Donald Trump says ‘it couldn’t be straightforward’ as stock markets plunge again amid recession fears
The US President is introducing global tariffs
Data
Press Affiliation and Benjamin Blosse
06:43, 07 Apr 2025
President Donald Trump said he is now not going to motivate down on his sweeping tariffs as stock markets plunged again this morning.
On Monday morning, stock markets contain long past dramatically down again in Asia as they opened, with Japan’s Nikkei 225 down 6.3% and Hong Kong’s Hold Seng down 9.8%.
It comes as US, UK and Europe markets had been badly hit closing week – and are anticipated to proceed intelligent declines as soon as procuring and selling resumes on Monday.
But talking to newshounds aboard Air Force, One President Trump reiterated his plans to implement the tariffs, despite looming fears of a recession.
Mr Trump said he did now not prefer global markets to plunge, but additionally that he used to be now not taking below consideration the enormous promote-off either, including: “As soon as quickly you contain got to take grasp of medicine to repair one thing.”
President Trump’s aides said over the weekend that better than 50 worldwide locations had reached out about launching negotiations to steal the tariffs.
“I spoke to a amount of leaders, European, Asian, from in all places the world,” Mr Trump said. “They’re loss of life to receive a deal. And I said, we’re now not going to contain deficits with your nation. We’re now not going to receive that on legend of to me, a deficit is a loss. We’re going to contain surpluses or, at worst, going to be breaking even.”
And Mr Trump, who spent the weekend in Florida taking part in golf, posted on-line: “WE WILL WIN. HANG TOUGH, it acquired’t be straightforward.”
The better rates are region to be accumulated from Wednesday, ushering in a brand original abilities of financial uncertainty with out a clear lead to leer.
Treasury Secretary Scott Bessent said unfair switch practices are now not “the form of thing you should presumably negotiate away in days or perhaps weeks.” The US, he said, must look “what the worldwide locations supply and whether or now not it’s believable.”
His Cabinet participants and financial advisers had been out in drive on Sunday, defending the tariffs and downplaying the outcomes for the worldwide economy.
“There doesn’t must peaceable be a recession. Who knows how the market goes to react in a day, in per week?” Mr Bessent said.
“What we are having a analysis at is building the lengthy-term financial fundamentals for prosperity.”
US stock futures dropped on Sunday night.
Dow Jones Industrial Common and S&P 500 futures fell nearly about 4%, while Nasdaq futures had been down nearly about 5%. Even the worth of bitcoin, which used to be barely stable closing week, fell nearly about 6% on Sunday.
Turmoil persevered as Japan’s Nikkei 225 stock index dropped nearly about 8% early on Monday
Mr Trump’s tariff blitz, presented on April 2, fulfilled a key advertising campaign promise as he acted without Congress to redraw the foundations of world switch.
It used to be a dart a few years in the making for Mr Trump, who has lengthy denounced international switch affords as unfair to the US.
He’s playing that voters will possible be inspiring to endure better prices for everyday items to enact his financial imaginative and prescient.
International locations are scrambling to resolve out the correct technique to acknowledge to the tariffs, with China and others retaliating rapidly.
Top White Home financial adviser Kevin Hassett acknowledged that other worldwide locations are “inflamed and retaliating,” and, he said, “coming to the desk.”
He cited the Build of living of job of the US Alternate Representative as reporting that better than 50 worldwide locations had reached out to the White Home to begin talks.
Mr Trump said Vietnam’s chief said in a mobile phone name that his nation “desires to lower their Tariffs the total manner down to ZERO in the event that they’re able to receive an agreement with the US”.
Italian Premier Giorgia Meloni said she disagreed with Mr Trump’s dart but used to be “inspiring to deploy the total tools — negotiating and financial — main to enhance our agencies and our sectors that will presumably presumably also very neatly be penalised”.
Commerce Secretary Howard Lutnick made clear there used to be no postponing tariffs that are days away.
“The tariffs are coming. Clearly they are,” he said, including that Mr Trump wished to reset global switch. But he dedicated very best to having them “positively” remain “for days and weeks.”
Billionaire businessman Elon Musk had been barely silent on Mr Trump’s tariffs, but said at a weekend event in Italy that he want to leer the US and Europe dart to “a 0-tariff scream.”
The comment from the Tesla owner, who leads Mr Trump’s Division of Authorities Effectivity, drew a rebuke from White Home switch adviser Peter Navarro.
“Elon, when he is on his DOGE lane, is immense. But we perceive what’s occurring here. We pleasing want to admire. Elon sells vehicles,” Mr Navarro said.
“He’s simply retaining his private passion as any industry person would receive.”
Mr Trump indicated he disagreed with Mr Musk, announcing on Sunday of the European Union: “They are searching for to chat, but there’s no impart except they pay us a amount of cash on a yearly foundation.”
