Trump take away your 401(k)
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President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.
Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce. The U.S. president has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2.
Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.
Congratulations again to everyone who voted for Trump because thought prices were too low, unemployment was too low, and it sucks if you can retire before you’re 75.
But at least this is being done is an orderly and predictable way so as to minimize the economic fallout:
He's been president for 50 days and this is the list of tariffs enacted and rescinded so far, not even including the ones threatened today. I wouldn't say it is "silly" to call this chaotic. https://t.co/S5NRG6o5S8 pic.twitter.com/5qqyr6Rmia— Tahra Jirari (@tahrajirari) March 12, 2025