Donald Trump firm on tariff plans amid market turmoilTop Stories

April 07, 2025 14:41

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On Sunday, President Donald Trump addressed the decline in both American and international markets, stating that sometimes it is necessary to take tough measures to resolve issues. He made it clear that he remained firm in his intentions regarding tariffs. While aboard Air Force One returning to Washington from a weekend of golfing in Florida, Trump remarked to reporters, as reported by AFP, "Occasionally, you need to apply some tough medicine to remedy a situation." He also underscored his assertion that the United States has been mistreated by its trading partners and attributed this to the policies of the previous administration led by Joe Biden. "We've been poorly treated by other nations due to foolish leadership that permitted this to occur," he expressed, according to Reuters.

In response to the chaos affecting financial markets both domestically and globally, Trump commented, "I cannot predict what will occur with the markets. However, our nation is fundamentally stronger." He informed the press that over the weekend, he had discussions with global leaders regarding tariffs and asserted that "they are eager to reach an agreement." His announcement of reciprocal tariffs, including a significant 34% on imports from China, caused considerable turbulence in financial markets worldwide, wiping out nearly $6 trillion in American stock value. Concurrently, Trump's key economic advisors have alleviated concerns regarding inflation and a potential recession, according to Bloomberg.

"The tariffs are on their way," declared Commerce Secretary Howard Lutnick during an interview with CBS, emphasizing that Trump "made it clear and was serious about it." Treasury Secretary Scott Bessent shared with NBC that over 50 nations had contacted the Trump administration, but he cautioned that negotiations would take considerable time. "They have been problematic for a long time. It’s not something that can be resolved in just days or weeks," Bessent noted. "We need to determine a way forward. After decades of poor conduct, it’s unrealistic to expect to resolve everything overnight."