Trump’s global tariffs take effect, rattling markets and sparking political debate
President Trump's trade war escalated overnight as sweeping tariffs on imports from around the world officially took effect just after midnight.
(NBC)- President Trump’s trade war escalated overnight as sweeping tariffs on imports from around the world officially took effect just after midnight, sending a chill through Wall Street and rattling global markets. “I know what the hell I’m doing,” President Trump declared, defending the strategy as part of his broader economic vision. The newly imposed tariffs—described as unprecedented in scale—are prompting strong reactions at home and abroad. The White House says 70 countries have already reached out to negotiate potential reductions in their tariff rates. “They are dying to make a deal. ‘Please, please, sir, make a deal,'” Trump told supporters, framing the global response as a win for U.S. leverage.
But some Republican lawmakers are growing uneasy, especially amid stock market volatility and warnings of a possible recession. “Pretty please with sugar on top,” said Senator John Kennedy (R-LA), urging the president to sit down with trade partners and strike new agreements. “Let’s make a deal.”
Others, however, remain firmly in Trump’s corner. Senator Tim Scott (R-SC) backed the tariffs as a bold step to “reset, recalibrate the entire global economy by bringing it all home to America.”
Still, economists caution that rebuilding U.S. manufacturing — particularly for industries like electronics and apparel that shifted overseas decades ago — will be a long and costly process. The U.S. remains especially dependent on Chinese imports, now burdened with a cumulative 104% tariff. China has already responded with retaliatory duties on American goods.
American consumers are beginning to feel the impact. Bryan Rodlas, a shop manager at Yost Auto Service, said price hikes are already noticeable. “There was one part that was around $280, and then two days later the cost went up to like $328,” he said.
Democrats are slamming the administration’s strategy, citing rising costs and global ridicule. “The U.S. economy has gone from the envy of the world to a laughing stock in less time than it took to finish March Madness,” said Senator Ron Wyden (D-OR). Still, President Trump remains resolute that his aggressive trade gamble will ultimately bring long-term gains for the American economy.
