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US President Donald Trump said on Monday that he has no plans to pause his aggressive tariff strategy, despite mounting pressure from plunging financial markets and business leaders urging a rethink. “We’re not looking at that,” he told reporters when asked whether he might consider halting newly announced tariffs to allow room for negotiation.
Trump insisted that negotiations with other countries were still happening, but on his terms. “We have many, many countries that are coming to negotiate deals with us. And they’re going to be fair deals,” he said. “In certain cases, they’re going to be paying substantial tariffs.” Sitting beside Israeli Prime Minister Benjamin Netanyahu in the Oval Office, Trump confirmed that he had spoken with the Japanese prime minister earlier in the day, calling it a “very good conversation.”
Trump also added that he is considering ‘permanent tariffs’ on some countries, “It There can be permanent tariffs, and there can also be negotiations because there are things that we need beyond tariffs.”
Earlier, Trump had doubled down on the possibility of further penalties against China, warning, “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.” The new measures would raise overall U.S. tariffs on Chinese goods to a staggering 104%.
Despite Wall Street’s hopes for a pause, Trump remained unmoved. A false report earlier in the day that he might freeze tariff implementation briefly sent stocks soaring, only for them to tumble again after the rumour was denied by the White House. “Fake news,” said a White House spokesperson.
Markets reel as tariff fears deepen
The S&P 500 slipped into bear market territory on Monday, falling more than 20% from its recent peak as investors braced for a prolonged trade war. The Dow Jones Industrial Average dropped 349 points, while the Nasdaq composite ended the day slightly higher, reflecting wild swings throughout trading.
Stocks briefly rallied after rumours of a 90-day tariff pause, only to fall sharply again when Trump confirmed he would not soften his stance. “Sometimes you have to take medicine to fix something,” he said over the weekend.
Oil prices dipped below $60 a barrel, Bitcoin slumped below $79,000, and markets in Asia were battered, with Hong Kong suffering its worst single-day loss since 1997. Despite the chaos, Trump remained defiant: “Be strong, courageous, and patient, and GREATNESS will be the result!”
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