Trump Tariffs Latest Update: United States President Donald Trump has said he will not back down from his decision to impose new tariffs on imports unless other countries agree to make trade with the US more balanced. The move has shaken global financial markets and sparked fears of a recession. Speaking to reporters on Air Force One, Trump compared the tariffs to "medicine"—something unpleasant but necessary to fix problems. He said he doesn't want markets to fall but isn’t worried about short-term losses either.
Trump’s comments came as global markets braced for another drop. His advisers said over 50 countries have reached out to begin talks in hopes of avoiding the tariffs. “I spoke to a lot of leaders—European, Asian, from all over,” Trump said. “They’re eager to make deals. I told them the U.S. won’t accept trade deficits anymore. Either we break even, or we make a profit.”
The new tariffs, announced on April 2, are set to take effect from Wednesday, April 9. They will apply to imports from dozens of countries, including close U.S. allies. The tariffs are part of Trump’s long-standing belief that past trade deals have hurt American workers and businesses.
Over the weekend, Trump was in Florida playing golf but posted online: “WE WILL WIN. HANG TOUGH, it won’t be easy.” His economic team defended the decision on Sunday, insisting it was necessary to rebuild America’s economic foundation.
“There doesn’t have to be a recession,” Treasury Secretary Scott Bessent said. “But these trade problems can’t be solved in just a few days or weeks.”
Despite these assurances, U.S. stock futures dropped sharply Sunday evening. The Dow Jones and S&P 500 futures fell nearly 4%, while Nasdaq futures dropped almost 5%. Even bitcoin, which had remained stable, lost about 6%.
Countries around the world are scrambling to respond. China has already retaliated. Even US allies like Israel and Vietnam are affected. Israeli Prime Minister Benjamin Netanyahu is expected to raise the issue with Trump during his visit to the White House on Monday. Vietnam has reportedly offered to cut its tariffs to zero if a deal is reached. Trump's team said the tariffs would be implemented as planned. Commerce Secretary Howard Lutnick said they are “definitely” coming and may stay in place for “days and weeks.”
Meanwhile, some Republicans in Congress are uneasy. While many support tougher trade rules, several lawmakers want to limit the president’s power to impose tariffs. A new bipartisan bill would require Congress to approve new tariffs within 60 days, or they would expire. Nebraska Republican Don Bacon plans to introduce a House version of the bill, saying, “We gave too much power to the executive branch, and that may have been a mistake.”
(With inputs from AP)
