Trump defends tariffs; Fed chair says higher inflation likely

President Trump is preaching patience as the stock market plummets on news of his across-the-board tariffs. With the global economy reeling by the tariffs, the president is insisting his trade policies “will never change.” He wrote online that “this is a great time to get rich,” telling Americans to “hang tough.” Meanwhile, Fed Chairman Jerome Powell said the tariffs were “significantly larger than expected” and are “highly likely” to cause more inflation.