Trump says it's the 'perfect time' for Powell to cut rates as markets plummet after his shocking tariff announcements
President Trump fired off a flurry of social media posts early Friday as he defended his controversial tariff policies, shrugged off market volatility, and pushed for more rate cuts.
'This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates," Trump said in a post on his social media app Truth Social. "He is always 'late,' but he could now change his image, and quickly."
"Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!'
On Friday, the March jobs report showed the labor market added 228,000 jobs in March, more than the 140,000 expected by economists. Shortly after the release, Trump praised the jobs numbers as 'far better than expected" in a separate Truth Social post, writing his policies are "already working.
The president initially made headlines earlier in the day by doubling down on his aggressive tariff stance:
"TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!"
Heading into Wednesday's "Liberation Day," the massive scope and intensity of Trump 2.0 tariffs had been underestimated by investors, despite the consistent promises from Trump on the campaign trail.
In 2024, then-candidate Trump pledged to impose blanket tariffs of at least 10% on all trading partners, including a 60% tariff on Chinese imports.
That promise materialized Wednesday (and then some) with the president slapping reciprocal tariffs on countries around the world, with the new levies ranging from a 10% "baseline" tariff to additional duties for nations the administration considers to be the "worst offenders."
All told, Trump announced tariffs that will impact some 185 countries, including the United States's largest trading partners.
Learn more: What Trump's tariffs mean for the economy and your wallet
Additional reciprocal tariffs, for instance, will include 34% tariffs on Chinese imports, a 20% tariff on European Union imports, a 46% tariff on imports from Vietnam, 32% on Taiwan imports, and 26% on India — all set to take effect on April 9.
Notably, the additional 34% tax on China will be added to the country's existing 20% tariff, meaning its total tariff rate will rise to 54%.
Beijing retaliated early Friday with a slew of countermeasures that included additional tariffs of 34% on all US goods, on top of the 10% to 15% tariffs China levied on roughly $21 billion worth of US agricultural trade last month.
In response to the retaliation, Trump said on Truth Social, "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!"
Soon after, the president said Vietnam wants to cut tariffs "down to zero" if they can strike a deal with the US.
Stocks cratered further on Friday in the face of China's retaliation, along with fresh comments from Fed Chair Powell that inflation from Trump's "larger than expected" tariffs could be more persistent.
In early afternoon trade, the Dow Jones Industrial Average (^DJI) plummeted another 1,300 points after falling 1,700 points the day prior. Similarly, the S&P 500 (^GSPC) and Nasdaq (^IXIC) each sank over 3%.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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