President Donald Trump acknowledged the shock brought by his tariffs onslaught on Thursday but said the US economy would emerge "far stronger", even as world markets tumbled.
"THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE," Trump posted on his Truth Social platform less than an hour before Wall Street opened for trading.
White House Press Secretary Karoline Leavitt also tried to reassure US markets, telling CNN: "To anyone on Wall Street this morning, I would say, 'Trust in President Trump'. This is a president who is doubling down on his proven economic formula."
The US Treasury warns countries around the world not to retaliate to avoid further escalation.
She said the tariffs — which include 10 percent across the board levies on imports and far steeper barriers on dozens of specific countries, including the top US trading partners — meant "the United States is no longer going to be cheated by foreign nations".
Leavitt appeared to rule out the possibility of Trump pulling back any of the tariffs before they are implemented over the coming weekend.
"The president made it clear yesterday this is not a negotiation," she said. "He's always willing to pick up the phone to answer calls, but he laid out the case yesterday for why we are doing it."
"These countries around the world have had 70 years to do the right thing by the American people and they have chosen not to. They have ripped off American workers. They have taken our jobs overseas. The president is putting an end to that yesterday."
