Photo Credit:Mandel NGAN / AFP
President Donald Trump has doubled down on his controversial tariff policy, calling it "a beautiful thing to behold" even as global markets plummeted in response. The sweeping 10% baseline tariffs affecting approximately 90 nations went into effect on Saturday, with steeper "reciprocal" rates scheduled to begin this Wednesday.
Speaking to reporters aboard Air Force One Sunday evening, Trump projected confidence despite market concerns. "I spoke to a lot of leaders — European, Asian, from all over the world. They're dying to make a deal," the 78-year-old president stated.
Financial markets reacted sharply to the policy implementation. U.S. stock futures dropped Sunday evening with the Dow Jones Industrial Average falling 2.1%, the S&P 500 plummeting about 2.5%, and the Nasdaq declining almost 3.1%. Asian markets suffered even greater losses, with Tokyo's 225 index dropping 6% and Hong Kong's Hang Seng plunging 9.4%.
Commerce Secretary Howard Lutnick confirmed on CBS's "Face the Nation" that approximately 50 countries have reached out to discuss the tariffs. However, he emphasized there would be no postponement of the measures already announced. "He announced it and he wasn't kidding," Lutnick stated.
Treasury Secretary Scott Bessent downplayed recession fears on NBC's "Meet the Press," characterizing the market volatility as "an adjustment process." JP Morgan, however, has predicted a 60% chance of a U.S. and global recession following the tariff announcement.
Some nations have already announced their responses. China plans to impose a 34% tariff on all U.S. imports beginning April 10th, while Indonesia and Taiwan have indicated they will not pursue retaliatory measures. Vietnam has requested a 45-day delay on its scheduled 46% duty.
When questioned about potential economic hardship for American consumers, Trump responded defensively. "I don't want anything to go down. But sometimes you have to take medicine to fix something," he said, adding that "billions of dollars are funneling into the US now" as a result of the tariffs.
The tariff plan has already had significant economic impact, reportedly wiping out $6 trillion in U.S. stocks last week as recession concerns intensified. Anti-Trump protests occurred across major U.S. cities over the weekend, with demonstrators citing numerous grievances including the new economic policies.
UK Prime Minister Sir Keir Starmer characterized the situation gravely, stating "the world as we knew it has gone," while emphasizing continued efforts to negotiate exemptions. Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with Trump in Washington DC today for trade discussions.
