Over the weekend, significant demonstrations unfolded in major American cities including Washington D.C., New York City, Philadelphia, and Los Angeles. Tens of thousands of protesters gathered to express their vehement opposition to spending cuts implemented by the Department of Government Efficiency (DOGE), spearheaded by Elon Musk, and President Donald Trump’s broader policy agenda.

Speakers at the rallies, notably Reverend William Barber II, articulated a sentiment of deep concern, characterizing the actions of Musk and Trump as dictatorial. Barber emphasized the protesters’ resolve to maintain pressure on the two leaders until substantive change is realized. The protests were framed as a critical defense of democratic principles, with organizers vowing to remain steadfast in their opposition to what they termed “neofascist extremists.” The demonstrations signify a growing national resistance to the current political landscape and a commitment to challenging existing policies.

As of 12:01 a.m. ET on Saturday, U.S. Customs and Border Protection (CBP) began enforcing the 10% tariff imposed by President Trump on imports from numerous countries. Higher tariffs targeting 57 major trading partners are scheduled to follow next week.

This action represents a significant departure from the post-World War II framework of reciprocal tariff agreements. Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade advisor, described the move as “the single biggest trade action of our lifetime.”

The announcement has already reverberated through global markets. By the close of trading on Friday, it had triggered a $5 trillion decline in the stock market valuation of 500 leading companies over two days. Oil and commodity prices also experienced sharp declines, with investors shifting capital into government bonds.

While a CBP bulletin indicated that no grace period would be granted for cargoes already en route at the time of implementation, a subsequent bulletin provides a 51-day grace period for goods loaded onto vessels or planes and in transit before 12:01 a.m. ET Saturday. The long-term economic implications of these tariffs remain to be seen.

Following a significant downturn in US markets, attributed to China’s recent imposition of reciprocal tariffs, Chinese Foreign Ministry Spokesperson Guo Jiakun has issued a statement urging the United States to reconsider its trade policies. In a Facebook post, Jiakun asserted that “the market has spoken,” suggesting a direct correlation between US protectionist measures and economic instability.

Jiakun further emphasized the need for “equal-footed consultation” to resolve trade differences, calling upon the US to “cease its wrongful actions.” This sentiment is echoed by several Chinese commerce associations representing key industries, who have issued statements encouraging diversification and warning of inflationary pressures within the United States as a result of the escalating tariffs.

The current escalation stems from a recent announcement by former President Donald Trump of an additional 34 per cent tariff on Chinese goods, prompting a swift retaliatory response from China, including further levies on American goods and restrictions on rare earth element exports. The situation remains tense, with both sides demonstrating a firm commitment to their respective positions.