Trump Remains Defiant, Committed to His Approach as Nations React to Tariffs

US President Donald Trump defended the wide-ranging tariffs on imports that caused turmoil in global stock markets, stating, "sometimes you have to take medicine to fix something."

In a conversation with reporters aboard Air Force One late Sunday, he emphasized that these measures would bring jobs and investment back to the US, making it "wealthier than ever before."

Trump's key officials reaffirmed that the tariffs, announced the previous week, would be enforced as planned, downplaying concerns of a recession.

Just hours after Trump's remarks, stock markets in Asia saw sharp declines early Monday, with Japan's Nikkei 225 falling 6.3% and Hong Kong's Hang Seng losing 9.8%.

On Friday, all three major US stock indexes plunged by over 5%, with the S&P 500 sinking nearly 6%, marking the worst week for the US stock market since 2020.

Saudi Arabia's stock market, which operates on Sundays, closed nearly 7% down, its largest daily drop since the pandemic, according to state-run media.

US banking giant JPMorgan has forecast a 60% likelihood of a recession in both the US and globally following Trump's tariff announcement.

While aboard the presidential plane on his way back to Washington DC, Trump stated that European and Asian countries were "eager to strike a deal."

He also responded to a reporter's question about the "pain threshold" of American consumers, as concerns over significant price hikes and a potential market recession intensify.

"I think your question is so stupid," he told the reporter. "I don't want anything to go down. But sometimes you have to take medicine to fix something."

In a series of TV interviews on Sunday, Trump's top officials downplayed the recent stock market declines.

Treasury Secretary Scott Bessent told NBC's Meet the Press that there was "no reason" to anticipate a recession as a result. "This is an adjustment process," he explained.

Bessent also argued that Trump had "created maximum leverage for himself," noting that more than 50 countries had approached the administration about lowering non-tariff trade barriers, reducing tariffs, and halting currency manipulation.

Meanwhile, Commerce Secretary Howard Lutnick told CBS News that the 10% "baseline" tariff on all imports, which took effect the previous day, would "remain in place for days and weeks."

Lutnick also confirmed that the steeper reciprocal tariffs were still on track.

Higher customs tariffs on approximately 60 countries, labeled the "worst offenders," are set to take effect on Wednesday, April 9.

When asked about these tariffs, Lutnick stated, "They're coming. [Trump] announced it and he wasn't kidding."

Lutnick also defended tariffs imposed on two small Antarctic islands, home only to penguins, saying they were intended to close "loopholes" that allowed countries like China to "ship through" those regions.

Over the weekend, Indonesia and Taiwan announced that they would not impose retaliatory tariffs following the US's decision to implement a 32% levy on imports from both countries.

Vietnam's leader, To Lam, requested Trump to postpone a 46% duty on Vietnamese exports to the US for "at least 45 days," according to a letter obtained by AFP and the New York Times.

Meanwhile, China declared on Friday that it would impose a 34% tariff on all US imports, starting Thursday, April 10.

UK Prime Minister Sir Keir Starmer warned on Saturday that "the world as we knew it has ended."

Starmer stated that the UK government would continue pushing for an economic agreement with the US that would avoid some of the tariffs.

A spokesperson from Downing Street added that Starmer and Canada's new Prime Minister Mark Carney agreed in a phone conversation that "an all-out trade war is in no one's interest."

On Monday, Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with Trump for trade discussions in Washington DC.

Speaking to reporters before boarding a flight to the US, Netanyahu said he would be "the first international leader to meet with Trump" since the new tariffs were imposed.

He added that this visit highlighted their "personal connection and the strong bond between our countries, which is so crucial at this time."

Anti-Trump protests took place in cities across the US over the weekend, marking the largest nationwide demonstration against the president since he took office in January.

Hundreds of thousands gathered in cities such as Boston, Chicago, Los Angeles, New York, and Washington DC, with protesters voicing their concerns over various aspects of Trump's agenda, from social to economic issues.