Overview

• President Trump described his sweeping tariffs as 'a beautiful thing to behold,' claiming they are generating billions in revenue for the U.S. economy.
• China has announced a 34% tariff on all U.S. goods, set to take effect on April 10, and accused the U.S. of violating international trade rules.
• Global markets, including the Dow Jones and S&P 500, have experienced sharp declines following the tariff implementation, with further losses reported on Monday morning.
• Trump compared the tariffs to 'medicine,' arguing they are necessary to address trade imbalances despite short-term economic pain.
• Critics, including Trump ally Bill Ackman, warn the tariffs could lead to severe economic fallout, with Ackman describing the policy as a 'self-induced economic nuclear winter.'