‘Will Be 1929… GREAT DEPRESSION’: Trump Warns of Fallout if Tariffs Struck Down

US President Donald Trump on Thursday credited his sweeping tariffs for record-breaking stock market gains and a surge in government revenue, warning of economic catastrophe if courts overturn the policy.

“Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set,” Trump wrote on Truth Social, claiming “hundreds of billions of dollars” were flowing into US coffers. If a “Radical Left Court” blocked them, he cautioned, “it would be 1929 all over again, a GREAT DEPRESSION!”

The comments came hours after new duties of 10% or more took effect on imports from over 60 countries and the EU. EU, Japan, and South Korea goods now face 15% tariffs; Taiwan, Vietnam, and Bangladesh, 20%. Earlier this week, Trump slapped a 25% surcharge on Indian goods—raising total tariffs to 50%—over its Russian oil purchases, alongside steep levies on Swiss exports, pharmaceuticals, and computer chips.

Calling the measures vital to protecting America’s “wealth, strength, and power,” Trump said critics should have sued earlier, before they began delivering “SUCCESS AND GREATNESS.” He brushed off warnings from economists about higher prices, weaker hiring, and fraying trade ties, pointing instead to a 25% S&P 500 rise since April and recent tax cuts as signs of “unprecedented” growth.

“There’s no one in history that has gone through the trials, tribulations, and uncertainties such as I,” he wrote. “Amazingly beautiful things can happen.”