US President Donald Trump on Sunday reaffirmed his commitment to imposing wide-ranging tariffs on imports from across the globe, stating he would not back down unless trade imbalances with the United States are addressed. His comments come amid growing global market turmoil and warnings of economic uncertainty.
Speaking to reporters aboard Air Force One, Trump said he did not want to see global markets tumble, yet appeared unconcerned about the ongoing sell-off, remarking, “sometimes you have to take medicine to fix something.”
His remarks followed a weekend during which financial markets reeled from fears of a trade war, with the Dow Jones and S&P 500 futures down nearly 4 per cent and Nasdaq futures nearly 5 per cent. Even Bitcoin, which had remained relatively steady, dropped almost 6 per cent on Sunday evening.
Trump, who spent the weekend golfing in Florida, posted online, “WE WILL WIN. HANG TOUGH, it won’t be easy.” He added that the new tariffs, scheduled to take effect from Wednesday, signalled a major shift in trade relations and were long overdue.
“I spoke to a lot of leaders, European, Asian, from all over the world,” Trump said. “They're dying to make a deal. And I said, we're not going to have deficits with your country. We're not going to do that, because to me a deficit is a loss. We're going to have surpluses or at worst, going to be breaking even.”
Treasury Secretary Scott Bessent stressed that unfair trade practices could not be resolved overnight, adding, “What the countries offer and whether it's believable” would determine the next course of action. He also dismissed fears of a recession, stating, “There doesn't have to be a recession. Who knows how the market is going to react in a day, in a week? What we are looking at is building the long-term economic fundamentals for prosperity.”
The tariffs, unveiled on 2 April, fulfil a longstanding campaign pledge by Trump to overhaul what he perceives as lopsided trade deals. His move bypassed Congressional approval, underlining his administration's unilateral approach to resetting global trade.
While Trump’s Cabinet members and top economic advisers defended the policy, concerns continued to mount across international capitals and among business leaders. According to Trump aides, more than 50 countries have reached out to begin talks on lifting the tariffs, with China and other nations already retaliating.
Top White House economic adviser Kevin Hassett acknowledged that nations were “angry and retaliating,” but noted they were “by the way, coming to the table.”
The tariffs apply to both allies and rivals. Israel, for instance, faces a 17 per cent tariff, prompting Prime Minister Benjamin Netanyahu to raise the issue during his scheduled visit to the White House on Monday. His office confirmed the matter would be discussed along with the Gaza conflict and broader regional developments.
Vietnam, a major exporter of clothing to the US, has also contacted Washington. Trump said the country’s leader had told him that Vietnam “wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.”
Italian Premier Giorgia Meloni said she opposed the move but was “ready to deploy all the tools — negotiating and economic — necessary to support our businesses and our sectors that may be penalised.”
Commerce Secretary Howard Lutnick made clear the administration was not considering a delay in implementation. “The tariffs are coming. Of course they are,” he said, while adding that they would remain “for days and weeks.”
Meanwhile, Trump is facing resistance within his own Republican Party, traditionally aligned with free trade. A group of senators has introduced a bipartisan bill that would compel the President to justify tariffs to Congress within 60 days, failing which they would lapse.
Republican Congressman Don Bacon of Nebraska said he would be introducing a similar bill in the House of Representatives. “We gave some of that power to the executive branch. I think, in hindsight, that was a mistake,” Bacon said, though he admitted that passing the legislation would be difficult unless markets continued to decline or economic indicators worsened.
John Barrasso, the Senate GOP's second-ranking member, remarked, “There is concern, and there’s concern across the country. People are watching the markets. There’ll be a discussion in the Senate. We’ll see which way the discussion goes.”
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