Former U.S. President Donald Trump asserted in an extended message on Truth Social that his tariff policies are greatly benefiting the American economy, with stock market benchmarks consistently reaching new heights. He claimed that the tariffs are generating "hundreds of billions of dollars" in revenue for the United States and attributed recent economic gains to the implementation of these measures. Trump issued a stern warning that a court ruling against his administration’s approach could lead the country into a catastrophic economic downturn similar to the Great Depression of 1929. He argued that any intervention by what he termed a “Radical Left Court” at this point would cause irreversible damage, erasing national prosperity and the strength the U.S. has achieved under his leadership.
He criticized the judiciary for not issuing a timely decision earlier in the legal process, suggesting that waiting until now jeopardizes America's path toward prosperity. Trump expressed that if the court were to act against his policies at this stage, it would be impossible to recover, eliminating the country’s chance to achieve lasting greatness. He emphasized his desire for continued national progress and concluded with a patriotic appeal, stating, “God bless America!”
On Thursday, a new round of Trump’s tariffs officially went into effect, targeting imports from over 60 countries as well as the European Union. The move introduces sharp increases in import duties, including a 25% additional tariff on specific Indian imports—especially due to India’s continued oil purchases from Russia—resulting in a total tariff rate of 50%. Indian exporters have raised concerns, warning that this policy shift could impact over half of their exports to the U.S. and strain long-standing trade ties. SC Ralhan, president of the Federation of Indian Export Organizations, commented that absorbing these sudden cost increases is unsustainable due to already narrow profit margins.
The revised tariffs also affect products from other major economies. Imports from the EU, South Korea, and Japan now incur a 15% duty, while goods from Taiwan, Vietnam, and Bangladesh are subject to a 20% rate. Trump introduced even higher tariffs of 100% on computer chips and additional levies on pharmaceuticals, claiming that the nation is now witnessing unparalleled revenue intake and preparing for “unprecedented” economic growth.
However, economic experts are raising red flags, pointing to early signs of trouble. Since the rollout of the initial tariffs in April, there has been a noticeable slowdown in hiring, increased inflation, and a dip in housing prices. Germany experienced a 1.9% drop in industrial output in June, and Switzerland was unable to prevent a steep 39% tariff on its exports despite last-minute diplomatic efforts.
Despite these concerns, global financial markets have remained stable in the short term. The S&P 500 has risen by over 25% since April, but analysts warn that the long-term consequences of the aggressive tariff regime may become more apparent in the months ahead.
