2 months ago
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President Donald Trump called out to investors on Friday, claiming that now is the perfect time to pour their money into the United States as the stock market takes a nosedive following his announcement of widespread tariffs.
On Thursday, the U.S. stock market plunged the most in one day since the onset of the COVID pandemic. By Friday, the Dow Jones Industrial Average dropped over 2,200 points, while the Nasdaq composite fell 5.8%.
AP Photo/Mark Schiefelbein
Dips in the stock market came immediately as Trump announced a blanket 10% tariff on all countries, which is slated to take effect Saturday, along with harsher levies on some Asian countries and the European Union set for Wednesday. The market decline became more drastic after China announced it would retaliate with a 34% tariff on all U.S. products beginning April 10.
Despite the panic on Wall Street, Trump had a positive message on Friday morning, writing on Truth Social, “THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!”
The president continued, “TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE.”
However, the market did not respond well to Trump’s encouragement. The Dow, Nasdaq and the S&P 500 continued to fall Friday. Companies Klarna and StubHub, which had both planned to sell shares publicly for the first time, both delayed their plans in response to the economic uncertainty, CNBC reported.
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In contrast to Trump’s enthusiasm, Federal Reserve Chair Jerome Powell stated on Friday that Trump’s tariffs would likely lead to higher inflation and slower economic growth. He did not announce any action on behalf of the Fed yet, however, besides waiting for more clarity on the economy.
“There’s a lot of waiting and seeing going on, including by us,” Powell said. “And that just seems like the right thing to do in this period of uncertainty.”
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