Amid mounting concerns over global market turmoil, US President Donald Trump defended his sweeping tariff measures on Sunday, asserting that tough actions are necessary to correct long-standing trade imbalances. Speaking to reporters aboard Air Force One after a weekend in Florida, Trump stated, “Sometimes you have to take medicine to fix something.”
His remarks come after a massive sell-off in global markets triggered by the White House’s announcement of widespread reciprocal tariffs. American stock markets saw a dramatic plunge, wiping out nearly $6 trillion in value — the worst dip since the COVID-19 crash in 2020.
Despite this, Trump appeared unfazed, attributing the crisis to poor leadership in past administrations. “We have been treated so badly by other countries because we had stupid leadership that allowed this to happen,” he said, targeting the former Joe Biden administration.
Trump Stands Firm Amid Global Retaliation
Trump’s tariff policy, which includes a 34% duty on Chinese imports and significant hikes on goods from Canada, the EU, and others, has drawn sharp responses from trade partners. But the president insisted that these nations are already eager to renegotiate. “They are dying to make a deal,” he claimed.
On the financial fallout, Trump added, “What’s going to happen to the markets, I can’t tell you. But our country is much stronger.”
Officials Push Back on Recession Fears
Key figures from Trump’s economic team attempted to downplay investor fears. Commerce Secretary Howard Lutnick told CBS, “The tariffs are coming… he announced it and he wasn’t kidding.”
Treasury Secretary Scott Bessent told NBC that more than 50 countries had contacted the administration following the tariff bombshell. However, he emphasized that no quick fixes are on the horizon.
“They’ve been bad actors for a long time. And it’s not the kind of thing you can negotiate away in days or weeks,” Bessent said. “…We are going to have to see the path forward. Because, you know, after 20, 30, 40, 50 years of bad behaviour, you can’t just wipe the slate clean.”
As the dust settles from Trump’s dramatic trade policy shift, the world braces for prolonged negotiations — and a turbulent economic ride ahead.