Trump administration to proceed with April 9 tariff plans
$7.46 trillion in global market value erased in two days
Both Commerce and Treasury Secretaries reaffirm tariff timeline
Opinion
Despite near-term market volatility, the U.S. government appears committed to a long-term restructuring of global trade. This persistence suggests that current market turbulence could extend over the medium term.
Core Sell Point
The Trump administration’s firm stance on tariffs is expected to exacerbate short-term volatility and downside pressure in global financial markets.
Despite a sharp sell-off in global equity markets, the Trump administration has reiterated its commitment to proceed with reciprocal tariffs. On April 7 (local time), U.S. Commerce Secretary Howard Lutnick stated in an interview with CBS that President Trump’s tariff plans are “no joke” and will take effect as scheduled on April 9.
President Trump announced on April 2 that a 10% base tariff would be imposed on all imports, along with additional high tariffs on goods from 57 countries. The announcement triggered a significant market downturn, with approximately $7.46 trillion in global market capitalization wiped out over two trading sessions, according to S&P Global data.
Secretary Lutnick emphasized the need to “reset the global trade order,” arguing that the U.S. can no longer tolerate persistent trade deficits while other countries enjoy surpluses. His comments were echoed by Treasury Secretary Scott Bessent on NBC the same day, who confirmed the tariffs would be implemented on schedule, reinforcing the administration’s hawkish stance.
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