Donald Trump‘s controversial tariffs against dozens of countries officially commenced on Wednesday just hours after the president boasted that “countries are calling us up, kissing my a–.”
The move means around 90 countries are facing extra import costs that will hit U.S. consumers with higher-priced goods.
China faces the highest tariffs, a cumulative rate of 104 percent, however other countries like Lesotho (50 percent) and Cambodia (49 percent) also saw high spikes.
U.S. Customs and Border Protection said it was ready to start collecting at 12:01 a.m. April 9. “U.S. Customs and Border Protection (CBP) is uniquely positioned to implement and enforce the President’s tariffs using all our enforcement and revenue collection authorities,” a statement said.
Trump: People are paying tariffs.. Right now, China is paying a 104% tariff. Think of it. 104%… they’ve ripped us off left and right but now it’s our turn to do the ripping pic.twitter.com/VCHQX3V4Or
— Acyn (@Acyn) April 8, 2025
The Asia market was already slumping early into the new economic order: Japan’s Nikkei was down 3.8 percent, Taiwan’s stock market plunged 6 percent, while Korea’s currency fell to its lowest value since 2009 and Indonesia’s rupiah declined to a record low.
The tarrif revenues “will help narrow the U.S. budget deficit in 2025, but the hit to economic growth and additional tax cuts are likely to limit the size of any lasting fiscal benefit,” said Fitch Ratings, one of the three major international credit rating agencies.
Trump touted the success of his “legendary” tariffs just hours before they were set to take effect, claiming that “countries are calling us up, kissing my a–” to negotiate deals while markets continued to fall.
Speaking to the crowd during a sweeping speech at the National Republican Congressional Committee (NRCC) Dinner Tuesday night in Washington, D.C., the president boasted that he had the “most successful 100 days in the history of this country,” despite a slumping stock market and plummeting economy. “I believe that’s right,” Trump added of his alleged achievement.
The president cited tariffs as a primary reason that his second administration is going to do “better” than his first because “this time I’m doing what I want to do with respect to the tariffs.”
“This is the largest transaction in the history of our country,” he continued. “And don’t let some of these politicians going around saying—you know because I’m telling you, these countries are calling us up kissing my a–. They are. They are dying to make a deal.”
Politico reported Tuesday, however, that several world leaders have yet to get a reply about scheduling talks with Trump.
White House Press Secretary Karoline Leavitt insisted Tuesday that “the president will talk to any country that picks up the phone to call and I can tell you, the phones have been ringing off the hook wanting to talk to this administration.”
During his dinner speech Tuesday night, Trump also mocked other countries apparently pleading to negotiate. “‘Please, sir, make a deal. I’ll do anything. I’ll do anything, sir.’ And then I’ll see some rebel Republican—you know, some guy that wants to grandstand say, ‘I think that Congress should take over negotiations.’ Let me tell you, you don’t negotiate like I negotiate,” he continued, seemingly alluding to negotiations still being on the table despite mixed messaging from his administration on the tariffs’ permanency over the past week.
“We’re going to continue that way if not more so and we’re gonna do tremendously in midterms,” Trump said. “I really think we’re helped a lot by the tariff situation that’s going on—which is a good situation not a bad—it’s great, it’s going to be legendary, you watch. Legendary in a positive way, I have to say.”
The president also reiterated similar talking points parroted by himself and his administration over the past month, arguing that “many countries” have “ripped us off left and right.”
“Now it’s our turn to do the ripping,” he added. “We’re gonna make our country even stronger, stronger than it ever was.”
Trump as the stock market tanks every day: “They say the most successful 100 days in the history of our country, and I believe that’s right.” pic.twitter.com/UrEKbysiQb
— Aaron Rupar (@atrupar) April 8, 2025
However, Wall Street may disagree with Trump’s claims. According to The Wall Street Journal, the “mood remained gloomy” on Tuesday after the S&P 500 fell 1.6 percent and the Nasdaq Composite dropped by 2.2 percent. All three major indexes “are trading at their lowest levels since the first half of 2024,” The Journal noted.
Since declaring a national emergency and imposing hefty reciprocal tariffs on global trade partners last week, Trump and his team have repeatedly downplayed the tariffs’ impact on the stock market and international trade relations by promising short-term pain for long-term gain.
The administration has see-sawed on the tariffs’ shelf life, with Trump telling reporters Monday that there could be both “permanent tariffs and there could also be negotiations.” Meanwhile, Treasury Secretary Scott Bessent told CBS News Tuesday that the tariffs are “negotiable but not a negotiating tactic.”
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