US President Donald Trump on Sunday stood firm on his decision to implement sweeping global tariffs, calling them a necessary “medicine” to fix long-standing trade imbalances. Speaking aboard Air Force One, Trump dismissed concerns about a looming recession and growing financial instability, stressing that tough measures were needed to rebuild fair trade systems.
Markets across the globe have reacted sharply. Asian stocks tumbled on Monday, with Hong Kong’s Hang Seng Index dropping 9.4%, Japan’s Nikkei 225 falling nearly 8%, and China’s Shanghai Composite down over 6%. US stock futures also slumped, adding to investor fears of a broader economic slowdown.
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Despite international pressure, the Trump administration appears unwavering. Commerce Secretary Howard Lutnick confirmed that the tariffs would proceed as planned this week. Meanwhile, Treasury Secretary Scott Bessent and White House adviser Kevin Hassett took to Sunday talk shows to defend the tariffs, with Hassett claiming over 50 countries had already initiated talks for trade adjustments.
The policy has triggered bipartisan debate in Congress. While some lawmakers support Trump’s aggressive stance, others have introduced a bill requiring congressional approval for future tariffs. Republican Rep. Don Bacon voiced concerns over the increasing concentration of trade powers in the executive branch.
Notably, Elon Musk broke ranks with Trump’s economic team, calling for a “zero-tariff” pact between the US and Europe. His remarks were quickly rebuked by adviser Peter Navarro, who accused Musk of promoting personal business interests. As the deadline for the new tariffs looms, global markets remain braced for impact.
