Trump warns of economic collapse if trade tariffs are struck down

Just hours after sweeping tariffs on imports from more than 60 nations and the European Union took effect, US President Donald Trump declared them a resounding success — and issued a stark warning of economic disaster should they be reversed.

Writing on Truth Social, Trump claimed the levies were fueling record-breaking stock market highs and delivering “hundreds of billions of dollars” in new revenue to the federal government. He cautioned that if what he called a “Radical Left Court” dismantled the policy, the nation could see “1929 all over again, a GREAT DEPRESSION!”

The new measures impose at least a 10% tariff on goods from dozens of countries. European Union members, Japan, and South Korea now face a 15% duty, while imports from Taiwan, Vietnam, and Bangladesh are taxed at 20%.

Earlier this week, Trump slapped an additional 25% tariff on Indian goods — citing its purchases of Russian oil — raising India’s total levy to 50%. Swiss pharmaceuticals and computer chips were also hit with sharp increases.

Arguing that the tariffs protect America’s “wealth, strength, and power,” Trump insisted critics should have challenged the strategy before it began paying off. “Our Country deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE,” he wrote. “GOD BLESS AMERICA!”

Economists, however, warn the duties could backfire, slowing hiring, inflating prices, and straining US trade relations. Yet Trump pointed to the S&P 500’s 25% surge since April and recent tax cuts as proof the economy is on the brink of “unprecedented” growth.

“There’s no one in history that has gone through the trials, tribulations, and uncertainties such as I,” Trump wrote, portraying himself as uniquely suited to lead the tariff battle. “Amazingly beautiful things can happen.”