WASHINGTON, D.C. — As U.S. President Donald Trump implement new tariffs for over 60 countries he label “bad boys,” reaction don dey hot everywhere. China, EU, and Canada don begin chop their own retaliatory measures to this sudden action.
Trump’s tariffs on China set to 104%, as companies like Walmart fear for their supply chain. Analysts say the impact go dey feel for consumer goods, with prices for petrol and food fit increase sharply. Crude oil prices don drop sharply under $60 per barrel, the first time since February 2021, as market dey react.
“We dey communicate with the people, make dem calm down. Everything go better. The U.S. go soon dey bigger and better,” Trump post for Truth Social. “Now na great time to move your company enter U.S.! Zero tariffs await you!”
Market fluctuation don become the norm; Dow Jones and S&P 500 index don fall and rise like a yo-yo as investors dey navigate uncertainty. Reports show that the market add 0.9% early in the day, but selldown don catch fire repeatedly.
EU go start impose new tariffs reach €20.9 billion against U.S. goods, targeting poultry, motorcycles, and possibly agriculture produce. “The EU no gree accept U.S. tariffs, we must stand our ground,” one official talk.
Meanwhile, the response from China dey heavy, with officials promising retaliation. “If the U.S. continue to lay this tariffs on us, we go fire back with counter tariffs,” Chinese officials don warn. The retaliatory move go hit U.S. farmers hard, especially those wey rely on exports.
During a House committee hearing, Rep. Steven Horsford raise eyebrow at the announcement that tariffs go pause for other countries except China. “We dey wonder, na wah, who dey control dis trade?” he ask. Greer, Trump’s Trade Representative, try to deflect the question, say na strategy everywhere.
On the flip side, U.S. Treasury Secretary Scott Bessent dey warn countries against getting closer to China. “Aligning with China dey like cutting your own throat. We don’t give them room to breathe,” he said.
As markets continue to react to this financial crisis unfolding, experts dey warn of a likely recession. Jamie Dimon, CEO of JPMorgan Chase, don express concern say current uncertainty and fear dey push them toward a downturn.
Yet, Trump still dey hold ground, promising economic success while increasing tariffs. “I know wetin I dey do,” he insist, even as economists dey predict turbulent times ahead.
The world dey watch as U.S. scramble to maintain trade relationships while facing fierce resistance from allies. Negotiations dey start with several nations. Italy‘s Prime Minister don arrange to meet with Trump next week, signaling diplomatic attempts dey happen amidst the chaos.
