President Trump has strongly defended the extensive tariffs announced by his administration last week on what he referred to as “Liberation Day.” Despite concerns that these tariffs could ignite a global trade war and have caused stock markets to plunge worldwide, he remains resolute.
In the U.S., there are rising worries about these levies increasing the cost of everyday items. Goldman Sachs economists noted in a report on Monday, raising the likelihood of a recession to 45%. JPMorgan CEO Jamie Dimon warned that the tariffs could decelerate economic growth and “will likely increase inflation.”
On April 2, Mr. Trump declared a baseline 10% tax on all imports into the U.S., in addition to extra “reciprocal” tariffs targeting imports from 90 nations. He presented the tariffs as a tactic to diminish the trade gap between the U.S. and other major economies, particularly China and the European Union.
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Beyond the baseline tax, Mr. Trump emphasized that China would incur a reciprocal levy of 34%, and in retaliation for Beijing’s retaliatory tariffs on U.S. exports, he has signaled plans to impose an additional 50% tariff on China unless those duties are lifted by Tuesday.
As markets decline and with his reciprocal import duties scheduled to take effect on Wednesday, here’s what Mr. Trump has expressed about the tariffs.
No pause in tariffs
During a meeting with Israeli Prime Minister Benjamin Netanyahu, Mr. Trump confirmed on Monday that he is not considering any pauses regarding the tariffs. When questioned about conflicting messages from his administration regarding the permanence of the tariffs, the president responded that “both can be true.”
“Many countries are coming to negotiate deals with us, and they will be fair deals,” Mr. Trump stated. “No other president has done what I am doing.”
The president also mentioned that there are “other elements besides tariffs” that could be up for negotiation, including other nations’ “standards and tests” that complicate trade, though he provided no further clarification.
“Hang tough”
In a post on Truth Social on Saturday, coinciding with the rollout of his 10% universal tariffs, Mr. Trump encouraged Americans to “hang tough” and acknowledged that things “won’t be easy.”
“China has been affected far more severely than the USA, not even close. They, along with many other countries, have treated us incredibly unfairly,” he expressed.
“We have been the foolish and vulnerable ‘whipping post,’ but that is over. We are bringing back jobs and businesses at an unprecedented rate. Over FIVE TRILLION DOLLARS IN INVESTMENT already, and it’s climbing fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH. It won’t be easy, but the outcome will be historic. We will MAKE AMERICA GREAT AGAIN!!!”
“Sometimes you have to take medicine”
Mr. Trump emphasized his trade stance while addressing reporters on Sunday aboard Air Force One, making it clear he wouldn’t waver on the reciprocal tariffs set to be implemented later this week or on the universal levies already in place.
In light of the significant market drop following his April 2 announcement — reflecting Wall Street’s steepest decline in five years — and as he seemed to brace Americans for more potential market turbulence, the president remarked, “I don’t want anything to fall, but sometimes you have to take medication to resolve an issue.”
“I can’t predict what will happen with the market, but I can assure you that our country has grown a lot stronger,” Mr. Trump added.
He also mentioned that several world leaders showed interest in negotiating to reverse the tariffs as global markets began to react negatively to them.
“I’ve spoken with numerous leaders, European, Asian, from all corners of the globe,” Mr. Trump noted. “They are eager to reach an agreement. I responded that we will not accept deficits with your country. To me, a deficit is a loss. We’ll aim for surpluses or at the very least, break even.”
In line with Mr. Trump’s viewpoint, Secretary of Commerce Howard Lutnick indicated in an interview on “Face the Nation with Margaret Brennan” on Sunday that the administration intends to stand firm on the new round of tariffs. He argued that these policies would assist in safeguarding U.S. factories and help “reset America’s standing in the world,” acknowledging that “a significant change is coming.”
“This is the juncture where the United States of America takes control of its future, and Donald Trump has been advocating for this throughout his life,” Lutnick affirmed. “This is Donald Trump’s vision, and we are all here to support its execution.”
“Don’t be a PANICAN (A new party for Weak and Stupid people!)”
In the hour leading up to Monday’s Wall Street opening, the president took to Truth Social to back his array of tariffs and seemed to coin a new term regarding panic.
“The United States has an opportunity to accomplish something that should have been done LONG AGO,” Mr. Trump remarked in his post. “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Brave, and Patient, and GREATNESS will follow!”
This message came as the U.S. market appeared on the brink of further declines while global markets faced significant downturns too. Indices in Australia, Germany, Hong Kong, Shanghai, South Korea, Taiwan, and Tokyo all experienced declines.
Additional tariffs on China
On Monday, Mr. Trump pledged to increase tariffs on China to 50% starting Wednesday, following Beijing’s retaliatory tariffs of 34% on U.S. goods over the weekend.
On Truth Social, he stated that Beijing had acted in defiance of his prior “warning” that the U.S. would respond to retaliatory tariffs with even higher taxes on the offending country, and urged its leaders to retract the 34% increase by Tuesday or face elevated costs.
“Furthermore, all discussions with China related to their requested meetings will be halted!” Mr. Trump declared. “Negotiations with other countries, which have also sought discussions, will commence immediately. Thank you for your attention to this matter!”
