Former President Barack Obama has criticized Donald Trump’s tariffs while markets are steadily falling.
Trump announced a wide range of new tariffs on April 2, 2025 and described the occasion as “Liberation Day.”
All imports will now be taxed at a flat rate of 10%, but 60 countries that officials have identified as “worst offenders” will be hit with even higher tariffs.
Specifically, Japan has a 24% tariff, South Africa has a 30% one, Vietnam deals with 46% and China with 34%, adding up to a 54% effective rate for China.
Speaking in the White House Rose Garden, Trump said: “We’ve been waiting for a long time.”
After many years, “April 2, 2025, is a day that will never be forgotten by Americans because that day, our industry was revived, our fate was claimed back and we began to ‘Make America Wealthy Again.’
He added: “For decades, our country has been stolen from, molested, abused and plundered by groups from nations far and near, those who were our friends as well as our enemies.”
Soon after, there was major turmoil in financial markets. The Dow Jones lost 5.5%, the S&P 500 dropped by six percent and the Nasdaq Composite fell into bear market territory.
There is concern among investors that increasing expenses for companies and for consumers could lead to a recession.
At Hamilton College in Clinton, New York, Obama commented on what has transpired.
He said: “I disagree strongly with the person I just left in the White House — who is president again.”
The president added: “I am not confident that the policies and tariffs we observe now are good for America.”
He added that he was worried “about a government that tries to control what happens at universities by threatening them if the students speak out.”
It concerns me more when a White House uses the threat, “If you work for parties we disagree with, we will end your relationships with us or keep you from representing people properly.”
Next, he said just eight words, asking: “Imagine what would’ve happened if I had done any of this?”
Senate Minority Leader Chuck Schumer said the tariffs might negatively impact the American economy.
He said: “This causes business leaders great concern.” Why is this the cause of a recession? Many business leaders prefer certainty, but Trump moves in all directions, changes his mind every day and right now, China is fighting back.
As a result of U.S. tariffs, China said they would impose a 34% tariff on American goods beginning April 10.
The ministry in China labeled the U.S. steps as “illegal under international trade law” and said they were “typical threats by one country that might upset the world economy.”