'Only the weak will fail,' Trump says as markets fall

WASHINGTON -- Across-the-board 10% tariffs on nearly all imports -- one-half of President Donald Trump's "Liberation Day" tariffs -- went into effect early Saturday, amid continued economic fallout from Trump's plan.

More severe tariffs on imports from several dozen countries -- including a 34% tax on Chinese goods and a 20% tax on European Union imports -- are slated to go into effect April 9.

Wall Street has been roiling ever since Trump's Wednesday announcement. The trading session on Friday marked the worst day for U.S. stocks since 2020.

London's FTSE 100 index has suffered its biggest daily drop since the start of the COVID-19 pandemic. The index closed down 419.76 points, or 4.95%, at 8,054.98

Trump has brushed off concerns about the short-term pain economists expect to be passed on to American consumers as a result of the tariffs.

As markets tumbled and fears of recession grew Friday, Trump had no public events and spent most of it playing golf at the Trump International Golf Club.

Trump arrived at the golf club at 9:45 a.m. Friday, according to the pool traveling with him, and left the club around 3:30 p.m.

However, on Friday afternoon, he posted a five word message in all caps post on Truth Social.

"ONLY THE WEAK WILL FAIL!"

In another social media post Friday evening, Trump continued to paint a rosy picture when it comes to the plan for tariffs he unveiled earlier this week.

"Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy," Trump wrote.

"Very important. Going on right now!!!" he continued.

Trump also appeared to respond to China's announcement of a retaliatory tariff against all U.S. goods.

"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump posted on his social media platform on Friday.

White House deputy chief of staff Stephen Miller has also brushed off concerns about a recession.

"The exact opposite," Miller told Fox News before blaming Biden for the country's economic woes.

Meanwhile, Fed Chair Jerome Powell talked about the current economic outlook at the Society for Advancing Business Editing and Writing Annual Conference Friday and gave his insight on the tariff situation.

Powell said that tariffs will likely raise inflation and slow down growth in the coming quarters.

"The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent," he said.

Powell added the U.S. is "well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy."

Senate Minority Leader Chuck Schumer spoke with reporters on the Hill Friday and called on more Republicans to join a bipartisan bill from Sens. Maria Cantwell and Chuck Grassley to limit Trump's ability to issue future tariffs.

He warned tariffs will "hurt the whole economy."

"The business community is totally nervous about this. What makes it cause a recession? Businesspeople like certainty, and when Trump is all over the lot, issues new things every day, and it's so erratic, and now we have China retaliating," Schumer said.