The Dow is down — Trump says hang in there…
President Trump did his best to assuage worries of a dipping Dow Jones on Friday, telling followers on TRUTH Social to “HANG TOUGH.” Trump also mentioned the strong March jobs report.
“GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!!” Trump said on TRUTH Social.
US employers added a surprise 228,000 jobs in March — far exceeding expectations.
White House Press Secretary Karoline Leavitt shared the news on X, saying, “GREAT NEWS! The economy is starting to roar with a strong 228,000 jobs added in the month of March — well ahead of the market’s expectation. There was also a sharp increase in transportation, construction, and warehousing employment. The President’s push to onshore jobs here in the United States is working. The Golden Age of America is on its way!”
But, despite a positive jobs report, the Trump Admin has a stock market dive on its hands due to reciprocal tariffs imposed by President Trump this week and retaliatory tariffs from China.
According to a Fox Business report, China announced a 34% tariff on the U.S., just days after Trump unveiled the same amount against Beijing under his reciprocal tariff plan.
The new China tariffs on the U.S. will take effect on April 10.
Chinese Foreign Ministry spokesperson Guo Jiakun said at a briefing in Beijing yesterday that “The U.S. announced tariff hikes on imports from many countries, including China, under the pretext of reciprocity” and that “This gravely violates World Trade Organization rules, and undermines the rules-based multilateral trading system.
“China firmly rejects this and will do what is necessary to defend our legitimate rights and interests,” he added. “We have emphasized more than once that trade and tariff wars have no winners. Protectionism leads nowhere. We urge the U.S. to stop doing the wrong thing, and resolve trade differences with China and other countries through consultation with equality, respect and mutual benefit.”
“We knew this was going to be a little bit bumpy in the beginning, but let’s understand what it’s about. It’s about fairness. It’s about America first, not America last,” Rep. Jeff Van Drew (R-NJ) told Fox Business Friday morning.
“We have been getting the short end of the stick for years and it’s important that Americans understand this. These are reciprocal tariffs. We have been tariffed. Our goods are tariffed. We are always at an unfair disadvantage with these countries so it’s going to be a little bumpy, they are going to cry, they are going to yell,” he continued. “I spoke to the president personally yesterday, he was telling me that already, countries are coming to him saying ‘lets work this out, we can make a fair deal, we can do better.’ We will. Everybody just hold on a little bit, be a little bit strong, Wall Street will come back. But this is also about Main Street, this is about making things in America.”
The DJI is currently down 3.88%.
