Mr. Obama has expressed his views on Donald Trump’s tariff proposals as the markets keep going down.
On April 2, 2025, Trump declared “Liberation Day” as he announced new tariffs on a variety of products.
The policy will see all types of imports receive a 10% tariff, with those coming from 60 nations specifically identified as “worst offenders” getting significantly higher rates.
Several examples are Japan with 24%, followed by South Africa with 30%, Vietnam at 46% and China confronting a steep 34%, meaning it effectively experiences a 54% rate.
From the White House Rose Garden, Trump said: “We’ve been looking forward to this for a long time.”
From that day on, April 2, 2025, the way we do things has changed. America’s future looks brighter and we started moving towards ‘making America wealthy again.’
He also said: “For years, countries, some allies and some enemies, have taken what belongs to us, plundering it from near and far.”
Financial markets faced major unrest in the days after the crisis. The Dow Jones Industrial Average lost 5.5%, the S&P 500 fell 6% and the Nasdaq Composite officially entered a bear market.
Many investors were worried about increased costs for both companies and people, thinking it may lead to a recession.
While visiting Clinton, New York, Obama addressed the situation.
He said: “I have fundamental disagreements with my present successor, who’s currently back in office as president again.”
He added: “In my opinion, the economic policies and tariffs just announced won’t benefit America.”
He also raised concerns about the present government when he said: “I am particularly troubled that the federal government threatens universities when students use their freedom of speech.”
I am most concerned about the idea that the White House might tell lawyers, ‘Don’t represent anyone we disagree with or we will stop giving you business and influence courts to limit your choices in representing parties.’
He followed this by saying in a pointed way: “Let’s imagine if I had done what was said about me.”
Minority Leader of the Senate, Chuck Schumer, opposed the tariffs, stating they may do damage to the U.S. economy.
He reported that many in the business world are now very concerned. Why are recessions caused by it? Businesspeople like predictability, but Trump being so unpredictable, introducing new changes daily and now China responding, makes everything even more difficult.
To counter the U.S. tariffs, China began charging a 34% retaliatory tax on all Americans goods starting April 10.
China’s finance ministry said the U.S. actions are against international rules and could disrupt the world economic and trade system.
