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
Trump says businesses aren’t worried about tariffs
In a new social media post Friday evening, President Donald Trump continued to paint a rosy picture when it comes to the plan for tariffs he unveiled earlier this week.
“Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy,” Trump wrote.
“Very important. Going on right now!!!” he continued.
-ABC News' Kelsey Walsh
Trump reacts to rough market day with all caps post
As markets tumbled and fears of recession grew, Trump had no public events and spent most of it playing golf at the Trump International Golf Club.
Trump arrived at the golf club at 9:45 a.m., according to the pool traveling with him, and left the club around 3:30 p.m.
However, on Friday afternoon, he posted a five word message in all caps post on Truth Social.
"ONLY THE WEAK WILL FAIL!"
-ABC News' Michelle Stoddart
Stephen Miller brushes off recession concerns as markets tumbles
As stock markets see record losses stemming from President Donald Trump's tariffs, White House deputy chief of staff Stephen Miller brushed off concerns about a recession.
"The exact opposite," Miller told Fox News before blaming Biden for the country's economic woes.
Schumer calls on Republicans to join tariff limit bill
Senate Minority Leader Chuck Schumer spoke with reporters on the Hill Friday and called on more Republicans to join a bipartisan bill from Sens. Maria Cantwell and Chuck Grassley to limit President Donald Trump's ability to issue future tariffs.
He warned tariffs will "hurt the whole economy."
"The business community is totally nervous about this. What makes it cause a recession? Businesspeople like certainty, and when Trump is all over the lot, issues new things every day, and it's so erratic, and now we have China retaliating," Schumer said.
-ABC News' Jay O'Brien