In brief
President Trump's advisers are doubling down on tariffs amidst significant market declines, with claims of negotiations brewing with over 50 countries. While protests erupt across the U.S., officials insist tariffs will remain.
In a bold move reflecting commitment to President Donald Trump's economic strategy, his advisers have pledged to uphold recently implemented sweeping tariffs on imports, even as markets face substantial volatility. Treasury Secretary Scott Bessent downplayed recent drops in stock values, asserting there's "no reason" to predict a recession. Commerce Secretary Howard Lutnick echoed his sentiments, declaring on CBS, "tariffs are coming," with a baseline 10% tariff officially in place.Amidst U.S. stock indexes plummeting more than 5% and Saudi Arabia’s stock exchange experiencing a record drop, Trump’s team remains undeterred. Lutnick confirmed that additional tariffs aimed at about 60 "worst offender" nations are forthcoming. He asserted these steps position Trump favorably in trade negotiations, as over 50 countries have expressed a willingness to discuss altering their trade barriers and tariffs.Leaders of Indonesia and Taiwan have affirmed they will not retaliate against the U.S. tariffs, while Vietnam's government has requested a delay on a hefty duty imposed on its exports. Interestingly, China promptly announced a response by initiating a 34% tariff on all U.S. imports.In the UK, Prime Minister Sir Keir Starmer warned that the global economic landscape has dramatically shifted and emphasized the need for a trade deal that circumvents escalating tariffs. Likewise, Canadian Prime Minister Mark Carney shared similar concerns, condemning the potential for a widespread trade war.Protests erupted across America, indicating growing dissatisfaction towards Trump's tariffs and policies, with hundreds of thousands joining in demonstrations from Boston to Los Angeles. As markets braced for further uncertainty, the reaction of Asian exchanges remains to be seen as investors await Monday's trading day.
