As new U.S. tariffs upended financial markets and sent foreign governments scrambling to respond, President Trump on Wednesday morning remained ebullient, posting at one point on Truth Social: “BE COOL!”
“Everything is going to work out well,” he maintained amid the unfurling chaos. “The USA will be bigger and better than ever before!”
For Mr. Trump, the reassurances offered a stark, split-screen contrast with the pandemonium stemming from his costly and widening global trade war. In the hours since he imposed his latest round of tariffs, foreign powers including China have retaliated against the United States — and economists broadly have expressed renewed alarm about the prospects for severe blowback. But Mr. Trump has continued to downplay the risks to American consumers and businesses, insisting it is all part of his plan.
In a post on Truth Social, he argued it was actually a “GREAT time to move your COMPANY into the United States of America,” adding: “DON’T WAIT, DO IT NOW!”
When financial markets began to whipsaw — and a sell-off in the U.S. bond market deepened — the president chose to portray the uncertainty and chaos as an opportunity. “THIS IS A GREAT TIME TO BUY!!!” he posted on the site later Wednesday morning.
The president also tried to refocus attention on his plan to extend a set of soon-expiring tax cuts on individuals and businesses, which remains snarled in the House and Senate because of disagreements within Republican ranks.
“Republicans, it is more important now, than ever, that we pass THE ONE, BIG, BEAUTIFUL BILL,” Mr. Trump said in another of his posts. “The USA will Soar like never before!!!”
For days, Mr. Trump and his top aides had foreshadowed the chaos and confusion now playing out across the global financial system. The president repeatedly had described the U.S. economy in medical terms, saying the nation was “sick” and needed a painful yet necessary corrective to boost American manufacturing and generate new revenue.
Economists have told a different story, warning that the president’s steep new taxes on foreign exports could curtail growth and result in price increases for American consumers, ultimately raising the odds of a U.S. recession. Even some Republicans have grown increasingly alarmed with Mr. Trump’s trade strategy, with a handful signing on to new legislation that would limit his tariff authorities.
But Mr. Trump has remained steadfast in his approach, as administration officials estimated this week that more than 70 countries had reached out to Washington in the hopes of striking a trade deal.
“I know what the hell I’m doing,” the president told Republicans on Tuesday.
