Obama Responds Briefly After Trump Announces New Tariff Plan

At a time when markets are continuing to plummet, former President Barack Obama has spoken out against the tariff measures that Donald Trump has proposed.

On April 2, 2025, President Trump made the announcement of a comprehensive set of tariffs, which he referred to as “Liberation Day.”

A uniform tax of 10% is imposed on all imports as a result of the new policy, with much higher rates being applied to sixty nations that have been classified as “worst offenders.”

Notable among these are Japan, which has a tax of 24%, South Africa, which has a tariff of 30%, Vietnam, which has a tariff of 46%, and China, which is facing a hefty tariff of 34%, which will bring its total effective rate to 54%. ##

As he made his statement from the Rose Garden of the White House, President Trump stated, “We’ve been waiting for a very long time.

We will always remember April 2, 2025 as the day that American industry was resurrected, the day that America’s destiny was recovered, and the day that we started, “Make America Wealthy Again.” These are the days that will live on in our memories forever.

The following is an additional assertion that he made: “For decades, our country has been looted, pillaged, raped, and plundered by nations, both close and far, from both friends and competitors alike.”

There was a substantial amount of upheaval in the financial markets immediately following the event.

While the Dow Jones Industrial Average experienced a decline of 5.5%, the S&P 500 experienced a decline of 6%, and the Nasdaq Composite entered the zone of a bear market.

Concerned about the possibility of a recession, investors voiced their worries about the rising prices that firms and consumers are experiencing.

Over the course of his appearance at Hamilton College in Clinton, New York, President Obama offered his thoughts on the recent events.

At one point, he made the following observation: “I have profound disagreements with my most immediate successor, who is now serving as president once more.”

In addition, Obama stated, “I do not believe that what we have just witnessed in terms of economic policy and tariffs is going to be beneficial for the United States of America.”

On top of that, he voiced broader worries over the manner that the present administration takes to governance, saying, “I am more deeply concerned with a federal government that threatens universities if they do not give up students who are exercising their right to free speech.

“The idea that a White House could tell law firms, ‘If you represent parties that we don’t like, we’re going to pull all our business or bar you from representing people effectively,’ is what worries me the most.”

After that, he made a pretty revealing statement about the matter, which consisted of eight words, specifically asking, “Imagine if I had done any of this?”

The tactic of imposing tariffs was also attacked by Senate Minority Leader Chuck Schumer, who warned that it might be detrimental to the economy of the United States.

He made the following statement: “The business community is extremely excited about this.” For what reason does it result in a recession?

When it comes to business, certainty is extremely important. However, when Trump is all over the place, issuing new things every day, and his behavior is so unpredictable, and now we have China retaliating, ##

China declared a 34% retaliation duty on all U.S. imports beginning April 10 in reaction to the U.S. tariffs.

As “not in line with international trade rules,” the Chinese finance ministry denounced the U.S. actions, calling them “a typical unilateral bullying practice that endangers the stability of the global economic and trade order.”