Donald Trump says he's not backing down on tariffs

President Donald Trump said Sunday that he wont back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the US digging in on his plans to implement the taxes that have sent financial markets reeling raised fears of a recession and upended the global trading systemSpeaking to reporters aboard Air Force One Trump said he didnt want global markets to fall but also that he wasnt concerned about the massive selloff either adding sometimes you have to take medicine to fix somethingHis comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday and after Trumps aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffsI spoke to a lot of leaders European Asian from all over the world Trump said Theyre dying to make a deal And I said were not going to have deficits with your country Were not going to do that because to me a deficit is a loss Were going to have surpluses or at worst going to be breaking evenThe higher rates are set to be collected beginning Wednesday ushering in a new era of economic uncertainty with no clear end in sight Treasury Secretary Scott Bessent said unfair trade practices are not the kind of thing you can negotiate away in days or weeks The United States he said must see what the countries offer and whether its believableTrump who spent the weekend in Florida playing golf posted online that WE WILL WIN HANG TOUGH it wont be easy His Cabinet members and economic advisers were out in force Sunday defending the tariffs and downplaying the consequences for the global economyThere doesnt have to be a recession Who knows how the market is going to react in a day in a week Bessent said What we are looking at is building the longterm economic fundamentals for prosperityUS stock futures dropped on Sunday evening as the tariffs continued to roil the markets Dow Jones Industrial Average and SampP 500 futures fell nearly 437 while Nasdaq futures were down nearly 537 Even the price of bitcoin which held relatively stable last week fell nearly 637 SundayTrumps tariff blitz announced April 2 fulfilled a key campaign promise as he acted without Congress to redraw the rules of global trade It was a move decades in the making for Trump who has long denounced foreign trade deals as unfair to the US He is gambling that voters will be willing to endure higher prices for everyday items to enact his economic visionCountries are scrambling to figure out how to respond to the tariffs with China and others retaliating quickly Top White House economic adviser Kevin Hassett acknowledged that other countries are angry and retaliating and he said by the way coming to the table He cited the Office of the US Trade Representative as reporting that more than 50 nations had reached out to the White House to begin talksAdding to the turmoil the new tariffs are hitting American allies and adversaries alike including Israel which is facing a 1737 tariff Israeli Prime Minister Benjamin Netanyahu is set to visit the White House and speak at a press conference with Trump on Monday with his office saying the tariffs would be a point of discussion with Trump along with the war in Gaza and other issuesAnother American ally Vietnam a major manufacturing center for clothing has also been in touch with the administration about the tariffs Trump said Vietnams leader said in a telephone call that his country wants to cut their Tariffs down to ZERO if they are able to make an agreement with the US And a key European partner Italian Premier Giorgia Meloni said she disagreed with Trumps move but was ready to deploy all the tools negotiating and economic necessary to support our businesses and our sectors that may be penalizedCommerce Secretary Howard Lutnick made clear there was no postponing tariffs that are days away The tariffs are coming Of course they are he said adding that Trump needed to reset global trade But he committed only to having them definitely remain for days and weeks In Congress where Trumps Republican Party has long championed free trade the tariff regiment has been met with applause but also significant uneaseSeveral Republican senators have already signed onto a new bipartisan bill that would require presidents to justify new tariffs to Congress Lawmakers would then have to approve the tariffs within 60 days or they would expire Nebraska GOP Rep Don Bacon said Sunday that he would introduce a House version of the bill saying that Congress needs to restores its powers over tariffsWe gave some of that power to the executive branch I think in hindsight that was a mistake said Bacon adding that getting a measure passed would be challenging unless the financial markets continue to react negatively and other indicators such as inflation and unemployment shiftWyomings John Barrasso the No 2 member of the Senates GOP leadership said Trump is doing what he has every right to do But he acknowledged there is concern and theres concern across the country People are watching the markets Therell be a discussion in the Senate Barrasso said of the tariffs Well see which way the discussion goesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoeveratOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params