Donald Trump: Trade War will not be easy - Economist

The impact of tariffs imposed by Donald Trump

Trade War will not be easy

US President Donald Trump acknowledged on Saturday that the US trade war with trading partners will bear fruit in the United States but will not be easy. He called for "resilience," a day after China retaliated with similar tariffs and global financial markets suffered significant losses.

On his platform, Truth Social, the US president wrote that "China" has been hit much harder than the United States, adding, We are bringing back jobs and businesses like never before. It's an economic revolution, and we're winning.

Trump added, "Hold on. This won't be easy, but the result will be historic."

U.S. Customs officials began collecting President Trump's unilateral 10% tariffs on imports from several countries on Saturday. Higher tariffs on goods from 57 major trading partners are scheduled to begin.

The initial 10% tariffs went into effect at 12:01 a.m. EST (04:01 GMT) at U.S. ports, airports, and customs warehouses, marking Trump's complete rejection of the post-World War II system of mutually agreed-upon tariff rates.

Impact of tariffs on the US stock market

Trump's tariff announcement on Wednesday, "Liberation Day," sent global stock markets into a tailspin. By Friday's close, S&P 500 companies had lost $5 trillion in market value, a record two-day decline.

Oil and commodity prices fell, while investors turned to government bonds as a safe haven. Among the countries initially required to pay 10% tariffs were Australia, the United Kingdom, Colombia, Argentina, Egypt, and Saudi Arabia.