Donald Trump, the President of the United States, has defended the imposition of comprehensive tariffs on imports that have caused significant volatility in global stock markets.
He has stated that “at times, you must take medicine to fix something.”
He stated to reporters aboard Air Force One late on Sunday that the United States would experience unprecedented prosperity as a result of the resumption of jobs and investment.
Trump’s senior officials emphasized that the tariffs, which were announced last week, would be implemented as intended, thereby allaying concerns regarding a recession.
Stock markets in Asia experienced a decline in the early hours of Monday, following Trump’s comments. Japan’s Nikkei 225 experienced a 6.3% decline, while Hong Kong’s Hang Seng experienced a 9.8% decline.
The S&P 500 experienced a nearly 6% decline, while all three main stock indexes in the United States experienced a decline of over 5% on Friday.
This marks the most disastrous week for the US stock market since 2020.
State-owned media reported that Saudi Arabia’s stock exchange, which conducts trading on Sundays, experienced its largest daily decline since the pandemic, with a decline of nearly 7%.
JP Morgan, a prominent US banking institution, has forecasted a 60% likelihood of a global and domestic recession in response to Trump’s tariff announcement.
During his return to Washington, DC, Trump stated that European and Asian nations were “desperate to reach an agreement” while speaking on the presidential aircraft.
He also resisted a reporter’s inquiry regarding the “pain threshold” of American consumers, as concerns regarding significant price increases and a market recession continue to escalate.
“I believe your inquiry is quite foolish,” he informed the reporter. “I do not wish for anything to be lost.” However, there are instances in which medication is necessary to resolve an issue.
Earlier on Sunday, Trump’s senior officials also downplayed the recent stock market declines in a series of television interviews.
In an interview with NBC’s Meet the Press program, Treasury Secretary Scott Bessent stated that there was “no reason” to anticipate a recession as a consequence.
“This is a process of adaptation,” he concluded.
Bessent also contended that Trump had “acquired the maximum amount of leverage for himself,” and that over 50 countries have contacted the administration to discuss the reduction of their non-tariff trade barriers, the cessation of currency manipulation, and the reduction of their tariffs.
In the interim, Commerce Secretary Howard Lutnick informed CBS News that the 10% “baseline” tariff on all imports, which was implemented one day prior, will undoubtedly remain in effect for several days and weeks.
Lutnick continued to assert that the reciprocal tariffs were still being implemented at a higher rate.
The “worst offenders,” approximately 60 countries, are scheduled to implement increased custom tariffs on Wednesday, April 9.
Lutnick responded that these tariffs were imminent when inquired about them. “He was not joking when he announced it,” he stated.
Lutnick also defended the tariffs that were imposed on two small Antarctic islands that are home to only penguins.
He claimed that the purpose of these tariffs was to close “loopholes” that would allow countries like China to “ship through.”
Scott Bessent, the United States Treasury Secretary, has stated that there is “no reason” to anticipate a recession.
Indonesia and Taiwan have declared that they will not implement retaliatory tariffs in response to the United States’ announcement of a 32% tariff on imports from both countries over the weekend.
According to a letter obtained by the New York Times and the AFP news agency, To Lam, the leader of Vietnam, has requested that President Trump postpone the imposition of a 46% tariff on Vietnamese exports to the United States for a minimum of 45 days.
Nevertheless, China declared on Friday that it will implement a 34% tariff on all US imports, effective Thursday, April 10.
Sir Keir Starmer, the Prime Minister of the United Kingdom, issued a warning on Saturday that the “world as we knew it” has vanished.
Starmer stated that the UK government would continue to advocate for an economic agreement with the United States that circumvents certain tariffs.
According to a spokesperson for Downing Street, Starmer and the newly appointed Canadian Prime Minister, Mark Carney, concurred during a telephone conversation that “an all-out trade war is not in the best interests of anyone.”
Benjamin Netanyahu, the Israeli Prime Minister, is anticipated to engage in trade negotiations with President Trump in Washington, DC, on Monday.
Speaking to reporters as he boarded a flight to the United States, Netanyahu declared that he would be “the first international leader to meet with Trump” since the implementation of the new tariffs.
He stated that this demonstrated their “personal connection and the connection between our countries that is so essential in this time.”
In the most extensive nationwide demonstration of opposition since the president assumed office in January, anti-Trump demonstrations were conducted in cities throughout the United States over the weekend.
Protesters in Boston, Chicago, Los Angeles, New York, and Washington, DC, among other cities, expressed their dissatisfaction with Trump’s agenda, which encompassed social and economic concerns.
