US President Donald Trump has defended his tariff policies once again, warning that a court ruling against him could leader another 1929-style Great Depression in the United States.
Taking to his social media platform, Truth Social, Trump said tariffs are having a huge positive impact on the stock market. "Almost every day, new records are set," he posted.
Trump claimed that "hundreds of billions of dollars" are flowing into the US state exchequer, making it "the largest amount of money, wealth creation and influence the U.S.A. has ever seen". He warned that if a "Radical Left Court" rules against his tariff policy, he said the US would not be able to recover or pay back the amount. "It would be 1929 all over again, a GREAT DEPRESSION!" he noted.
What happened in 1929?
The 1920s were known as the Roaring Twenties, marked by a decade of industrial boom following the First World War. During this period, there were minimal banking regulations while the stock market saw unbridled boom. This honeymoon period ended with the October 1929 crash in the Wall Street.
The Great Depression refers to the period from 1929 to 1939, when the world saw the worst economic downturn it has ever seen, beginning with the Wall Street crash of 1929. The US stock market continued to slide until July 1932. Unemployment soared to 25 per cent while over 30 per cent farmers lost land and around 9,000 banks were shuttered.
'Our Country deserves SUCCESS AND GREATNESS'
Trump went on to say that American deserves success and greatness. "If they were going to rule against the wealth, strength, and power of America, they should have done so LONG AGO, at the beginning of the case, where our entire Country, while never having a chance at this kind of GREATNESS again, would not have been put in 1929 style jeopardy," he added.
Trump reiterated that America would never recover from such "a judicial tragedy" while alleging that no one else has faced trials and uncertainties like him.
While pointing out that "absolutely terrible" or "amazingly beautiful" things could happen, the President wrote, "Our Country deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE. GOD BLESS AMERICA!"
