Trump told reporters that he planned to enact his long-threatened 25 percent tariffs against goods from Mexico and Canada and 10 percent tariffs against goods from China starting Tuesday, to which the Dow Jones, Nasdaq, and S&P 500 did not respond well. Fox News, along with their usual breaking news chyron, also had the Dow index displayed while Trump was speaking, showing a fall of more than 650 points.
— Acyn (@Acyn) March 3, 2025
Trump’s remarks were preceded by his early afternoon announcement on Truth Social addressed to “the Great Farmers of the United States.”
This, coupled with fewer food imports from three of America’s largest trading partners, will ultimately lead to higher food prices across the country, something that Trump campaigned against during the 2024 election and that ultimately played a factor in his victory. Plus, the prices of various other goods, from cars to electronics to over-the-counter pills, also will likely see a sharp increase.
Don’t expect Trump to take responsibility for a sinking stock market or higher prices, though. He’s already saying that rising inflation isn’t his fault and has tacitly admitted that his tariffs will cause prices to go up. His administration is even discussing how to juke economic numbers to try and hide how badly Trump’s radical changes, including those from Elon Musk’s Department of Government Efficiency, are hurting the economy. It looks like our wallets are about to have a rough spring.
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