As markets tumble and fears grow over a global trade war in response to President Trump’s tariffs, he has advised Americans to « be strong » and « hang tough. »
President Trump has vehemently defended the sweeping tariffs unveiled by his administration on what he dubbed « Liberation Day » last week, even as they threaten to spark a global trade war and have sent stock markets tumbling around the world.
In the United States, many are concerned about levies driving up the price of everyday goods, and Goldman Sachs economists on Monday cited them in a report raising the odds of a recession to 45%. JPMorgan CEO Jamie Dimon cautioned the tariffs could slow the economy and « will likely increase inflation. »
Mr. Trump on April 2 announced a baseline 10% tax on all U.S. imports, plus additional « reciprocal » tariffs on imports from 90 countries. He pitched the tariffs as a strategy to reduce the trade deficit between the U.S. and other global powers, including China and the European Union.
CBS News 24/7 is answering your questions about tariffs in a special airing on Wednesday at 6 p.m. ET. Download the CBS News app on your phone or connected TV to watch it live.
In addition to the baseline tax, Mr. Trump had said China would face a « reciprocal » levy of 34%, and in response to Beijing’s retaliatory tariffs on U.S. exports, the president has threatened to impose an additional 50% tariff on China if it does not lift those duties by Tuesday.
As markets fall, and with his reciprocal import duties set to take effect on Wednesday, here’s what Mr. Trump has said about the tariffs.No pause in tariffs
During a meeting with Israeli Prime Minister Benjamin Netanyahu, Mr. Trump confirmed on Monday that he’s not looking at any pauses in tariffs. When reporters asked about mixed messages from his administration on whether the tariffs are permanent or open to negotiation, the president said « they both can be true. »
« We have many, many countries that are coming to negotiate deals with us, and they’re going to be fair deals », Mr. Trump said. « No other president’s going to do this, what I’m doing.
