President Donald Trump says he's done delaying the massive tariffs he planned to enact on America's neighbors, telling reporters Monday: "No room left for Mexico or for Canada. No. The tariffs are all set, they go into effect tomorrow."
The tariffs, which were meant to be enacted at the start of last month but were put off 30 days due to "deals" Trump struck, are expected to have a massive impact on American consumers, raising the cost of everyday items. Cars alone could see prices jump $12,000 on average. It also comes as the European Union readies a package of retaliatory tariffs targeting Trump voters in the event he decides to move for tariffs on those countries. Even some Trump allies in Congress have begun to worry.
Commenters on social media exploded over Trump's words, with many noting the stock market went into freefall at the news, with the Dow Jones finishing around 650 points lower.
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"You can watch the stock market tank in the bottom corner of Fox's broadcast as Trump talks about tariffs," wrote independent journalist Aaron Rupar.
"Trump just made a new announcement about tariffs from the WH," wrote former GOP strategist turned Meidas Touch editor Ron Filipkowski. "Hopefully, you don’t have any retirement savings in the stock market."
"Welcome to the Golden Age!" wrote Chamber of Progress Director of Economic Analysis Tahra Jirari. "More expensive groceries, construction material that will ultimately make it even more difficult to build, automobile parts price increasing, and much more! That's what we voted for right? Not cheaper groceries or anything?"
"Trump’s supporters who most wanted him to lower prices are going to be the first ones to suffer," wrote Center for International Policy Vice President for Global Affairs Dylan Williams. "But between this totally unnecessary trade war and the chaos he is causing across the economy by gutting federal agencies, grants and loans wholesale, recession is coming for us all."
"Apparently, the ‘art of the deal’ is to hike prices for American consumers…" wrote Leading Britain's Conversation presenter Mike Hughes.
"The problem is that people in the Trump orbit articulate multiple, often inconsistent, accounts of what the 'real point' of the tariff policy is," wrote Bloomberg columnist Matthew Yglesias. "The then lash out angrily at critics for 'not getting it' rather than seeking some kind of internal coherence."
