The implementation of the sweeping tariff rates introduced by President Donald Trump resulted in a huge stock market crash in America as experts pointed out that this is probably the worst that the market has seen since the pandemic had hit. While it was already predicted that Trump’s tariff plans will be badly affecting the market and the economy, the scale of the crash has turned out to be shocking.
Amid this utterly devastating market crash Trump has now come forward with another idea of his that he had first floated in February. He has introduced $5 million gold cards that have his face on them. These cards, as per his words, should be available for use within two weeks and Trump is hopeful that they would be attracting more foreign investors, which would eventually help the American economy grow.
The cards, for which a hefty amount needs to be paid, will serve as the entry ticket for foreign investors to come to America legally and do business. Talking about the card, Trump said, “They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful.”
His words seem to be kind of ironic now given how the market situation is in America now. As Trump was making this announcement, the Dow went down by 1600 points, losing trillions in value. A similar situation happened the previous day as well when Agriculture Secretary Brooke Rollins was praising Trump’s tariff plans on live TV, saying, “While certainly the economy will be adjusting, the negotiations will continue. We are really, really excited, and very grateful for President Trump’s leadership” and the crashing of the Dow was shown in the background as it nosedived 1200 points in real time.
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The common people have naturally not taken the idea of these gold cards very well. One user on X called the gold card “pathetic” and “snake oil” as they termed Trump to be a “grifter” and “con artist.” Similar reactions were noticed when Trump and his wife Melania had introduced crypto coins and given the kind of situation that Trump has pushed the economy in, the reaction of the common people is completely understandable.
This gold card is supposed to replace EB-5, a 35-year-old investor visa, as Commerce Secretary Howard Lutnick said. Congress created the EB-5 back in 1990 for investors who came to do business in America. The card is available for business executives who can spend some $1 million on companies that have at least 10 employees working for them.
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With the American stock market crashing so badly and Trump coming up with a gold card with his own face on it, the situation does not seem to be great for the common folks. It now remains to be seen if and when the market recovers amid the massive tariffs that Trump has implemented and if the gold cards indeed bring some foreign investment to the country.
