President Donald Trump continues to defend his tariff policies, which have caused uncertainty and disruption in global markets. Trump emphasized that these measures are necessary to “fix” the economy, asserting that they are a crucial step in bringing back investments and jobs to the United States, enabling the country to become “richer than ever before,” according to RKS NEWS.
His comments came ahead of a dramatic drop in Asian markets on Monday morning, with Japan’s Nikkei 225 index falling by 6.3% and Hong Kong’s Hang Seng shrinking by 9.8%. Financial markets in the U.S. also faced a tough week, with the S&P 500 index dropping by about 6% over the weekend.
JP Morgan, a major American bank, has predicted a 60% chance of a global recession due to Trump’s decision to impose new tariffs. However, members of the Trump administration have dismissed these concerns, calling the situation part of an ongoing “adjustment process.”
Secretary of the Treasury, Scott Bessent, announced that more than 50 countries have requested discussions to lower trade barriers and mitigate the negative impacts of the tariff policies. He added that many nations are keen on reaching an agreement that would help stabilize the markets.
On the other hand, Secretary of Commerce Howard Lutnick confirmed that the new 10% tariff will remain in place for “days and weeks,” while higher tariffs for countries deemed to be the “biggest offenders” will take effect on April 9. Lutnick also defended the U.S. decision to impose tariffs on small territories in Antarctica, explaining that it was a measure to prevent legal abuses used by China in transporting goods.
China responded by announcing a 34% tariff on all U.S. imports, which will take effect on April 10. At the same time, countries like Indonesia and Taiwan have refused to impose retaliatory tariffs against the U.S. policies. Vietnam’s leader, To Lam, has called on Trump to delay a new 46% tariff on Vietnamese exports for a 45-day period to allow time for negotiations toward a potential agreement.
