WEST PALM BEACH, Fla. President Donald Trump has reaffirmed his commitment to imposing sweeping tariffs on imports from across the globe, calling them necessary “medicine” for the U.S. economy despite fears of a looming recession, market turmoil, and international pushback.
Speaking aboard Air Force One on Sunday, Trump made it clear that he has no plans to reverse course. “Sometimes you have to take medicine to fix something,” he told reporters, referencing the economic turbulence triggered by the new trade policy. “I spoke to a lot of leaders, European, Asian, from all over the world. 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 tariffs, which take effect on Wednesday, have already rattled global markets. On Sunday evening, U.S. stock futures plummeted, with the Dow Jones Industrial Average and S&P 500 dropping nearly 4% and the Nasdaq falling nearly 5%. Even bitcoin, previously steady amid volatility, slipped nearly 6%.
Trump posted online, urging Americans to brace themselves: “WE WILL WIN. HANG TOUGH, it won’t be easy.”
The move, announced on April 2, fulfills a long-standing campaign promise and represents a dramatic reshaping of global trade rules. Trump’s administration, without approval from Congress, introduced the tariffs as a tool to force foreign governments to negotiate better terms. According to top officials, over 50 countries have already reached out to initiate talks.
Despite market jitters, Trump’s Cabinet members and senior advisers took to Sunday talk shows to defend the administration’s stance. Treasury Secretary Scott Bessent emphasized that the U.S. would be patient: “Unfair trade practices are not the kind of thing you can negotiate away in days or weeks… We must see what the countries offer and whether it’s believable.”
Commerce Secretary Howard Lutnick was equally firm. “The tariffs are coming. Of course they are,” he said, underscoring that Trump seeks to reset decades of global trade imbalance.
Yet the tariffs are not sparing allies. Israel, a close partner, will face a 17% tariff. Israeli Prime Minister Benjamin Netanyahu, scheduled to visit Washington this week, is expected to raise the issue in a joint press conference with Trump. Vietnam’s leader, in a phone call with Trump, reportedly expressed willingness to reduce tariffs “to ZERO” if an agreement is reached. Italy’s Prime Minister Giorgia Meloni said she disagreed with the policy but remained “ready to deploy all the tools — negotiating and economic — necessary to support our businesses.”
On Capitol Hill, reactions remain mixed. While many Republicans back the President’s approach, others are alarmed by the sweeping scope and potential fallout. Some lawmakers are proposing a bipartisan bill that would restore Congress’ authority to approve tariffs. Rep. Don Bacon (R-Neb.) said, “We gave some of that power to the executive branch. I think, in hindsight, that was a mistake.”
Sen. John Barrasso (R-Wyo.), the second-ranking Senate Republican, noted, “There is concern, and there’s concern across the country. People are watching the markets. There’ll be a discussion in the Senate. We’ll see which way the discussion goes.”
Meanwhile, Tesla CEO and Trump’s Department of Government Efficiency head Elon Musk weighed in during an event in Italy, stating that he preferred a “zero-tariff situation” between the U.S. and Europe. That drew a sharp rebuke 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… He’s simply protecting his own interest as any business person would do.”
Trump also seemed to distance himself from Musk’s position, saying, “They [the EU] 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 criticized the administration for sending mixed signals. “If other countries eliminate their tariffs, and the U.S. does, too, 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. … So the president can’t have it both ways,” he said.
As markets brace for further volatility, Trump’s bold tariff gambit is poised to test both the durability of the global trading system and the patience of American voters.
Edgaroo Hernal started college at UP Diliman and received his BA in Economics from San Sebastian College, Manila, and Masters in Information Systems Management from Keller Graduate School of Management of DeVry University in Oak Brook, IL. He has 25 years of copy editing and management experience at Thomson West, a subsidiary of Thomson Reuters.
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