Washington [US], April 9: U.S. President Donald Trump lost half a billion dollars in net worth in less than a week after he imposed sweeping tariffs, according to estimates by Forbes magazine.On April 2, President Trump announced a series of new tariffs on imports from all U.S. trading partners, including 34% on Chinese goods.Beijing vowed to retaliate with a 34 percent tariff, prompting Trump to escalate the tariff war by imposing a total tariff on Chinese goods of up to 104 percent from April 9, according to the latest announcement from the White House.Fears of an escalating trade war have shaken global stock markets and wiped billions of dollars off stocks.Trump's net worth has fallen from an estimated $4.7 billion to $4.2 billion in less than a week, "as the value of his public stock and private assets has fallen along with the stock market," according to Forbes on April 8.The magazine provides a detailed assessment based on the total value of publicly listed shares and estimates of the value of Trump's private companies.His most valuable asset, the Trump Media and Technology Group, has fallen in value by 8 percent, causing him to lose about $170 million from his stake in the company, according to Forbes.His commercial and residential real estate portfolio may have fallen between $110 and $142 million, based on the average decline in shares of other major real estate companies following the April 2 tariff announcement.His golf courses are likely to lose about $70 million, due to the possibility that members will "tighten their wallets", Forbes said. His assets in the hospitality industry may have also fallen by about $65 million, while the smaller business in licensing and management may have lost about $15 million more.Forbes also estimates that Trump may have lost tens of millions of dollars more in assets related to digital currencies.The biggest threat to the US president's private wealth comes from investor confidence being shaken by the tariff war he launched, according to Forbes.Despite the market decline, Trump defended his decision, arguing that the tariffs are bringing $2 billion a day to the U.S. budget.Some prominent investors in the U.S. have criticized the tariffs and warned of dire consequences for the U.S. economy. Elon Musk, the president's adviser and head of the Government Efficiency Board, tried unsuccessfully to persuade Trump to reconsider the measures, according to The Washington Post.Source: Thanh Nien Newspaper
