Former US President Donald Trump has strongly defended his sweeping global tariff policy, warning that if overturned by the courts, the United States could face a financial disaster akin to the 1929 Great Depression.
Just hours after new tariffs of 10% or more took effect on goods from over 60 countries, including the European Union, Trump took to Truth Social to highlight what he claimed were the economic benefits of his tariff regime.
“Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set,” Trump posted, adding that “hundreds of billions of dollars” were now flowing into U.S. government revenue.
He issued a stark warning against legal challenges:
“If a Radical Left Court strikes them down, it would be 1929 all over again — a GREAT DEPRESSION!”
The new tariffs impose 15% duties on goods from the EU, Japan, and South Korea, and 20% on imports from Taiwan, Vietnam, and Bangladesh. Trump has also slapped a 25% surcharge on Indian exports, raising the total duty on Indian goods to 50%, citing New Delhi’s continued purchases of Russian oil.
In addition, Swiss exports, pharmaceuticals, and semiconductor products have been hit with steep new levies.
While Trump touts the 25%+ surge in the S&P 500 since April and recent tax reforms as signs of a booming economy, economists and global analysts have expressed concern. Critics argue the tariffs are already raising prices, slowing job growth, and threatening global trade ties.
Despite mounting backlash, Trump doubled down, portraying himself as a resilient leader:
“There’s no one in history that has gone through the trials, tribulations and uncertainties such as I. Amazingly beautiful things can happen.”
The tariff showdown continues to reshape global trade dynamics, with countries like India, China, and EU nations preparing responses of their own.
