Trump addresses stock market losses, China trade deficit
The president spoke with reporters aboard Air Force One on Sunday.
The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.
On Sunday, ABC's "This Week" anchor George Stephanopoulos pressed White House National Economic Council Director Kevin Hassett about Trump reposting a video that said he was tanking the markets to force the Fed to lower interest rates. Hassett said Trump was entitled to his opinion, but denied that his tariff policy was intended to put pressure on the Fed to lower rates.
Trading on Thursday and Friday marked the worst days for U.S. stocks since 2020.
Key Headlines
- Economic adviser denies Trump’s tanking markets to force rate cuts
- House Republican also planning bill to rein in Trump’s tariff authority
- Trump delivers message to Americans as tariffs take effect: 'HANG TOUGH'
- Universal 10% tariffs in effect as Wall Street continues reeling
- Trump says businesses aren’t worried about tariffs
Mexican president reacts to tariffs
Mexican President Claudia Sheinbaum Pardo spoke confidently Thursday about Mexico’s position regarding the new tariffs imposed by President Donald Trump Wednesday, saying that despite “some specifications,” no additional tariffs have been imposed on Mexico.
"We still have some decrees that President Trump signed on the automotive industry and steel and aluminum, but that's for everyone," she said. "We are still in talks with the U.S. government, the secretary of economy has a very good relationship with the secretary of commerce. The economy secretary will most likely travel to Washington next week."
In response to questions, she further elaborated on how Mexico is managing to mitigate the effects of tariffs through the integration of the automotive industry with the United States.
-ABC News' Somayeh Malekian and Anne Laurent
German minister says Trump 'will buckle under pressure'
German Economy Minister Robert Habeck said in a news conference on Thursday that President Donald Trump will buckle under pressure from Germany and Europe in an escalating trade war.
"That is what I see, that Donald Trump buckles under pressure, corrects his announcements under pressure, but the logical consequence is that he must also feel the pressure, and this pressure must now be exerted from Germany, from Europe," Habeck said.
He urged the European Union to act in a united and strong manner in response to the new tariffs on EU imports into the U.S.
-ABC News' Somayeh Malekian
Some countries preemptively tried to lower trade barriers, Trump still hit them with tariffs
The Trump administration is still slapping new tariffs on several countries that preemptively tried to lower trade barriers with the United States to avoid getting targeted.
For example, Israel was hit with a 17% tariff despite completely scuttling all of its tariffs on U.S. goods.
Vietnam was hit with a 46% tariff, even though it preemptively cut tariffs on cars, liquefied natural gas and ethanol products, among other items, to reduce its trade surplus with the United States.
-ABC News' Ben Siegel
French PM Macron calls for suspension of US investments, plans counter tariffs
French Prime Minister Emmanuel Macron joined the growing criticism of Trump's tariffs from allies labeling the tariffs "brutal and unfounded."
In a speech given at the Elysée Palace as he welcomed representatives from the most impacted sectors, he declared that the measures will leave the American economy, both businesses and citizens, "weaker and poorer."
Macron also called for a suspension of planned investments in the U.S. by European companies until there is greater clarity on trade policies.
He vowed that "there will be a European response."
The first one will come in mid-April on tariffs that were already announced on steel and aluminum, and then a "more massive" response concerning yesterday's announcement will come at the end of the month.
-ABC News' Hugo Leenhardt