President Donald Trump has said that he won't back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the US, digging in on his plans to implement the taxes that have sent financial markets reeling, raised fears of a recession and upended the global trading system.
Speaking to reporters aboard Air Force One on Sunday, Trump said he didn't want global markets to fall, but also that he wasn't concerned about the massive sell-off either, adding, "Sometimes you have to take medicine to fix something."
He claimed that world leaders are "dying to make a deal."
"They are coming to the table. They want to talk, but there's no talk unless they pay us a lot of money on a yearly basis," Trump said.
Earlier, Treasury Secretary Scott Bessent said unfair trade practices are not "the kind of thing you can negotiate away in days or weeks." The United States, he said, must see "what the countries offer and whether it's believable."
"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."
Some traders believe the stock market will make a comeback this week, but sustainability remains in doubt.
Week of turbulence
Trump's comments come as Asian markets posted steep losses and US stocks opened sharply lower as investors registered concerns that Trump's tariffs could lead to higher prices, weaker demand, lower confidence and potentially a global recession.
Investors and political leaders have struggled to determine whether Trump's tariffs are here to stay, part of a permanent new regime or a negotiating tactic to win concessions from other countries.
On Sunday morning talk shows, Trump's top economic advisers sought to portray the tariffs as a savvy repositioning of the US in the global trade order.
Some traders believe the stock market will at least attempt to stage a comeback of sorts.
"Sometime this week, it's probably inevitable that we will have an up day," said Steve Sosnick, chief investment strategist at Interactive Brokers, ahead of futures opening.
The question remains about the sustainability of any rally.
