‘Not Back’: Trump’s Tariffs on Us, Calling It “Medical” When Markets Slump | World News
President Donald Trump said on Sunday that he would not re-reject comprehensive tariffs on imports to most parts of the world unless countries trade with the United States to dig out his plans to implement taxes that delay financial markets, which has caused his concerns about the recession and upended the global trading system.
Speaking to reporters aboard Air Force One, Trump said he didn’t want to let the global market fall, but he didn’t care about the mass sold out, adding: “Sometimes you have to take medication to solve the problem.” His comments came after global financial markets resumed trading on Monday, and after Trump’s aides tried to ease market concerns, he said more than 50 countries have reached out to launch negotiations to raise tariffs.
“I talked with many leaders, Europeans, Asians from all over the world,” Trump said. “They are eager to reach a deal. I said we are not going to have a deficit with your country. We are not going to do that because for me, the deficit is a loss. We will have a surplus or the worst case, and it will even break down.”
Higher interest rates are scheduled to begin on Wednesday, a new era of economic uncertainty without clear eyes. Treasury Secretary Scott Bessent said unfair trade practices are not “the kind of thing you can negotiate in days or weeks”.
He said the United States must see “what these countries offer and whether it is credible.” Trump, who spent golf in Florida, posted online: “We will win. His cabinet members and economic advisers effectively defended tariffs on Sunday and downplayed the consequences for the global economy.
“There is no need for a recession. Who knows how the market will react in a week?” Bessent said.
“We are focusing on the long-term economic foundation for the prosperity.” U.S. stock futures fell on Sunday night as tariffs continue to roll out the market. Dow Jones Industrial Average and S&P 500-year futures fell nearly 4%, while Nasdaq futures fell nearly 5%. Even the relatively stable Bitcoin price last week fell by nearly 6%.
Trump’s tariff blitz announced that he had fulfilled an important campaign pledge on April 2 as he did not have Congress to re-enact global trade rules. Having created decades of action for Trump, Trump has long condemned the unfairness of the foreign trade deal to the United States, and he gambled, and voters would be willing to endure higher prices for everyday goods to achieve his economic vision.
Countries scrambled to figure out how to deal with tariffs, and China and others quickly retaliated.
Kevin Hassett, the White House’s top economic adviser, acknowledged that other countries were “angry and revenge,” saying, “By the way, come to the table.” He cited the Office of the U.S. Trade Representative, and reported that more than 50 countries had contacted the White House to start negotiations.
Apart from the turmoil, new tariffs are hitting U.S. allies and rivals, including Israel, which faces 17% tariffs. Israeli Prime Minister Benjamin Netanyahu will visit the White House at a press conference with Trump on Monday and said tariffs will be a point of discussion with Trump, as well as the Gaza war and other issues.
Another U.S. ally, Vietnam, is a major clothing manufacturing center, and is also in contact with the government’s government related to tariffs.
Trump said Vietnam’s leader said on the phone that his country “will hope to reduce tariffs to zero if it can reach an agreement with the United States,” and that it was the key partner of Europe, Italian Prime Minister Giorgia Meloni, who said she did not agree with Trump’s move, but was “ready to deploy all tools – negotiations and the economy – to deploy our business and our business, which could be the necessity of our responsibility and punishment.” Commerce Secretary Howard Lutnick made it clear that there were few days of delays in tariffs.
“Tariffs are coming. Of course,” he said, adding that Trump needs to reset global trade. But he is only committed to keeping them “absolutely” “days and weeks.” In Congress, Trump’s Republican Party has long advocated free trade, and the tariff troop has received applause but also serious uneasiness.
Several Republican senators have signed a new bipartisan bill that would require the president to impose new tariffs on Congress. Legislators will then have to approve tariffs within 60 days or they will expire. Rep. Don Bacon, Republican of Nebraska, said Sunday he will introduce a home version of the bill, saying Congress needs to restore its power over tariffs.
“We gave the administration some power. I think it’s a mistake,” Bacon said.
John Barrasso, the second member of the Republican leadership of the Wyoming Senate, said Trump “is doing what he has to do.” But, he admitted: “People are worried that there is attention across the country. People are paying attention to the market.” Barraso said of the tariffs: “The Senate will be discussed in the Senate.”
