US President Donald Trump on Sunday doubled down on his decision to impose sweeping tariffs on imports from around the world, saying he would not back off unless trade imbalances with the US were addressed.
Speaking to reporters aboard Air Force One, Trump acknowledged the economic uncertainty caused by the tariffs but said the move was necessary for long-term stability.
When asked, “Is there pain in the market at some point you’re unwilling to tolerate?”
“I think your question is so stupid,” Trump reacted fiercely to the reporter’s question.
“I don’t want anything to go down, but sometimes you have to take medicine to fix something and we have been treated so badly by other countries,” Trump said, referring to the sharp market downturn triggered by his trade moves.
The president’s comments came as global markets braced for further volatility, with US stock futures plunging Sunday evening; Dow and S&P 500 futures dropped nearly 4 per cent, while Nasdaq futures fell nearly 5 per cent. Bitcoin also declined about 6 per cent.
Despite rising fears of a recession, Trump showed no signs of backing down. “They’re dying to make a deal,” he said of world leaders, adding, “We’re not going to have deficits with your country. We’re going to have surpluses or, at worst, going to be breaking even.”
Treasury secretary Scott Bessent said these were not issues that could be resolved overnight and that the US would assess offers carefully.
Top economic adviser Kevin Hassett admitted that some countries were retaliating but claimed more than 50 nations had approached the White House to start negotiations.
While Trump spent the weekend golfing in Florida, his administration worked to defend the tariffs publicly. “There doesn’t have to be a recession,” Bessent said. “What we are looking at is building the long-term economic fundamentals for prosperity.”
Trump also took to social media to rally support, posting, “WE WILL WIN. HANG TOUGH, it won’t be easy.”
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