Donald Trump has continued to defend his controversial introduction of sweeping tariffs on imports from America’s international allies and trading partners as stock markets around the world fluctuate amid unease about their likely economic impact.
The president insisted on Truth Social on Monday morning: “Oil prices are down, interest rates are down… food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries.”
In follow-up posts, he urged people not to panic and insisted he was talking to his fellow world leaders about the prospect of negotiating improved trading terms.
His comments came as U.S. markets dropped sharply on opening, following earlier slumps in Europe and Asia, before mounting a surprise rally.
Trump’s billionaire supporter Bill Ackman, a prominent hedge fund manager, has meanwhile called on the president to suspend his tariff program for 90 days, warning of an “economic nuclear war.”
Writing on X, Ackman pleaded with Trump to impose the delay to allow more time for negotiations and said: “Business is a confidence game. The president is losing the confidence of business leaders around the globe.”
White House official on 90-day tariff pause: ‘The president is gonna decide what the president is gonna decide’
A fake post appears to have been doing the rounds on social media today suggesting Trump was about to introduce the 90-day tariff pause as proposed by Bill Ackman, with the comment attributed to White House economic adviser Kevin Hassett.
While the suggestion may have moved the markets temporarily, Hassett said no such thing during his interview with Fox and Friends this morning.
This was his real answer on that point:
Elsewhere in the interview, Hassett played down economic concerns over the tariffs, saying the president has talked to world leaders all weekend and would listen to proposals for deals.
“He’s doubling down on something that he knows works, and he’s going to continue to do that,” the director of the National Economic Council said.
“But he is also going to listen to our trading partners, and if they come to us with really great deals that advantage American manufacturing and American farmers, I’m sure he’ll listen.”
Joe Sommerlad7 April 2025 15:30
Trump doubles down on tariffs plan as stocks continue to drop at markets opening
Here’s the latest from the president, urging Republicans not to become “panicans”, assuring us that he is busy discussing trade deals with his fellow world leaders (while also hosting the L.A. Dodgers at the White House) and insisting that there is simply nothing to worry about, whatever the tanking stock markets may say.
But, despite his best efforts, the U.S. markets have dropped sharply on opening, following similar slumps in Europe and Asia earlier this morning.
Joe Sommerlad7 April 2025 15:10
Trump tariffs in full: Every country hit and the surprising exemptions
Here’s Shweta Sharma with our guide to the president’s trade aggressions, which have rocked stock markets across the world and left him looking suddenly very isolated, with even American conservatives starting to break ranks and question his judgement.
Joe Sommerlad7 April 2025 14:50
‘Third term? Why not?’ Bernie Sanders speaks out on Trump’s future plans
The 83-year-old Vermont Democratic senator was asked by CBS yesterday if he, like many Republicans, laughs off the president’s suggestion that he could serve a third term in the White House.
“No, I don’t. The idea of a third term? Why not? They don’t believe in the rule of law. They don’t believe in the Constitution. So, yeah, I would take that seriously,” he answered.
Paul Farrell has more.
‘Third term? Why not?’
Sen. Bernie Sanders said Republicans “don’t believe in the Constitution” in a new interview with CBS News
Joe Sommerlad7 April 2025 14:30
The best signs from the ‘Hands Off’ protests against Trump
Millions of people took to the streets of American cities (and worldwide) over the weekend to protest Donald Trump and Elon Musk’s actions.
Here’s Inga Parkel on the wittiest signs spotted.
Joe Sommerlad7 April 2025 14:10
Voices: Trump has made China appear a beacon of free trade
Beijing’s retaliation against the 47th president’s tariffs reveals his trade war is breaking the old order, argues Michael Sheridan.
Joe Sommerlad7 April 2025 13:50
Musk appears to criticize Trump tariffs with Milton Friedman clip
The president’s billionaire special adviser appears to be further signaling his disapproval of Trump’s economic moves by posting a clip on X of Friedman, the celebrated free market economist, offering the humble pencil as an example of globalisation in action and stressing the importance of unimpeded trade between nations in yielding not only affordable goods but also “harmony and peace” around the world.
Here’s Musk’s very own Grok AI tool to further spell it out:
Joe Sommerlad7 April 2025 13:30
Ackman reiterates fears over ‘major policy error’ as JPMorgan boss issues his own tariff warning
Trump-backing hedge fund manager Bill Ackman has apologized for criticizing Commerce Secretary Howard Lutnick in his long post fretting about the tariffs leading to “economic nuclear war” but doesn’t actually sound like he’s changed his position or been reassured.
Meanwhile, JPMorgan Chase CEO Jamie Dimon has issued a warning of his own in his latest annual letter to the bank’s shareholders, writing: “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.
“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
He adds, ominously: “If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time.”
Joe Sommerlad7 April 2025 13:10
Analysis: Trump and Musk constructed an alternate reality and now we’re all living in it
Here’s Kelly Rissman on the unreality of the last three months, which has left even the experts reeling and reluctantly agreeing with Trump that we have indeed “never seen anything like this.”
Joe Sommerlad7 April 2025 12:50
Discover more from Cave News Times
Subscribe to get the latest posts sent to your email.
Discussion about this post