President Donald Trump on Tuesday said Americans should be prepared for “a little disturbance” from tariffs.
“Tariffs are about making America rich again and making America great again, and it’s happening and it will happen rather quickly,” Trump said during a formal address before a joint session of Congress. “There will be a little disturbance. But we’re okay with that. It won’t be much.”
The remarks came just hours after Trump imposed 25% tariffs on goods imported from Canada and Mexico a doubling of duties on some Chinese goods to 20%, prompting quick retaliatory tariffs from China and Canada. Mexican President Claudia Sheinbaum is set to announce Mexico’s retaliatory tariffs this weekend.
What’s affected: Canada, Mexico, China, and the stock market respond to Trump’s tariffs. Prices are next
The benchmark S&P 500 ended the day down 1.2%, wiping out the post-election gains amid concerns that Trump’s tariffs could drive up the cost of consumer goods in the U.S.
“Generally, economists would agree – and economists don’t agree with anything – that tariffs are going to be inflationary,” said Ryan Sweet, chief U.S. economist at Oxford Economics. Inflation “has the potential to undermine consumer spending. How much depends on how aggressive he is with tariffs over time and how long they last.”
This article originally appeared on USA TODAY: Trump says there will be ‘a little disturbance’ from tariffs
