Markets Tumble, Protesters Flood Streets Over Tariffs
Thousands of protesters mobilized across all 50 states Saturday in a coordinated series of “Hands Off!” demonstrations targeting President Donald Trump and his key advisor Elon Musk. The nationwide rallies, organized by more than 150 civil rights organizations, labor unions, and advocacy groups, represent the largest protest movement since the administration took office in January.
According to Associated Press, demonstrators gathered at over 1,200 locations, including the National Mall in Washington, D.C. and state capitols throughout the country. Protesters criticized the administration’s rapid government downsizing efforts, mass deportations, cuts to federal health programs, and reductions in transgender protections.
“Billionaires and oligarchs don’t value anything other than profit and power, and they sure as hell don’t value you or your life or your community,” said Paul Osadebe, a lawyer for the U.S. Department of Housing and Urban Development, addressing the Washington crowd. “And we’re seeing that they don’t care who they have to destroy or who they have to hurt to get what they want.”
Economic Concerns Amplify Protests
The demonstrations come as the administration faces significant economic turbulence following its announcement of sweeping tariffs on Wednesday. The Dow Jones Industrial Average has fallen more than 10% from its December high, entering correction territory as China announced retaliatory 34% tariffs on all U.S. imports beginning April 10.
Despite the market meltdown, Trump has shown little public concern. According to CNN, the president spent Friday morning golfing at his Florida resort rather than addressing the economic turmoil, posting on Truth Social: “To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!”
A White House official told CNN the president has “full attention” on tariff policy despite being on the golf course, noting Trump has warned of short-term pain from his America First agenda. The administration maintains that countries should negotiate rather than retaliate, with Eric Trump posting on X: “I wouldn’t want to be the last country to try to negotiate with @realdonaldtrump. The first to negotiate will win — the last will absolutely lose.”
HAPPENING NOW: Thousands of protesters have gathered in Boston, MA for the worldwide "Hands Off!" protests against Elon Musk and Donald Trump 👇🏻pic.twitter.com/jUBVJu1nak
— Marco Foster (@MarcoFoster_) April 5, 2025
Musk’s Role Draws Particular Ire
Many protesters directed specific criticism toward Musk, who serves as head of the newly created Department of Government Efficiency (DOGE). The billionaire entrepreneur, who owns Tesla, SpaceX and social media platform X, has played a central role in the administration’s efforts to dramatically reduce the federal workforce.
In Boston, thousands gathered on the Common holding signs reading “Hands off our democracy,” “Hands off our Social Security” and “Diversity equity inclusion makes America strong. Hands off!” Similar scenes played out in urban centers and small towns across the country.
The White House responded to the protests with a statement defending the president’s policies: “President Trump’s position is clear: he will always protect Social Security, Medicare, and Medicaid for eligible beneficiaries. Meanwhile, the Democrats’ stance is giving Social Security, Medicaid, and Medicare benefits to illegal aliens, which will bankrupt these programs and crush American seniors.”
Corporate America Reacts
Behind the scenes, corporate executives are expressing growing alarm about the administration’s economic policies, particularly the sweeping tariffs that impact not just China but longtime allies like the European Union, Japan, and Vietnam. Many manufacturers had previously shifted operations from China to Vietnam during Trump’s first term, only to now face a 46% tariff on Vietnamese imports.
“It was his first administration that caused [manufacturers] to move from China to Vietnam,” one CEO told CNN. “Now, we’re punishing them, too. There’s no endgame.”
Federal Reserve Chairman Jerome Powell added to market concerns Friday, saying the central bank was taken aback by the scope of Trump’s tariffs. “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” Powell stated. “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.”
The “Hands Off!” organizers hope Saturday’s demonstrations will galvanize opposition to the administration’s policies, though the movement has yet to match the scale of the 2017 Women’s March or the 2020 Black Lives Matter protests. As economic uncertainty continues and policy implementation accelerates, protest leaders are planning additional actions in the coming weeks.
