US President Donald Trump on Saturday doubled down on the sweeping tariffs he unleashed on countries around the world, warning Americans of pain ahead, but promising historic investment and prosperity.
The comments came as Trump’s widest-ranging tariffs took effect in a move that could trigger retaliation and escalating trade tensions that could upset the global economy.
“We have been the dumb and helpless ‘whipping post,’ but not any longer. We are bringing back jobs and businesses like never before,” Trump wrote on social media.
“This is an economic revolution, and we will win,” he added. “Hang tough, it won’t be easy, but the end result will be historic.”
A 10 per cent “baseline” tariff came into place just after midnight, hitting most US imports except goods from Mexico and Canada as Trump invoked emergency economic powers to address perceived problems with the country’s trade deficits.
The trade gaps, said the White House, were driven by an “absence of reciprocity” in relationships and other policies like “exorbitant value-added taxes”.
