Trump forges on despite market downturn
Republican lawmakers are proposing new legislation aimed at contesting the president’s aggressive tariff policies.
TroibNews 
President Donald Trump continued to advance his global trade conflict on Monday, despite wild fluctuations in U.S. markets and pushback from Wall Street leaders, as well as members of his own party regarding the tariffs he has implemented.
On Monday, Trump threatened to impose a hefty 50 percent tariff on China while sharing social media clips of his supporters voicing approval for his tariff strategy. He also directed criticism towards Republicans who expressed concerns about his extensive retaliatory tariffs, urging on social media for people not to be "panicans."
“Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN,” Trump wrote in a post on Truth Social. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
This term appears to be a clever play on "Republicans" and coincides with a significant downturn in global financial markets. Last week, U.S. stock markets experienced one of their largest two-day declines in history.
European and Asian markets have also faced turmoil. For instance, the Euro Stoxx 50 index plummeted over 7 percent this morning, while the U.K. FTSE 100 fell more than 5 percent. In Hong Kong, stocks dropped by more than 13 percent, marking the worst day for the market since 1997.
An increasing number of Republicans are seeking ways to counter Trump’s tariff policies in light of the unfolding trade war. Six Republicans have co-sponsored a bipartisan bill introduced by Iowa Republican Senator Chuck Grassley aimed at giving Congress a say in determining new tariffs. Additionally, Republican Representative Don Bacon is anticipated to introduce a bill today focusing on reasserting congressional authority over tariffs.
Despite this pushback, Trump attempted to convey a sense of success and rejected claims on social media that he was considering a 90-day pause on tariffs, labeling the reports as “Wrong. Fake News.”
Approximately thirty minutes after his initial comments, Trump mentioned in another post that he had recently spoken with Japanese Prime Minister Shigeru Ishiba about negotiating Japan's 24 percent tariff.
“They have treated the U. S. very poorly on Trade,” Trump wrote. “They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other 'things.' It all has to change, but especially with CHINA!!!”
Japan is not alone in seeking relief from Trump’s tariff policies. Over the weekend, White House officials reported that over 50 countries had approached the U.S. regarding proposals to reconcile tariffs. Vietnam’s top leader, To Lam, spoke with Trump last week concerning the country's tariffs and recently sent a letter requesting a 45-day extension to negotiate a settlement.
However, some nations are not yielding to Trump's demands. Canada plans to implement counter tariffs on U.S. vehicle imports, while the EU proposed a “zero-for-zero” tariff framework on Monday to forestall a spiraling trade conflict, though European Commission President Ursula von der Leyen has left open the possibility of retaliatory measures.
Last week, China instituted a 34 percent retaliatory tariff on U.S. imports, with the Chinese Finance Ministry denouncing the Trump administration's actions as "a typical unilateral bullying practice." In response, Trump threatened the global economic giant with an additional 50 percent tariff on Monday.
"Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th," Trump wrote on Truth Social.
Given that Trump previously enforced 20 percent tariffs on China related to fentanyl, and subsequently announced his 34 percent "Liberation Day" tariffs, his warning suggests a potential total of 104 percent tariffs on Chinese goods.
The White House’s messaging did little to soothe Wall Street. JPMorgan Chase CEO Jamie Dimon and hedge fund billionaire and Trump supporter Bill Ackman both raised concerns about the tariffs. Dimon cautioned investors that the tariffs could damage U.S. economic alliances, while Ackman expressed on X that “Whoever is recommending that idea to President @realDonaldTrump should be fired right now.”
Amid this turmoil, Trump participated in a golf tournament in Florida over the weekend. His perceived indifference towards the market instability and rising recession fears drew considerable criticism from Democrats.
Ian Smith for TROIB News
On Monday, Trump threatened to impose a hefty 50 percent tariff on China while sharing social media clips of his supporters voicing approval for his tariff strategy. He also directed criticism towards Republicans who expressed concerns about his extensive retaliatory tariffs, urging on social media for people not to be "panicans."
“Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN,” Trump wrote in a post on Truth Social. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
This term appears to be a clever play on "Republicans" and coincides with a significant downturn in global financial markets. Last week, U.S. stock markets experienced one of their largest two-day declines in history.
European and Asian markets have also faced turmoil. For instance, the Euro Stoxx 50 index plummeted over 7 percent this morning, while the U.K. FTSE 100 fell more than 5 percent. In Hong Kong, stocks dropped by more than 13 percent, marking the worst day for the market since 1997.
An increasing number of Republicans are seeking ways to counter Trump’s tariff policies in light of the unfolding trade war. Six Republicans have co-sponsored a bipartisan bill introduced by Iowa Republican Senator Chuck Grassley aimed at giving Congress a say in determining new tariffs. Additionally, Republican Representative Don Bacon is anticipated to introduce a bill today focusing on reasserting congressional authority over tariffs.
Despite this pushback, Trump attempted to convey a sense of success and rejected claims on social media that he was considering a 90-day pause on tariffs, labeling the reports as “Wrong. Fake News.”
Approximately thirty minutes after his initial comments, Trump mentioned in another post that he had recently spoken with Japanese Prime Minister Shigeru Ishiba about negotiating Japan's 24 percent tariff.
“They have treated the U. S. very poorly on Trade,” Trump wrote. “They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other 'things.' It all has to change, but especially with CHINA!!!”
Japan is not alone in seeking relief from Trump’s tariff policies. Over the weekend, White House officials reported that over 50 countries had approached the U.S. regarding proposals to reconcile tariffs. Vietnam’s top leader, To Lam, spoke with Trump last week concerning the country's tariffs and recently sent a letter requesting a 45-day extension to negotiate a settlement.
However, some nations are not yielding to Trump's demands. Canada plans to implement counter tariffs on U.S. vehicle imports, while the EU proposed a “zero-for-zero” tariff framework on Monday to forestall a spiraling trade conflict, though European Commission President Ursula von der Leyen has left open the possibility of retaliatory measures.
Last week, China instituted a 34 percent retaliatory tariff on U.S. imports, with the Chinese Finance Ministry denouncing the Trump administration's actions as "a typical unilateral bullying practice." In response, Trump threatened the global economic giant with an additional 50 percent tariff on Monday.
"Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th," Trump wrote on Truth Social.
Given that Trump previously enforced 20 percent tariffs on China related to fentanyl, and subsequently announced his 34 percent "Liberation Day" tariffs, his warning suggests a potential total of 104 percent tariffs on Chinese goods.
The White House’s messaging did little to soothe Wall Street. JPMorgan Chase CEO Jamie Dimon and hedge fund billionaire and Trump supporter Bill Ackman both raised concerns about the tariffs. Dimon cautioned investors that the tariffs could damage U.S. economic alliances, while Ackman expressed on X that “Whoever is recommending that idea to President @realDonaldTrump should be fired right now.”
Amid this turmoil, Trump participated in a golf tournament in Florida over the weekend. His perceived indifference towards the market instability and rising recession fears drew considerable criticism from Democrats.
Ian Smith for TROIB News
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