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'Will be 1929... GREAT DEPRESSION': Trump warns of consequences if tariffs overturned
The post came just hours after tariffs of 10% or more took effect on goods from over 60 countries and the European Union.
President Donald Trump on Thursday hailed his sweeping tariffs as a catalyst for record-breaking stock market gains and a surge in government revenue, while warning of catastrophic consequences if courts overturn his policy.
“Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set,” Trump wrote in a post on Truth Social. He claimed “hundreds of billions of dollars” were flowing into US coffers and warned that if a “Radical Left Court” struck down the measures, “it would be 1929 all over again, a GREAT DEPRESSION!”
The post came just hours after tariffs of 10% or more took effect on goods from over 60 countries and the European Union. Products from the EU, Japan, and South Korea now face 15% duties, while imports from Taiwan, Vietnam, and Bangladesh are taxed at 20%.
Days earlier, Trump also announced a 25% surcharge on Indian goods, citing its purchases of Russian oil, bringing its total tariff rate to 50 per cent, and imposed steep new levies on Swiss exports, pharmaceuticals, and computer chips.
In his message, Trump argued that the tariffs were essential to preserving America’s “wealth, strength, and power,” and that opponents should have challenged them at the outset, not after they had begun delivering economic gains. “Our Country deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE. GOD BLESS AMERICA!” he declared.
Trump’s defence comes amid growing criticism from economists who warn the duties are already slowing hiring, raising prices, and straining US trade relationships. But the president pointed to the S&P 500’s more than 25% rise since April and the recent tax cuts he signed as evidence that the economy is on the verge of “unprecedented” growth.
“There’s no one in history that has gone through the trials, tribulations and uncertainties such as I,” Trump wrote, casting himself as uniquely prepared to guide the country through the tariff fight. “Amazingly beautiful things can happen.”
