Donald Trump

US President Donald Trump has warned that striking down his tariff policy would plunge the country into a Great Depression just like in 1929.

President Donald Trump on Thursday warned that overturning his tariff policy would trigger an economic disaster on the scale of the Great Depression. In a Truth Social post, he cautioned that if a “Radical Left Court” struck down the measures, “it would be 1929 all over again, a GREAT DEPRESSION!”

Hailing the levies as a driving force behind record-breaking market highs, Trump declared, “Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set.” He claimed “hundreds of billions of dollars” were pouring into US coffers and said the duties were vital to preserving the nation’s “wealth, strength, and power.”

The comments came just hours after fresh tariff hikes of 10% or more took effect on imports from over 60 countries and the European Union. Goods from the EU, Japan, and South Korea now face 15% duties, while shipments from Taiwan, Vietnam, and Bangladesh are taxed at 20%. Earlier this week, Trump imposed a 25% surcharge on Indian products — citing New Delhi’s Russian oil purchases — bringing the total tariff to 50%. He also slapped steep new levies on Swiss exports, pharmaceuticals, and computer chips.

Critics, including several economists, have warned the sweeping duties risk slowing hiring, driving up consumer prices, and straining trade relations. Trump, however, pointed to the S&P 500’s more than 25% rise since April and recent tax cuts he signed as proof the economy is primed for “unprecedented” growth.

“Our Country deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE. GOD BLESS AMERICA!” he declared. Portraying himself as the leader best equipped to steer the nation through the tariff battle, Trump added, “There’s no one in history that has gone through the trials, tribulations and uncertainties such as I. Amazingly beautiful things can happen.”