By FATIMA HUSSEIN and CHRIS MEGERIAN
WEST PALM BEACH, Fla. (AP) — Two days after sending the financial system reeling by saying widespread tariffs, President Donald Trump insisted his commerce insurance policies won’t ever change as he remained ensconced in a bubble of wealth and energy in Florida.
He awakened on Friday morning at Mar-a-Lago, his non-public membership in Palm Seashore, and headed to his close by golf course just a few miles away after writing on social media that “THIS IS A GREAT TIME TO GET RICH.”
A number of supporters stood on the sidewalk as Trump, sporting his signature crimson “Make America Great Again” hat and white polo shirt, glided down a road lined with palm timber. They waved to him and he waved again, a part of a ritual that performs out each weekend that he’s on the town.
The Republican president was not anticipated to seem publicly, though he’s scheduled to attend a candlelit dinner for MAGA Inc., an allied political group, on Friday night. He spent Thursday in Miami at a special one in every of his golf programs, the place he attended a Saudi-funded match. He landed in Marine One and was picked up in a golf cart pushed by his son Eric.
Trump has usually proved impervious to the sort of scandals or gaffes that might injury one other politician, however his resolution to spend the weekend at his gilded properties might check Individuals’ endurance at a time when their retirement financial savings are evaporating together with the inventory market. The tariffs are anticipated to extend costs by 1000’s of {dollars} per yr and sluggish financial progress, and there are fears about a possible recession.
Federal Reserve Chair Jerome Powell stated Friday that the tariffs have been “significantly larger than expected” and are “highly likely” to trigger extra inflation — a minimum of within the quick time period however presumably in the long run as nicely.
Nevertheless, Trump has described his insurance policies as a painful but vital step to encourage firms to relocate their operations to america, and he spent the morning defending himself on Fact Social, his social media platform, vowing he’s sticking together with his insurance policies.
Though consultants have harshly criticized Trump’s tariffs, he’s discovered some help on TikTok. He shared a video that stated “Trump is crashing the stock market” and “he’s doing it on purpose” as a part of a “secret game he’s playing, and it could make you rich.”
The video featured a supposed quote from legendary investor Warren Buffett praising Trump, however Buffett’s firm issued a press release saying it was fabricated. The video additionally stated that Trump’s purpose is to push the Federal Reserve to decrease rates of interest, one thing that the president explicitly referred to as for later within the morning.
“This would be a PERFECT time” for Powell to chop rates of interest, he wrote. “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
With overseas leaders scrambling in response to Trump’s announcement this week, the president lashed out and regarded to chop offers.
He stated he spoke with Vietnamese chief To Lam and claimed Vietnam needs to get rid of its tariffs on U.S. items if it could actually make a cope with the U.S.
He additionally criticized China for saying its personal tariffs on U.S. imports.
“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” he wrote.
Republicans recommended that Trump’s insurance policies could be the beginning of a parley with overseas nations.
“The president is a dealmaker if nothing else, and he’s going to continue to deal country by country with each of them,” stated Sen. John Barrasso of Wyoming. He added that Treasury Secretary Scott Bessent had advised Senate Republicans this week that the tariffs could be a “high level mark with the ultimate goal of getting them reduced” until different nations retaliate.
Senate Democratic chief Chuck Schumer of New York referred to as Trump’s tariffs “a brutal pincer move with American families trapped in the middle.”
In the meantime, Trump additionally celebrated a brand new report displaying the U.S. added 228,000 jobs in March, beating expectations. Though the numbers have been a snapshot of the financial system earlier than the tariff announcement, Trump claimed vindication, saying they already present his strikes are working.
“HANG TOUGH,” he wrote. “WE CAN’T LOSE!!!”
Megerian reported from Washington. Related Press author Stephen Groves contributed to this report from Washington.
