US President Donald Trump stuck to his aggressive new tariffs over the weekend, pledging not to back down unless countries show foreigners “balance the books” with the States. The provocative move, which came into effect after a 2 April announcement, has caused mayhem in the global markets and raised the spectre of recession.
On Air Force One, Trump dismissed steep market drops, saying, “You have to be prepared to take medicine sometimes to do it.” His administration announced that 50 plus countries have now begun talks on negotiating lower tariffs signaling the distress across the economy,
Markets responded swiftly. US stock futures tumble after Sunday night—Dow and S&P 500 plummet 4%, Nasdaq tumbles 5%. Bitcoin also tumbled 6%. However, Trump, in a defiant social media posting, said, ‘WE WILL WIN. HANG TOUGH.”
Treasury Secretary Scott Bessent called it a long-term issue, saying, “You can’t negotiate unfair trade practices away in a single negotiation.” Allies like Israel and Vietnam are also trying to respond while Italy said it was prepared to defend its businesses.
Meanwhile, bipartisan backlash brews in Congress. A number of lawmakers heal seeking to retrieve the tariff powers from the executive field on the basis of a huge miracle of the market and of boosted economic worry.
By placing tariffs that will begin taking in April 9, the world can expect a tumultuous, unclear chapter in global trade, and Trump apparently remains unrepentant: “We are not going to lose evermore.”
