Trump doubles down on tariffs, says to ‘hang tough’ amid stock market decline

President Donald Trump is doubling down on his controversial tariffs program and has called on Americans to “hang tough” amid stock market turmoil over the last few days. 

Trump, in a post on Truth Social Saturday morning, wrote that his plan is already working with trillions of dollars already being poured into the U.S. economy.

“We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN,” Trump wrote. 

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This week’s steep losses for the S&P 500 and the Nasdaq were among the worst in the past decade as stocks tumbled for a second day in a row. On Friday, the Dow Jones Industrial Average plunged 2,231.07 points, or 5.5%, while the S&P 500 and Nasdaq Composite fell 5.97% and 5.82%, respectively. The Nasdaq entered into bear market territory on Friday.

Trump implemented a 10% baseline tariff on all imported goods into the United States while some countries were slapped with higher tariffs.

But Trump remains defiant that his plan will work in the long term as he aims to reduce America’s trade deficit with other countries, protect American industries and bolster jobs by encouraging companies to move manufacturing back to the U.S.

“HANG TOUGH, it won’t be easy, but the end result will be historic,” Trump wrote. “We will, MAKE AMERICA GREAT AGAIN!!!” Trump wrote. 

Trump took aim at China after the communist country clapped back to Trump’s Liberation Day tariff announcement with a reciprocal 34% tariff on U.S. imports.

“China has been hit much harder than the USA, not even close,” Trump wrote. “They, and many other nations, have treated us unsustainably badly. We have been the dumb and helpless “whipping post,” but not any longer.”

Trump’s 34% tariffs announced against China on Wednesday come in addition to the 20% tariffs already imposed against the country.

Trump implemented a 10% baseline tariff on all imported goods into the United States while some countries were slapped with higher tariffs. (Demetrius Freeman/The Washington Post via Getty Images)

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“China played it wrong, they panicked — the one thing they cannot afford to do,” Trump wrote Friday on Truth Social.

The back and forth has raised concerns about a global trade war and possible recession.

The new Chinese tariffs against the U.S. will go into effect on April 10, according to The Wall Street Journal.

Companies who sell their goods to China were hit hard on Friday, including those in aerospace, agriculture and heavy equipment.

Some of Thursday’s biggest losers — banks, airlines and technology companies — sank again on Friday. Others, such as retailers, clothing and restaurants, were down but not nearly as bad. A handful, like Nike, even posted small gains on Friday.

A television broadcasts market news on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, April 4, 2025. The S&P 500 slumped 5.97% on Friday, closing out its worst week since COVID. (Michael Nagle/Bloomberg via Getty Images)

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The so-called Magnificent 7 stocks that have dominated the market the past few years had some of the heaviest losses. Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla have lost around $1.8 trillion in market value combined in the past two days.

Meanwhile, a conservative legal group is challenging President Trump’s tariffs on China, calling them “an unlawful attempt” to make Americans pay higher taxes on Chinese imports. 

The Fox Business team and The Associated Press contributed to this report.