'Hang tough, it won't be easy': Trump defiant on tariffs

US President Donald Trump doubled down Saturday on a sweeping set of new tariffs that have rattled markets and drawn sharp warnings from global allies, calling the move part of an “economic revolution” that would bring back jobs and prosperity—even if it means pain in the short term.

A 10 percent "baseline" tariff on most imports took effect just after midnight, sparing only Mexico and Canada, as Trump invoked emergency economic powers.

The move marks the most significant tariff escalation since the 1930s and sets the stage for further levies, with over 60 countries—including China, Japan, and the EU—bracing for higher rates starting April 9.

“We have been the dumb and helpless whipping post, but not any longer,” Trump wrote on Truth Social. “Hang tough, it won’t be easy, but the end result will be historic.”

But the fallout has already begun. Wall Street nosedived Friday, mirroring steep declines across Asia and Europe. Economists warn the new tariffs could stifle growth and spike inflation.

China has responded with its own 34 percent tariff on US goods and plans to restrict exports of rare earth elements—crucial for electronics and medical tech—while also lodging a complaint with the World Trade Organization.

In Europe, French President Emmanuel Macron and UK Prime Minister Keir Starmer issued a joint warning that “nothing should be off the table,” though they stressed that “a trade war is in nobody’s interest.”

The EU, facing a 20 percent tariff, has signaled a calibrated response. Trade chief Maros Sefcovic said the bloc “won’t stand idly by,” and is considering retaliatory measures, including taxes on US tech firms. Japan, meanwhile, has urged a “calm-headed” response as 24 percent tariffs hit its exports.

Though copper, pharmaceuticals, semiconductors, and some energy products are temporarily exempt, Trump has ordered investigations that could see those sectors targeted next. Auto tariffs of 25 percent have already taken effect, prompting Stellantis to suspend production in North American plants.

Trump’s top advisor Elon Musk, speaking in Rome, appeared to diverge from the president, advocating for a future “zero-tariff” free trade zone between North America and Europe.

Analysts warn that if negotiations fail, more countries will follow China’s lead. Oxford Economics projects the US effective tariff rate will climb to 24%—“higher even than those seen in the 1930s,” and potentially triggering a recession-level downturn.

Still, Trump remained defiant, framing the trade crackdown as long-overdue correction to what he called decades of unfair treatment. “We will win,” he declared.