President Donald Trump said on Sunday that he will keep the broad tariffs on imports from most countries unless they correct their trade imbalances with the U.S. He stood firm on his tariff plans, which have shaken global markets, raised concerns of a recession, and disrupted global trade.
Speaking to reporters on Air Force One, Trump said he doesn’t want to see markets drop but isn’t worried about the sell-off either, adding, “Sometimes you have to take medicine to fix something.”
His remarks came as markets around the world braced for further declines when trading opens Monday. Meanwhile, Trump’s aides tried to calm fears by saying over 50 countries had reached out to start talks on lifting the tariffs.
“I spoke to a lot of leaders, European, Asian, from all over the world,” Trump said. “They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that, because to me a deficit is a loss. We’re going to have surpluses or at worst, going to be breaking even.”
The new tariff rates are scheduled to take effect Wednesday, starting a period of economic uncertainty with no clear timeline. Treasury Secretary Scott Bessent said unfair trade practices aren’t “the kind of thing you can negotiate away in days or weeks.” The U.S., he said, must evaluate “what the countries offer and whether it’s believable.”
While staying in Florida and playing golf over the weekend, Trump posted online, “WE WILL WIN. HANG TOUGH, it won’t be easy.” His Cabinet members and economic team appeared on Sunday shows to support the tariffs and downplay their effects on the global economy.
Howard Lutnick holds a chart of President Donald Trump speaking at an event“There doesn’t have to be a recession. Who knows how the market is going to react in a day, in a week?” Bessent said. “What we are looking at is building the long-term economic fundamentals for prosperity.”
U.S. stock futures fell Sunday night as the tariff concerns continued. S&P 500 futures were down 2.5%, Dow futures dropped 2.1%, and Nasdaq futures slid 3.1%. Even bitcoin, which had been steady recently, fell almost 6%.
Asian markets dropped sharply. Japan’s Nikkei 225 lost nearly 8% at the open and was down 6% by midday. A circuit breaker halted trading of Topix futures after U.S. futures declined sharply. Chinese markets also fell, with Hong Kong’s Hang Seng down 9.4% and the Shanghai Composite down 6.2%.
Trump’s tariff push, first announced on April 2, delivered on a campaign promise. He acted without Congress to reshape global trade, something he has criticized for decades. He is betting that Americans will accept higher prices in return for his trade goals.
Top White House economic adviser Kevin Hassett admitted other countries are “angry and retaliating,” but added, “by the way, coming to the table.” He said the U.S. Trade Representative reported that more than 50 nations have contacted the White House to begin discussions.
The new tariffs are affecting U.S. allies and rivals alike. Israel faces a 17% tariff, and its Prime Minister Benjamin Netanyahu is scheduled to visit the White House Monday. His office said the tariffs will be discussed along with the Gaza conflict and other topics.
Vietnam, a major clothing producer, has also contacted the U.S. about the tariffs. Trump said Vietnam’s leader called him and said the country “wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.” Italian Prime Minister Giorgia Meloni said she disagreed with Trump’s action but was “ready to deploy all the tools — negotiating and economic — necessary to support our businesses and our sectors that may be penalized.”
Commerce Secretary Howard Lutnick confirmed there would be no delay to the tariffs, which are only days away. “The tariffs are coming. Of course they are,” he said. He said Trump needed to change the direction of global trade, but added the tariffs would “definitely” stay in place “for days and weeks.”
Peter Navarro arrives before President Donald Trump speaks at an eventIn Congress, where free trade has long had support from Trump’s party, there is both approval and concern about the tariffs.
Several Republican senators are backing a bipartisan bill that would require presidents to explain new tariffs to Congress. Lawmakers would have 60 days to approve them, or the tariffs would expire. Nebraska Representative Don Bacon said he would introduce a version of the bill in the House, arguing that Congress should take back its trade powers.
“We gave some of that power to the executive branch. I think, in hindsight, that was a mistake,” Bacon said. He added that passing the bill would be difficult unless markets keep reacting badly and economic indicators like inflation and unemployment worsen.
Senator John Barrasso of Wyoming, the second-highest-ranking Republican in the Senate, said Trump “is doing what he has every right to do.” But he admitted, “there is concern, and there’s concern across the country. People are watching the markets.”
“There’ll be a discussion in the Senate,” Barrasso said. “We’ll see which way the discussion goes.”
Trump’s cost-cutting adviser, Elon Musk, had stayed quiet on tariffs but said at a weekend event in Italy that he’d like to see both the U.S. and Europe move to “a zero-tariff situation.” Musk’s comment drew a reaction from White House trade adviser Peter Navarro.
“Elon, when he is on his DOGE lane, is great. But we understand what’s going on here. We just have to understand. Elon sells cars,” Navarro said. He added: “He’s simply protecting his own interest as any business person would do.”
Trump signaled disagreement with Musk, saying of the European Union, “They want to talk, but there’s no talk unless they pay us a lot of money on a yearly basis.”
Former Treasury Secretary Lawrence Summers said the administration is sending mixed signals. He questioned how the U.S. can promote manufacturing while being open to deals that might eliminate tariffs.
If countries agree to drop tariffs and the U.S. does the same, he said, “it’s just making a deal, then we don’t raise any revenue nor do we get any businesses to relocate to the United States. If it’s a permanent revenue source and trying to get businesses to relocate to the United States, then we’re going to have these tariffs permanently. So the president can’t have it both ways.”
Bessent appeared on NBC’s Meet the Press, Hassett and Summers were on ABC’s This Week, Lutnick and Barrasso were on CBS’ Face the Nation, and Navarro was interviewed on Fox News Channel’s Sunday Morning Futures.
