"These Tariff Plans Will Bring Big Benefits to Americans" - President Donald Trump
Washington, April 5 (AP) – After his party lost an important election in Wisconsin, President Donald Trump followed his familiar political strategy within a day: he doubled down.
On Wednesday, Trump decided to impose new strict tariffs on nearly all U.S. trading partners, which, according to his economic perspective, may benefit Americans in the long term. This is the realization of his four-decade-long support for protectionist foreign policy and his belief that free trade is putting the U.S. economy in jeopardy.
Trump's tariff announcement marks a sign of his independence in leadership during his second term, which was previously constrained by aides in his first term. However, the outcome of this move could become a significant evaluation of his presidency. The initial reactions have been concerning.
Financial markets had their worst week since the COVID-19 pandemic, foreign trade partners retaliated, and economists warned that these tariffs could lead to rising inflation and potentially push the U.S. into a recession. Now, Republican lawmakers are worried about their party's future, while Democrats feel newly energized by what they see as Trump's overreach.
Trump remains undeterred. He assured that these tariffs would revitalize domestic productivity and help extend the 2017 tax cuts. On Thursday, when the Dow Jones dropped by 1,600 points, he stated, "Everything is going very well," and "The economy will boom." The next day, even though the stock index fell another 2,200 points, Trump was seen on the golf course.
Some of Trump's supporters are now doubtful. Frank Amoroso, a 78-year-old resident of Dewitt, Michigan, said he is concerned about short-term interest rates and inflation, but he believes the tariffs will benefit the country in the long run.
Meanwhile, Democrats are finding new hope for their party. After scoring an important victory in Wisconsin’s state Supreme Court election on Tuesday, they are now more confident about the 2024 presidential election. New Jersey Senator Cory Booker has injected new energy into the party, as he delivered a 25-hour-long speech calling for strengthening the party's resolve.
Now, several political analysts believe that Trump's actions may help accelerate the Democratic comeback, as the tariffs could lead to inflation and price increases for Americans, which could cause long-term harm to the Republicans.
