‘Many countries ripped us off, now it’s our turn’: Trump hours before tariffs hit
President Donald Trump reinforced his hardline trade agenda during a speech at the National Republican Congressional Committee dinner on Tuesday night, dismissing critics of his tariffs and assuring GOP lawmakers, “I know what the hell I’m doing.”
With a new wave of reciprocal tariffs set to begin just after midnight, Trump doubled down on his stance, saying the United States had been exploited for too long. “Many countries have — they’ve ripped us off left and right. But now it’s our turn to do the ripping,” he said.
Trump’s remarks came amid growing concern on Wall Street. U.S. stocks experienced a dramatic swing during Tuesday’s trading session. After a strong early rally, the markets plunged as investors grew jittery over Trump’s escalating trade conflict with China. The S&P 500 gave up a 4.1% surge and ended the day down 1.6%, while the Dow Jones lost 320 points and the Nasdaq dropped 2.1%.
While addressing coal miners at a separate event earlier that day, where he signed an executive order related to the coal industry, Trump claimed that multiple nations were now racing to negotiate with the U.S. “These are tailored, highly tailored deals. Right now, Japan is flying here to make a deal. South Korea is flying here to make a deal. And others are flying here,” he said.
At the dinner, Trump also claimed he was getting calls from foreign leaders desperate to cut deals. “I’m telling you, these countries are calling us up, kissing my a**. They are — They are dying to make a deal,” he said.
Adding to the pressure, White House press secretary Karoline Leavitt confirmed that the latest increase in tariffs on China will go into effect at 12:01 a.m. ET Wednesday, bumping the total rate up to 104%. “They will be going into effect at 12:01 a.m.,” Leavitt said, adding, “It was a mistake for China to retaliate. The president, when America is punched, he punches back harder.”
Leavitt also said the administration believes China “wants to make a deal” but is uncertain how to approach it.
Investors and analysts continue to express concern about the long-term effects of the tariffs. Some fear the measures, if prolonged, could tip the U.S. economy into a recession. Meanwhile, companies dependent on international supply chains—such as Ralph Lauren and Best Buy—suffered notable losses on Tuesday. On the upside, health insurance providers saw gains, buoyed by a favorable update on Medicare payments.
Despite a global rally earlier in the day—stocks rose in Tokyo, Paris, and Shanghai—market volatility is expected to persist. Analysts caution that sudden policy shifts and unpredictability around trade talks could fuel further turbulence in the coming days.
