Palm Beach, Florida — Markets buckled, tensions rose, and President Donald Trump hit the golf course.
On Friday, as billions evaporated from global markets, Trump brushed off the carnage with a grin — and a few all-caps posts on Truth Social. His message to investors? Don’t panic. “THIS IS A GREAT TIME TO GET RICH!” he declared.
The financial world, however, wasn’t buying it.
Wall Street suffered one of its worst meltdowns in recent memory: the Dow plunged 5.5%, the S&P 500 nearly 6%. More than $6 trillion in value has been erased since Trump’s announcement of sweeping new tariffs — the self-branded “Liberation Day” duties targeting dozens of countries.
The chaos stems from a deepening standoff between Washington and Beijing. After Trump’s tariffs landed, China retaliated with 34% duties on U.S. goods and threatened to cut off exports of rare earth minerals critical to tech and defense industries. Beijing also signaled a brewing legal fight at the World Trade Organization.
Europe, hit with its own 20% tariffs, promised a “calm but firm” response. France and Germany are already exploring new digital taxes on American tech giants as potential payback.
Meanwhile, back in the U.S., everyday Americans are watching retirement accounts bleed. Federal Reserve Chairman Jerome Powell warned the tariffs could deliver a double whammy of slower growth and higher prices — a toxic mix for the world’s largest economy.
Trump, unfazed, insists it’s all part of the plan. “ONLY THE WEAK WILL FAIL!” he posted, before returning to his weekend golf outing in sunny Florida.
The blowback, however, is gathering steam. Democratic Senator Amy Klobuchar accused Trump of playing games with the economy from the safety of his golf cart. Even conservative stalwarts like Senator Ted Cruz expressed alarm, warning the tariffs could crush American jobs rather than create them.
Elsewhere, companies are scrambling. Automakers from Japan to Sweden are rethinking U.S. production plans. Nintendo delayed its highly anticipated Switch 2 console launch, citing “volatile market conditions.” Stellantis temporarily shut down parts of its North American operations.
And yet, in the middle of the storm, Trump continues to double down — daring markets, rivals, and even his own advisors to bet against him.
Whether this gamble ends in triumph or collapse may be the defining story of the year.
