‘We’ve been dumb and helpless…’: Donald Trump claims of ‘economic revolution’ amid market crash due to tariff impact

US President Donald Trump on Saturday reinforced his broad tariffs imposed on countries worldwide, cautioning Americans of upcoming hardships while assuring them of unprecedented investment and growth.

This statement coincided with the implementation of Trump's most extensive trade restrictions, potentially sparking retaliatory actions and heightened economic tensions, with leaders from Britain and France stating that “no options should be ruled out” in response.

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Trump, acknowledging global turbulence, urged Americans to be patient.

“We have been the dumb and helpless 'whipping post,' but not any longer. We are bringing back jobs and businesses like never before,” he wrote on Truth Social.

“This is an economic revolution, and we will win,” the Republican president added. "Hang tough, it won't be easy, but the end result will be historic.'

At midnight, a 10 percent "baseline" tariff went into effect, affecting nearly all US imports except those from Mexico and Canada, as Trump activated emergency economic powers. Meanwhile, in what could indicate a rift between Trump and his close advisor Elon Musk, the tech mogul expressed hopes on Saturday that the US and Europe might eventually reach a "zero-tariff" arrangement.

That could effectively create “a free-trade zone between Europe and North America,” Musk said in talks in Rome with Italy's far-right deputy prime minister, Matteo Salvini.

On April 9, around 60 trading partners, including the EU, Japan, and China, are expected to face even higher tariffs.

Trump’s upcoming 34 percent tariff on Chinese goods, effective next week, prompted China to announce a matching 34 percent tariff on U.S. products starting April 10.

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Additionally, Beijing announced plans to file a lawsuit against Washington at the World Trade Organization and to limit exports of rare earth elements critical for medical and electronics technologies.

"China has been hit much harder than the USA, not even close," Trump said in his post. “They, and many other nations, have treated us unsustainably badly.”

As other major trading partners eyed possible recession, the French and British leaders said “nothing should be off the table.”

At the same time, "a trade war was in nobody's interests," French President Emmanuel Macron and British Prime Minister Keir Starmer agreed in a call, Starmer's office said.

US stock markets collapse

Wall Street went into free fall Friday, following similar plunges in Asia and Europe as economists warn tariffs could dampen growth and fuel inflation.

Trump's latest tariffs have notable exclusions, however.

They do not stack onto recently imposed 25 percent tariffs hitting imports of steel, aluminum and automobiles.

Also temporarily spared are copper, pharmaceuticals, semiconductors and lumber, alongside "certain critical minerals" and energy products, the White House said.

However, Trump has launched investigations into copper and lumber, which could lead to additional tariffs in the near future. He has also hinted at the possibility of imposing tariffs on other sectors like pharmaceuticals and semiconductors, suggesting that these exemptions may not last long.

Meanwhile, Canada and Mexico are unaffected by the latest measures, as they already face separate tariffs of up to 25 percent on goods entering the U.S. under a separate North American trade agreement.

(With inputs from AFP)