fell 5 %, and the S&, P 500 dropped 4 %. International companies also took a business struck, with Nike and Lululemon stocks falling 13 %. Stellantis is partially laying off some 900 U. S. staff at its American and Hispanic car assembly plants.
Trump largely avoided the fame Thursday night and early evening, leaving the job of defending his actions to people.
But before he departed from the White House for Florida, he quickly spoke about the taxes with investigators. ” I think it’s going quite well”, Trump said, according to a lake record.
He also claimed that the United States will “have]$ 6 trillion or$ 7 trillion ] coming into our country”.
” The markets are going to boom”, and” the country is going to boom”, Trump said.
Trump officials are violently working to damp down the doubt and economic problems that may enhance over the following weeks if the tariffs are no retracted.
” What I’d request people to understand here is that we’re not going to fix items overnight”, Vice President , JD Vance , said Thursday night on Fox News ‘s , Fox and Friends.
” We know people are struggling”, he continued. ” We’re fighting as quickly as we can to resolve what was left to us, but it’s not going to happen quickly. But we really do think that if we pursue the appropriate restructuring, we pursue those electricity cost-reducing plans, yes, people are going to see it in their pocketbook”.
” I know we’re hearing from countries that are kind of complaining about what’s happening, but I have a chart”, Agriculture Secretary Brooke Rollins told reporters Thursday evening at the White House.
The table, according to Rollins, shows the export of different countries, including India, Taiwan, and Japan.
” This is the average: 14 %. Also, down below, you’ve got much tiny United States of America, right? I mean, this is what he’s trying to fix”, Rollins said before claiming that producers and farmers would change to doubt. ” This will be a short time of confusion, and then we’ll move up to the success that this leader has envisioned, that he is so strong and so willing to fight for”.
Nevertheless, a former Trump management official pushed up against the feedback from existing officers.
” I think the impact on consumers is going to be very, very high”, a previous business official from the first Trump presidency said. ” Diplomatically, American citizens have been willing to entertain the president’s sort of guidelines in this area because I think, in some ways, those in particular that voted for him, they coincide with this speech that countries haven’t been treating us very”.
World leaders expressed shock and disbelief at Trump’s levies but were cautious in responding with retaliation.
” China firmly opposes this and will take countermeasures to safeguard its own rights and interests”, a statement from the nation’s Commerce Ministry reads.
China was hit with a 34 % levy in addition to a previous 20 % tariff Trump imposed against the Asian nation.
European Commission President Ursula von der Leyen , called Trump’s tariffs” a major blow to the world economy”.
French , President Emmanuel Macron pressed companies to pause their investments in the U. S.
” What would the message be of having big European players that invest billions in the American economy at the same time they are hitting us” ? , Macron said.
Trump, however, argues that it was foreign countries that “have taken advantage of us for many, many years” instead.
