US President Donald Trump reaffirmed his commitment to imposing broad tariffs on imports from numerous countries, including US allies, saying he won’t back down unless trade imbalances are addressed. Speaking aboard Air Force One, Trump said he doesn’t want to see global markets fall, but isn’t alarmed by the sharp sell-offs, suggesting that sometimes “you have to take medicine to fix something.”
His stance comes as financial markets brace for further losses and concerns of a global recession grow. The tariffs are set to take effect Wednesday, potentially triggering a new wave of economic uncertainty.
Despite global backlash, Trump claimed that over 50 countries have reached out to negotiate. “I’ve spoken with leaders from Europe, Asia — everywhere,” he said. “They’re eager to strike a deal. But I’ve made it clear: we won’t tolerate trade deficits anymore. Either we break even or have surpluses.”
Treasury Secretary Scott Bessent stressed that resolving unfair trade practices isn’t something that can be settled quickly. “We need to see serious offers from other countries,” he said.
Over the weekend, Trump, who was in Florida playing golf, remained confident, posting online: “WE WILL WIN. HANG TOUGH, it won’t be easy.” His team continued defending the tariffs, minimising fears of a recession. “There doesn’t have to be a recession,” Bessent added, emphasising a focus on long-term economic stability.
Still, U.S. stock futures tumbled Sunday evening: Dow and S&P 500 futures dropped around 4%, while Nasdaq futures fell nearly 5%. Even bitcoin, which had been steady, slid about 6%.
Trump’s tariff initiative — launched April 2 without Congressional approval — fulfills a long-standing campaign promise. He has repeatedly criticised past trade deals as unfair to the US and is now betting that voters will accept short-term pain for long-term gain.
Countries affected by the new tariffs, including key allies like Israel and Vietnam, are scrambling to respond. Israeli Prime Minister Benjamin Netanyahu is expected to discuss the tariffs during a meeting with Trump at the White House. Vietnam, according to Trump, has expressed willingness to eliminate tariffs if a deal can be reached.
Italian Prime Minister Giorgia Meloni also voiced her disagreement but said her government would act to protect its industries.
Commerce Secretary Howard Lutnick confirmed that the tariffs will be enforced without delay. “They’re coming. Of course they are,” he said, though he wouldn’t commit to how long they’ll stay in effect.
In Congress, the response has been mixed. While some Republicans support the move, others are uneasy. A bipartisan bill is being introduced that would require the president to justify new tariffs to Congress and receive approval within 60 days.
Rep Don Bacon (R-Neb) said he would introduce a House version, calling the delegation of tariff powers to the executive a “mistake.”
Meanwhile, Sen John Barrasso (R-Wyo) acknowledged the growing concerns, noting, “There’ll be a discussion in the Senate. We’ll see where it leads.”
