US President Donald Trump has defended his administration’s sweeping tariffs on imports, which have sent shockwaves through global stock markets. Speaking aboard Air Force One late on Sunday, Trump argued that “sometimes you have to take medicine to fix something,” referring to the measures designed to revive American jobs and investment.
Trump’s officials have also stressed that the tariffs—announced the previous week—will proceed as planned, despite mounting concerns of a potential recession. The president’s remarks came shortly after a tumultuous week for global markets, where stock indexes tumbled. Japan’s Nikkei 225 saw a dramatic drop of 7.8%, and Hong Kong’s Hang Seng Index lost over 12%. In the US, all three major stock indexes plunged more than 5%, with the S&P 500 experiencing its worst week since 2020.
Saudi Arabia’s stock market also suffered its biggest daily loss since the pandemic, closing nearly 7% lower. Meanwhile, JP Morgan has forecasted a 60% chance of a US and global recession in light of the tariffs.
Despite these losses, Trump remained adamant that the tariffs would benefit the US in the long run, predicting that the country would become “wealthy like never before.”
During his flight back to Washington, Trump told reporters that European and Asian countries were eager to negotiate deals with the US. When asked about the impact of the tariffs on American consumers, he dismissed concerns, calling a reporter’s question “so stupid.” “I don’t want anything to go down,” Trump said. “But sometimes you have to take medicine to fix something.”
In interviews earlier that Sunday, top administration officials attempted to reassure the public. Treasury Secretary Scott Bessent, appearing on NBC’s Meet the Press, argued that there was “no reason” to expect a recession as a result of the tariffs, calling the market downturn part of an “adjustment process.” He emphasized that the tariffs were aimed at pressuring more than 50 countries to lower their trade barriers and stop currency manipulation.
Commerce Secretary Howard Lutnick also confirmed that the 10% baseline tariff on all imports, which began the previous day, would remain in place “for days and weeks.” He further stated that the steeper tariffs on roughly 60 countries, considered the “worst offenders,” would be implemented on Wednesday, April 9.
Lutnick even defended the tariffs on two tiny Antarctic islands, which are inhabited only by penguins, claiming they would close “loopholes” for countries like China to “ship through.”
Meanwhile, some countries have expressed reluctance to impose retaliatory tariffs. Both Indonesia and Taiwan announced over the weekend that they would not retaliate against the US’s 32% tariff on imports. However, Vietnam has requested a 45-day delay on a 46% duty on its exports to the US, according to a letter seen by AFP and the New York Times.
In response to the US tariffs, China declared it would impose a 34% tariff on all US imports starting on Thursday, April 10.
The new tariffs have sparked international concern. UK Prime Minister Sir Keir Starmer stated that “the world as we knew it has gone,” highlighting the need for an economic deal with the US that could mitigate some of the tariff impact. Similarly, Canadian Prime Minister Mark Carney voiced concerns, agreeing with Starmer that an “all-out trade war” would not benefit anyone.
Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with Trump for trade talks in Washington DC on Monday, marking the first international leader to meet with Trump since the tariffs were introduced. Netanyahu emphasized the strong “personal connection” between the two leaders and their countries.
Back at home, the tariffs have fueled protests in US cities. Over the weekend, hundreds of thousands of people gathered in major cities like Boston, Chicago, Los Angeles, New York, and Washington DC, opposing Trump’s economic policies. The protests represent the largest nationwide show of opposition since Trump’s inauguration, with grievances ranging from social issues to economic concerns.
As the US braces for the consequences of Trump’s tariff policy, the global fallout is becoming increasingly clear. Experts warn that the economic ripple effects may be far-reaching, and the ultimate impact remains uncertain.
