logo
The Latest: Trump says he's not backing down on tariffs

The Latest: Trump says he's not backing down on tariffs

Yahoo07-04-2025

President Donald Trump remained defiant Monday as global markets continued plunging after his tariff announcement last week.
Trump has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He's singled out China as 'the biggest abuser of them all' and criticized Beijing for increasing its own tariffs in retaliation.
Here's the latest:
Finger pointing as markets plunge
The dispute over tariffs has caused some fracturing within Trump's political coalition.
Hedge fund manager Bill Ackman said the president was 'launching a global economic war against the whole world at once' and urged him to 'call a time out.'
'We are heading for a self-induced, economic nuclear winter,' he wrote on X on Sunday.
Top White House economic adviser Kevin Hassett told Fox News on Monday morning that Ackman should 'ease off the rhetoric a little bit.'
Hassett said critics were exaggerating the impact of trade disputes and talk of an 'economic nuclear winter' was 'completely irresponsible rhetoric.'
Trump digs in his heels
The president showed no interest in changing course despite turmoil in global markets.
He said other countries had been 'taking advantage of the Good OL' USA' on international trade.
'Our past 'leaders' are to blame for allowing this, and so much else, to happen to our Country,' he wrote on Truth Social. 'MAKE AMERICA GREAT AGAIN!'
Trump criticized China for increasing its own tariffs and 'not acknowledging my warning for abusing countries not to retaliate.'
In conservative Alabama, Republicans cheer for Trump — with some quiet concerns and caveats
On a day when stock markets around the world dropped precipitously, Alabama Republican Party Chairman John Wahl led a celebration of the president whose global tariffs sparked the sell-off.
With no mention of the Wall Street roller coaster and global economic uncertainty, Wahl declared his state GOP's 'Trump Victory Dinner' — and the broader national moment — a triumph. And for anyone who rejects Trump, his agenda and the 'America First' army that backs it all, Wahl had an offer: 'The Alabama Republican Party will buy them a plane ticket to any country in the world they want to go to.'
Wahl's audience — an assembly of lobbyists and donors, state lawmakers, local party officials and grassroots activists — laughed, applauded and sometimes roared throughout last week's gala in downtown Birmingham.
Yet beyond the cheerleading, there were signs of a more cautious optimism and some worried whispers over Trump's sweeping tariffs, the particulars of his deportation policy and the aggressive slashing by his Department of Government Efficiency.
▶ Read more about Trump's support in Alabama
Trump's schedule for Monday
This morning, at 11 a.m., World Series Champions, the Los Angeles Dodgers, will visit the White House and meet the president. Later, at 1 p.m., Israel Prime Minister Benjamin Netanyahu will visit the White House and meet with Trump. At 2 p.m., Netanyahu and Trump will participate in a Bilateral Meeting in the Oval Office. At 2:30 p.m., they will hold a joint news conference.
Trump says he's not backing down on tariffs, calls them 'medicine' as markets reel
Trump said Sunday 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 U.S.
Speaking to reporters aboard Air Force One, 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.'
His comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday, and after Trump's aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.
The higher rates are set to be collected beginning Wednesday. 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.'
▶ Read more about the global impact of Trump's tariffs

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

L.A. protests lead to new bill in Congress
L.A. protests lead to new bill in Congress

The Hill

time12 minutes ago

  • The Hill

L.A. protests lead to new bill in Congress

Rep. Nancy Mace (R-SC) and Rep Brandon Gill (R-TX) co-introduced the 'Lawless Cities Accountability Act' in Congress. The bill would withdraw federal funds from cities that don't stop violent unrest or don't accept help from federal law enforcement. 'We have to use the tools in our toolbox to ensure that our mayors and our governors like Gavin Newsom are following the law in this country, because if we don't have laws, we're not a country at all,' Rep. Mace told me. But will Republicans back measures like this? Of the more than 9.7 million people who live in Los Angeles County, more than 1.1 million people voted for President Trump in 2024. When I brought up the potential threat of funding to Rep. Jay Obernolte (R-CA) earlier this week warned not to 'lump everyone in California in with the actions of a few leaders.'

Trump: "Our Deal with China is DONE;" Tariffs on Chinese Goods Will RISE To 55%
Trump: "Our Deal with China is DONE;" Tariffs on Chinese Goods Will RISE To 55%

The Hill

time12 minutes ago

  • The Hill

Trump: "Our Deal with China is DONE;" Tariffs on Chinese Goods Will RISE To 55%

President Trump announced Wednesday a pending trade truce with China as the White House searches for momentum ahead of a looming deadline to strike dozens of other similar deals. The president's announcement was light on details but gave Trump and his team the chance to tout a victory during a crucial stretch for his trade agenda. Trump said the deal with China, struck following negotiations in London between his top economic officials and their Chinese counterparts, set tariff rates on U.S. and Chinese imports, allowed Chinese students to attend U.S. colleges and set terms for U.S. imports of Chinese rare earth minerals.

PBS, NPR funding on the line as House nears final vote on $9.4 billion in DOGE-backed cuts
PBS, NPR funding on the line as House nears final vote on $9.4 billion in DOGE-backed cuts

CNBC

time13 minutes ago

  • CNBC

PBS, NPR funding on the line as House nears final vote on $9.4 billion in DOGE-backed cuts

The House on Wednesday moved a step closer to approving President Donald Trump's $9.4 billion spending cut package, which would codify some cuts originally proposed by the Department of Government Efficiency. The package would grant permission to the White House not to spend billions of dollars that had already been approved by Congress. The money would be clawed back from specific agencies like the U.S. Agency for International Development (USAID) and the Corporation for Public Broadcasting, which distributes federally appropriated grants to National Public Radio (NPR) and Public Broadcasting Service (PBS). Although the Wednesday procedural vote passed largely along party lines, a final vote expected Thursday could see some resistance from House Republicans who are uneasy about the popular programs that are being targeted, like PBS and National Public Radio. Given House Speaker Mike Johnson's narrow Republican majority, he can only afford to lose a handful of votes and still push the package over the finish line on a party-line vote. Johnson said earlier this week that he was "working on" getting enough Republicans on board to pass the DOGE package, CNN reported. Wednesday's vote also finalized changes to Republicans' "big, beautiful bill" that were required by the Senate before the measure was allowed to pass with a simple majority, rather than the typical 60-vote Senate threshold. Budget measures like the "big, beautiful bill" can be considered under a special set of rules known as reconciliation. The Senate's parliamentarian, who acts as a sort of referee in disputes over Senate rules, had flagged some provisions in the package earlier that she said were incompatible with the chamber's reconciliation rules.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store