President Donald Trump stated that voters should have anticipated his implementation of reciprocal tariffs when they supported him in last year’s presidential election. During a recent ABC News interview, he remarked, “Well, they did sign up for it, actually. And this is what I campaigned on.”
Trump expressed his views on the tariffs, saying, “We’ve been abused by other countries at levels that nobody’s ever seen before.” On April 2, he announced extensive tariffs affecting over 180 countries, with a 10% baseline rate effective April 5. A higher set of tariffs, varying by country, began on April 9, although he later declared a 90-day pause on the same day.
These tariff announcements have led to significant market sell-offs and attracted criticism from economists and business leaders. However, Trump believes the tariffs are essential. “I could have left it that way, and at some point there would have been an implosion like nobody’s ever seen. But I said, ‘No, we have to fix it,'” he told ABC News, stating he has aimed to address these issues for years.
On April 20, Trump defended his tariff policy, claiming that business leaders opposed to it misunderstand his intentions. In a Truth Social post, he asserted, “THE BUSINESSMEN WHO CRITICIZE TARIFFS ARE BAD AT BUSINESS, BUT REALLY BAD AT POLITICS.”
Christopher Tsai, president of Tsai Capital, commented that businesses may struggle to adapt to Trump’s tariffs despite the 90-day pause, suggesting that small and medium-sized businesses, which significantly contribute to the U.S. GDP, could face severe challenges. “This is a lot more than numbers. People’s jobs are at stake,” Tsai warned, highlighting the potential impact on thriving businesses.