President Donald Trump speaks during a joint press conference with France's President Emmanuel Macron in the East Room of the White House in Washington, Monday, Feb. 24, 2025. (Ludovic Marin/Pool via AP)
President Donald Trump fired the first economic shots of his second term Wednesday. He unveiled a massive wave of tariffs targeting dozens of countries. The move triggered major market shifts and stunned global leaders.
At the White House, Trump declared, “Our country has been looted, pillaged, raped, plundered.” He blamed foreign nations and decades of weak U.S. leadership.
Trump stood before reporters and held up a chart listing the new tariffs. China will now face a 34% tax. The European Union gets slapped with 20%. South Korea is hit with 25%. Japan faces 24%, and Taiwan 32%.
India, Vietnam, and Cambodia were also on the list—with some rates as high as 49%. In total, 25 countries made the cut.
“This is our economic declaration of independence,” Trump said. “No more free rides. No more betrayal.”
Despite early jitters, shares rose after the announcement. The S&P 500 closed up nearly 1%. Investors seem to believe that Trump’s plan to bring production back to the U.S. might boost key sectors.
Still, economists warned of rising prices. Tariffs on electronics, vehicles, and everyday goods could hit consumers quickly. The White House dismissed those fears, insisting the long-term gains would outweigh the short-term pain.
In a twist, Trump said the U.S. was at its strongest during the Gilded Age. He praised the years between 1870 and 1913, before the federal income tax existed.
“For reasons unknown to mankind,” he said, “we went to income tax in 1913.” Trump blamed that shift for the Great Depression in the 1930s.
Historians pushed back, noting growth during that time came from immigration and expansion—not just tariffs. They also reminded that inequality was rampant.
At the press event, Trump invited Brian Pannebecker to speak. The retired Michigan autoworker had endorsed Trump at the GOP convention.
“I’ve watched plant after plant shut down,” he said. Pannebecker runs Auto Workers for Trump, a group backing the new trade crackdown. Although the United Auto Workers union supports Kamala Harris, this faction stands firmly with Trump.
Trump wrapped his speech by calling it “one of the most important days in American history.”
“For years, hardworking Americans watched as other nations got rich—on our backs,” he said. “But now it’s our turn.”
Supporters cheered. Critics warned of global backlash. But the president made clear he won’t back down.
Markets have started to adjust. Investors seem cautiously optimistic—for now. Whether the tariffs trigger a boom or a backlash, one thing’s clear: Trump has changed the game again.
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