In a speech to Congress on March 4, 2025, President Donald Trump proclaimed a new 'golden age of America,' despite the U.S. experiencing significant drops in stock market values. The downturn followed the imposition of high tariffs on Canada, Mexico, and China, which, according to financial analysts, could spark a global economic crisis reminiscent of the 1930s. As Trump announced plans to expand tariffs to other countries like the EU and India, he brushed off concerns about economic repercussions, advising affected farmers to 'enjoy the bumpy ride.'
In two days, global stock markets have shed trillions of dollars in value, far more than the U.S. could ever possibly hope to reap through tariffs.
Trump being Trump, he doubled down on an action that threatens to wreak havoc on the global economy, to send the market into a tailspin.
This could be the start of a downward spiral that puts us in 1930s trade-war territory, warning that Trump's tariffs could trigger a Great Depression-magnitude crash.
While he acknowledged there might be economic pain, he made light of that and essentially told farmers to simply buckle up and enjoy the bumpy ride.
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