Trump officials defend tariffs as market turmoil hits savings, retirements

The U.S. stock market was sinking further Tuesday after Trump said he would double tariffs on Canadian steel and aluminum, continuing a more than week-long downward trend.

Members of U.S. President Donald Trump’s administration are defending his growing trade war with Canada and the impact it’s having on markets and retirement savings, claiming any short-term pain will eventually lead to long-term “prosperity.”

The U.S. stock market was sinking further Tuesday after Trump said he would double tariffs on Canadian steel and aluminum, continuing a downward trend that has pulled Wall Street more than nine per cent below its record set just a month ago.

Trump said it was in direct response to Ontario’s move to put an export tax on electricity it sells to U.S. states, which was retaliation for the sweeping 25 per cent U.S. tariffs imposed earlier this month.

Asked if she can promise Americans who have seen their pensions and retirement savings plans affected by the market turmoil that their pain will be worth it, Agriculture Secretary Brook Rollins told reporters outside the White House that she believes in Trump’s “vision.”

“I (have seen) first hand … his commitment, his passion for the everyday American, but especially those Americans with the least among us,” she said.

“I think it’s really important to realize that Americans knew exactly who they were voting for on Nov. 5 of last year, that he won all the swing states, he won the popular vote. Americans believe in his vision. So as we move forward, and as we’re effectuating that vision, he is bold and he is fearless and he is unequivocal in his beliefs, and what he believes will bring more prosperity to America and truly make America great again, and what an honour to be part of that team.”

Rollins acknowledged Americans, particularly farmers and ranchers now facing higher import costs for agricultural products from Canada, are “concerned” and the uncertainty they’re feeling is “real,” but again defended Trump’s trade policies as an important part of his economic “toolkit.”

“He’s been very clear, it’s going to be a little bit bumpy for maybe a few weeks or a few months, but at the end his vision and what he’s effectuating is that our American farmers and ranchers, but truly all Americans, will be moving into an era of greater prosperity,” she said.