President Donald Trump on Sunday refused to back down from his sweeping tariffs on imports from most of the world, insisting they will remain unless other nations balance their trade with the United States. His comments, made aboard Air Force One, come despite financial markets reeling, fears of a global recession escalating, and growing political backlash at home and abroad.
“I don’t want the markets to fall, but sometimes you have to take medicine to fix something,” Trump said, doubling down on his belief that trade deficits represent a loss and promising that the U.S. would no longer tolerate imbalanced trade relationships. “We’re going to have surpluses or at worst, going to be breaking even,” he added, claiming that leaders from across Europe and Asia were “dying to make a deal.”
The higher tariffs, announced April 2 and scheduled to be enforced starting Wednesday, have already triggered a wave of economic uncertainty. U.S. stock futures plunged Sunday evening, with Dow and S&P 500 futures down nearly 4% and Nasdaq futures falling by almost 5%. Even bitcoin dropped by 6% in response to the instability.
Trump’s decision fulfills a key campaign promise to “reset” global trade rules, bypassing Congress to act unilaterally. Treasury Secretary Scott Bessent acknowledged the turbulence, noting that unfair trade practices “can’t be negotiated away in days or weeks.” He insisted that the U.S. would judge trade partners by their offers and credibility.
Amid concerns, Trump took to social media with a bold message: “WE WILL WIN. HANG TOUGH, it won’t be easy.” His cabinet officials and economic advisers fanned out across media platforms on Sunday, defending the tariffs while brushing off fears of an imminent recession.
“We’re building long-term economic fundamentals,” Bessent said. “Markets may fluctuate, but our focus is prosperity.”
Reactions from U.S. allies have been mixed, with countries like Israel and Vietnam scrambling for exemptions. Even Israeli Prime Minister Benjamin Netanyahu, set to meet Trump on Monday, is expected to raise the tariffs during their discussions. Vietnam’s leadership reportedly told Trump they would drop tariffs to zero if a deal could be reached.
European leaders, too, have expressed frustration. Italian PM Giorgia Meloni opposed the move but said she was prepared to deploy “all tools” to protect Italy’s businesses. In total, over 50 nations have reached out to Washington to begin negotiations, according to the Office of the U.S. Trade Representative.
The tariffs are also sparking political tension at home. While many Republicans support Trump’s trade vision, there is mounting discomfort. Several GOP senators are backing a bipartisan bill that would require any new tariffs to be approved by Congress within 60 days. Nebraska Rep. Don Bacon said he would introduce a House version, calling past decisions to cede tariff powers to the president a mistake.
Still, some Republican leaders remain cautious. Sen. John Barrasso, a senior figure in GOP leadership, defended Trump’s right to act but acknowledged growing concerns. “There is concern across the country,” he said. “People are watching the markets. There’ll be a discussion in the Senate. We’ll see which way it goes.”
As America heads into a new chapter of economic nationalism, Trump’s high-stakes gamble is testing both global alliances and domestic patience — with no clear resolution in sight.
