Adriana Gomez Ricon and Fatima Hussein
WEST PALM BEACH, Fla. (AP) — President Donald Trump on Sunday said he would not return to his drastic tariffs on imports from most parts of the world unless he flattens trade with the US, delving into plans to introduce taxes involving financial markets, causing fear of a recession and retreating the global trading system.
Speaking to reporters on Air Force 1, Trump said he didn’t want the global market to fall, but he wasn’t worried about a massive sale, adding that he “may have to take medication to fix something.”
His comments come after global financial markets were on track to continue their sharp decline as trading resumed on Monday, and Trump’s aides tried to ease market concerns by saying they had reached out to more than 50 countries to begin negotiations to lift tariffs.
“I’ve spoken to many European and Asian leaders from all over the world,” Trump said. “They want to do business and they said we’re not going to have a deficit with your country. I’m not going to do that because for me, deficits are a loss.
The higher fees are expected to be collected from Wednesday, leading to a new era of economic uncertainty with no clear end. Treasury Secretary Scott Bescent said unfair trade practices are “not something that can be negotiated in days or weeks.” He said the US must see “what the country offers and whether it can be believed.”
After spending the weekend playing golf in Florida, Trump posted online, “We win, hang tough, it’s not easy.” His Cabinet members and economic advisers defended tariffs on Sunday, downplaying the outcomes of the global economy.
“We don’t need a recession. Who knows how the market reacts in a single day in a week?” Bescent said. “What we see is building a long-term economic foundation for prosperity.”
US stock futures fell on Sunday evening as prices continued to hit the market. The Dow Jones Industrial Average and S&P 500 futures fell nearly 4%, while Nasdaq futures fell almost 5%. Even the relatively stable Bitcoin price last week fell nearly 6% on Sunday.
Trump’s tariff blitz, announced on April 2, fulfilled a key campaign promise as he acted without Congress to redraw the rules of world trade. It was a decades-long move in production for Trump. Trump has long denounced foreign trade transactions as unfair to the US, who gambles voters in being willing to withstand higher prices of everyday items in order to enact his economic vision.
Countries are rushing to find a way to deal with tariffs. China and others are retaliating quickly.
Kevin Hassett, the economic adviser at the Top White House, admitted that other countries were “angry and retaliating” and said, “By the way, come to the table.” He reported that more than 50 countries are contacting the White House and reporting that they have begun meetings.
In addition to the confusion, new tariffs are attacking American allies and enemies, including Israel, which are facing 17% tariffs. Israeli Prime Minister Benjamin Netanyahu will visit the White House and speak at a press conference with Trump on Monday. His office says tariffs will be the point of discussion with Trump along with the war in Gaza and other issues.
Another American ally, Vietnam is the main manufacturing center for clothing and is in touch with the administration on tariffs. Trump said over the phone that Vietnam’s leader would “want to cut tariffs to zero if they can agree with the US,” while Italian Prime Minister Giorgia Meloni, a major European partner, opposed Trump’s move, but “all the tools are ready to deploy – it is necessary to support negotiation and the economy.”
Commerce Secretary Howard Lutnick has made it clear that there will be no tariffs for a delay in the next few days.
“The tariffs are coming. Of course they are,” he said, adding that Trump needs to reset global trade. However, he only promised to remain “unquestionably” “days and weeks.”
In Congress, where Trump’s Republicans have long defended free trade, the Customs Regiment has not only encountered applause, but also important unrest.
Several Republican senators have already signed a new bipartisan bill that requires the president to justify new tariffs on Congress. Lawmakers must approve customs duties within 60 days. Otherwise it will expire. Nebraska GOP Rep. Don Bacon said on Sunday that he would introduce the House version of the bill, saying that Congress would need to restore power over tariffs.
“We gave some of that power to the government. It was hindsight and I think it was a mistake,” Bacon said. It is difficult to obtain measures unless financial markets continue to respond negatively and other indicators such as inflation and changes in unemployment continue to respond negatively.
John Baraso of Wyoming, a second member of the Senate GOP Leadership, said Trump “does all the rights he has.” However, he admitted that “there are concerns, there are concerns around the country. People are looking at the market.”
“There will be debate in the Senate,” Barrasso said of the tariffs. “We’ll see how the discussion goes.”
Billionaire businessman Elon Musk’s top government cost-cutting guru has been relatively silent on Trump’s tariffs, but said he hopes the US and Europe will move to a “zero tariff situation” at a weekend event in Italy. Comments from the Tesla owner, who heads Trump’s Office of Government Efficiency, sparked responsibilities from White House trade adviser Peter Navarro.
“Eron is great when he’s in his doge lane. But we know what’s going on here. We just need to understand. Elon sells cars,” Navarro said. He added:
Trump showed he opposed Musk on the European Union Sunday, saying, “They want to talk, but we don’t have a talk unless they pay us a lot each year.”
Lawrence Summers, an economist who was Treasury Secretary under Democratic President Bill Clinton, said he was sending a contradictory message when Trump and his economic team say they are interested in reviving manufacturing while they are open to negotiations with trading partners.
If other countries eliminate their tariffs and the US does that, “it’s not just a trade, it won’t raise revenue, it won’t let you get a company that’s a permanent source of income.
Bescent appeared on NBC’s “Meet the Press,” with Hassett and Summers appearing on ABC’s “This Week,” with Lutnick and Barrasso appearing on CBS’s “Face the Nation,” with Navarro being interviewed on Fox News Channel’s “Sunday Morning Futures.”
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Gomez Ricon reported from Fort Lauderdale, Florida. Associated Press Writer Giada Zampano from Rome contributed to this report.
Original issue: April 6, 2025, 2:32pm EDT
