President Donald Trump announced initial tariffs on April 2, which he called “Liberation Day.” He promised to impose a minimum 10% on all U.S. imports beginning April 5.
He announced his reciprocal taxes at 4 p.m. after the stock market closed for the day.
After the stock market closed, the DOW dropped by 5.5% and the S&P 500 by 10.7%, wiping trillions of dollars off the stock market.
On April 7, a fake tweet on X by a user called Hammer Capital started the spread of a rumor that Trump would be pausing the tariffs. Another X user, Walter Bloomberg, retweeted Hammer Capital’s tweet, increasing the visibility and spread of the rumor. The stock market quickly surged back into the green once the rumor was picked up by major news networks.
Later that day, the White House denied the rumors of the 90-day tariff pause and the stock market plummeted a second time into the red.
Despite this announcement, Trump clarified his support of the 90-day tariff pause on April 9.
Many people and businesses are now struggling with uncertainty in the market, leaving some small businesses left with limited options.
Right off Main Street in Downtown Ball Ground, a family run business, Ball Ground Hounds, said they are worried that they will have to close up shop due to Trump’s tariffs.
“So immediately when Trump put out his 25% tariff in Canada that same day, we were told that the price of one of our treats would go up 25% that day… I can’t absorb that cost as a small business. I can’t cover that, so I have to pass that onto my customer. It’s a real consideration that we will maybe have to close the Elijay shop, I just don’t know, really honestly don’t know it’s a really scary time for us.” – Jen Matthews, Owner of Ball Ground Hounds
As of May 1, a potential trade war with China looks imminent because of Trump’s 145% tariff increase on imports from China. Electronics and smartphones are excluded from this tariff, but toys, games, sporting goods, plastics, textiles and apparel are subject to price increases.
Most of America’s goods come from China. Americans could see products at supermarkets, grocery stores, dealerships and online shops become more expensive.
