Donald Trump with Senate Majority Leader John Thune, Sen. Chuck Grassley, JD Vance and others on January 8, 2025 (Wikimedia Commons)
ALTERNET
February 03, 2025
Opponents of President Donald Trump's tariff proposals were hoping that he would change his mind. But on Saturday, February 1, Trump, via executive order, imposed across-the-board tariffs of 25 percent on all goods entering the United States from Canada and Mexico. And for goods coming from Mainland China, Trump imposed a ten percent tariff.
Canadian and Mexican officials responded with a combination of anger and disappointment, saying that they felt like a close ally had just slapped them in the face. Canada, in response, is promising a 25 percent tariff on U.S. goods, although Mexican President Claudia Sheinbaun tweeted that Trump is agreeing to a one-month pause on the tariff for Mexican goods coming into the U.S.
The stock market also had a quick response to the tariffs, and futures declined.
READ MORE: Donald Trump’s tariff wallop demonstrates the brute power of an imperial presidency
On X, formerly Twitter, Reuters observed, "Investors sold stocks and bought dollars as Trump imposed new tariffs on Mexico, Canada, and China, affecting $1.3 trillion in trade. Markets tumbled, with Japan's Nikkei down 3% and European car stocks plunging. Retaliatory tariffs loom."
X is full of reactions from the financial world. Christopher M. Brigati of SWBC Investment Services tweeted, "The market reacted sharply to Trump’s weekend trade tariff imposition and resulting reactions from both Canada and Mexico and resulting threats in-kind from their respective governments. Furthermore, he warned European Union counterparts that tariffs 'will definitely happen…. Concerns about negative implications to US economic growth pushed stocks lower.'"
Conservatives have a lot to say about the tariffs and their effect on the stock market, from ultra-MAGA defenders to scathing critics.
The conservative Republicans Against Trump noted, "Pierre Poilievre, leader of Canada’s Conservative Party, condemns Trump's tariffs and declares."
Former Arkansas Gov. Asa Hutchinson, a Republican, complained, "Trump wants to put a ring around America. A …. tariff on Canada, Great Britain… that hurts our consumers. That's not conservative. His spending is not conservative."
Chris Vance, a former GOP lawmaker, posted, "Trump is slapping massive new tariffs on our major trading partners, which will spike inflation and start a global trade war. Trump is not a conservative; he is a big government populist demagogue. He is the anti-Reagan."
Former Rep. Joe Walsh (R-Illinois) posted, "If Republicans now think tariffs (tax increases on Americans) are such a good thing, why are they all begging Trump to exempt certain industries & companies from his wonderful tariffs?"
Politico's Meredith Lee Hill noted Farm Bureau's negative reaction to the tariffs, also pointing out, "Some Trump officials said Sunday there still may be a resolution before tariffs hit Tuesday. Senate Majority Leader John Thune and farm state Republicans know what a trade war will do to their home states. Farmers there are still reeling from 2018."
But Trump defender Mark Wlosinski argued that Trump's critics were overreacting to the tariffs.
Wlosinski, posting a chart, tweeted, "I remember when Trump put tariffs on China in 2018 and started the first trade war. Everyone said that it would cause the stock market to crash and bring on a nasty recession. See that tiny dip circled in red? That was the 'devastating crash' everyone was worried about."
Another Trump defender, John Delano, was angry with the conservative Wall Street Journal's editorial board for criticizing the tariffs.
Delano tweeted, "@WSJ has chosen to ignore the hundreds of thousands of Americans killed and trafficked by Democrats open borders and Mexico and Canada’s refusal to work with President Trump to ensure America’s safety. Despicable."
The ultra-MAGA Austin Conservative defended the tariffs as well, posting, "Justin Trudeau crying to his libtard friends about Trump’s tariffs. First it was Colombia and now it’s Canada about to FAFO!"
Rik Schneider, a blogger for The New Democrat, noted what right-wing Fox Business host Charles Payne has to say about tariffs. Schneider posted, " Hearing FOX Business anchor Charles Payne talk about Donald Trump's tariffs, you would think he was reading off some script that was written for him by Robert Reich, or some other left-wing economist."
Opponents of President Donald Trump's tariff proposals were hoping that he would change his mind. But on Saturday, February 1, Trump, via executive order, imposed across-the-board tariffs of 25 percent on all goods entering the United States from Canada and Mexico. And for goods coming from Mainland China, Trump imposed a ten percent tariff.
Canadian and Mexican officials responded with a combination of anger and disappointment, saying that they felt like a close ally had just slapped them in the face. Canada, in response, is promising a 25 percent tariff on U.S. goods, although Mexican President Claudia Sheinbaun tweeted that Trump is agreeing to a one-month pause on the tariff for Mexican goods coming into the U.S.
The stock market also had a quick response to the tariffs, and futures declined.
READ MORE: Donald Trump’s tariff wallop demonstrates the brute power of an imperial presidency
On X, formerly Twitter, Reuters observed, "Investors sold stocks and bought dollars as Trump imposed new tariffs on Mexico, Canada, and China, affecting $1.3 trillion in trade. Markets tumbled, with Japan's Nikkei down 3% and European car stocks plunging. Retaliatory tariffs loom."
X is full of reactions from the financial world. Christopher M. Brigati of SWBC Investment Services tweeted, "The market reacted sharply to Trump’s weekend trade tariff imposition and resulting reactions from both Canada and Mexico and resulting threats in-kind from their respective governments. Furthermore, he warned European Union counterparts that tariffs 'will definitely happen…. Concerns about negative implications to US economic growth pushed stocks lower.'"
Conservatives have a lot to say about the tariffs and their effect on the stock market, from ultra-MAGA defenders to scathing critics.
The conservative Republicans Against Trump noted, "Pierre Poilievre, leader of Canada’s Conservative Party, condemns Trump's tariffs and declares."
Former Arkansas Gov. Asa Hutchinson, a Republican, complained, "Trump wants to put a ring around America. A …. tariff on Canada, Great Britain… that hurts our consumers. That's not conservative. His spending is not conservative."
Chris Vance, a former GOP lawmaker, posted, "Trump is slapping massive new tariffs on our major trading partners, which will spike inflation and start a global trade war. Trump is not a conservative; he is a big government populist demagogue. He is the anti-Reagan."
Former Rep. Joe Walsh (R-Illinois) posted, "If Republicans now think tariffs (tax increases on Americans) are such a good thing, why are they all begging Trump to exempt certain industries & companies from his wonderful tariffs?"
Politico's Meredith Lee Hill noted Farm Bureau's negative reaction to the tariffs, also pointing out, "Some Trump officials said Sunday there still may be a resolution before tariffs hit Tuesday. Senate Majority Leader John Thune and farm state Republicans know what a trade war will do to their home states. Farmers there are still reeling from 2018."
But Trump defender Mark Wlosinski argued that Trump's critics were overreacting to the tariffs.
Wlosinski, posting a chart, tweeted, "I remember when Trump put tariffs on China in 2018 and started the first trade war. Everyone said that it would cause the stock market to crash and bring on a nasty recession. See that tiny dip circled in red? That was the 'devastating crash' everyone was worried about."
Another Trump defender, John Delano, was angry with the conservative Wall Street Journal's editorial board for criticizing the tariffs.
Delano tweeted, "@WSJ has chosen to ignore the hundreds of thousands of Americans killed and trafficked by Democrats open borders and Mexico and Canada’s refusal to work with President Trump to ensure America’s safety. Despicable."
The ultra-MAGA Austin Conservative defended the tariffs as well, posting, "Justin Trudeau crying to his libtard friends about Trump’s tariffs. First it was Colombia and now it’s Canada about to FAFO!"
Rik Schneider, a blogger for The New Democrat, noted what right-wing Fox Business host Charles Payne has to say about tariffs. Schneider posted, " Hearing FOX Business anchor Charles Payne talk about Donald Trump's tariffs, you would think he was reading off some script that was written for him by Robert Reich, or some other left-wing economist."
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