Trump says tariffs 'going very well' as markets fall
US financial markets had their biggest one-day drop since the advent of Covid-19


What happened
Stock markets in the U.S. and around the world plummeted Thursday in response to the steeper-than-expected universal tariffs President Donald Trump announced on Wednesday.
"Virtually every sector suffered big losses as U.S. financial markets closed with their biggest one-day drop since Covid-19 flattened the global economy five years ago," The Associated Press said. The Dow Jones Industrial Average closed down 1679, or 4%, while the Nasdaq fell 6% and the S&P 500 tumbled 4.8%. U.S. stocks "lost roughly $3.1 trillion in market value," The Wall Street Journal said.
Who said what
Trump told reporters Thursday he thought the tariff rollout was "going very well" and "the markets are going to boom." He suggested he would add new import taxes on pharmaceuticals and semiconductors. The tariffs Trump has already announced would "lift the average duty above the previous peak of 1930," making it "by far the most disruptive component of an agenda that may be one of the most disruptive of any new president since the 1930s," the Journal said.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trump also "contradicted his top aides on the purpose" of the tariffs, "adding to the uncertainty over the trade war," The Washington Post said. Top trade advisers and White House internal talking points insisted the tariffs are not a starting point for negotiations, but Trump told reporters Thursday evening that "the tariffs give us great power to negotiate," adding, "Every country is calling us."
What next?
Wall Street traders "voted with their dollars" but "Republicans on Capitol Hill — who could use their own votes to stop the new tariffs cold — made clear they had no intention of acting anytime soon," Politico said. The bulk of the new tariffs take effect April 9, and "grocery shoppers are likely to feel the impact of the Trump administration's sweeping new tariffs before April is over," The New York Times said, starting with fresh produce, then "staples like sugar and coffee, which is already priced at a historic high," and clothing, electronics and cars.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Taking aim at Venezuela’s autocrat
Feature The Trump administration is ramping up military pressure on Nicolás Maduro. Is he a threat to the U.S.?
-
Comey indictment: Is the justice system broken?
Feature U.S. attorney Lindsey Halligan has indicted former FBI Director James Comey on charges of lying and obstructing Congress
-
Government shuts down amid partisan deadlock
Feature As Democrats and Republicans clash over health care and spending, the shutdown leaves 750,000 federal workers in limbo
-
Judge bars Trump’s National Guard moves in Oregon
Speed Read In an emergency hearing, a federal judge blocked President Donald Trump from sending National Guard troops into Portland
-
Russia: already at war with Europe?
Talking Point As Kremlin begins ‘cranking up attacks’ on Ukraine’s European allies, questions about future action remain unanswered
-
Museum head ousted after Trump sword gift denial
Speed Read Todd Arrington, who led the Dwight D. Eisenhower Presidential Library and Museum, denied the Trump administration a sword from the collection as a gift for King Charles
-
Trump declares ‘armed conflict’ with drug cartels
speed read This provides a legal justification for recent lethal military strikes on three alleged drug trafficking boats
-
Supreme Court rules for Fed’s Cook in Trump feud
Speed Read Federal Reserve Governor Lisa Cook can remain in her role following Trump’s attempts to oust her
-
‘This isn’t just semantics’
Instant Opinion Opinion, comment and editorials of the day
-
Miami Freedom Tower’s MAGA library squeeze
THE EXPLAINER Plans to place Donald Trump’s presidential library next to an iconic symbol of Florida’s Cuban immigrant community has South Florida divided
-
Judge rules Trump illegally targeted Gaza protesters
Speed Read The Trump administration’s push to arrest and deport international students for supporting Palestine is deemed illegal