Donald Trump is speaking out after fears of a trade war and recession. The Trump Administration announced sweeping tariffs last week on many countries across the globe. The president followed up on this by announcing he was increasing tariffs on China to 104%.
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Despite fears of rising prices in America, Trump told everyone to calm down. The president said, "BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!"
He also wrote, "THIS IS A GREAT TIME TO BUY!!!"
The president is trying to calm fears of a growing recession on the back of the tariffs. In response to the 104% tariffs, China announced that it was raising its tariffs on American goods to 84%.
"It's unfortunate that the Chinese actually don't want to come and negotiate, because they are the worst offenders in the international trading system," U.S. Treasury Secretary Scott Bessent told Fox Business. "They have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them."
Donald Trump Speaks Out
Meanwhile, several major business persons have weighed in on Trump and the tariffs. Google CEO Thomas Kurian is still waiting to see how things shake out.
"The tariff side is so fluid," he said. "I don't want to comment on it, because it's changing by the minute. We're working similar to every other company to look at what we should do."
Meanwhile, Walmart pulled its first-quarter operating income outlook after Trump announced the tariffs.
"Clearly, our environment has changed, so that makes this really exciting for us," Walmart CEO Doug McMillon said. They are waiting to see how things shake out.
"It's clearly a fluid environment," he said. "And while we don't know everything that's going to happen, of course, we do know what our priorities are, and we know what our purpose is, and we'll be focused on keeping prices as low as we can. We'll be focused on managing our inventory and our expenses well."
"We've learned how to manage through turbulent periods," he said.
