Trump defends tariffs, calls them economic medicine
In Congress, the response to the tariff policies promoted by former President Donald Trump has been mixed, even within his own Republican Party, which has historically supported free trade. While some GOP lawmakers have praised the tariffs as a necessary measure to protect American industries and reduce reliance on foreign imports, others have expressed growing concern. The shift in stance represents a significant departure from the party’s traditional economic ideology, sparking debate over the long-term effects of such trade barriers. Critics within the party worry that these tariffs may lead to higher costs for American businesses and consumers, disrupt global supply chains, and invite retaliatory measures from trading partners. Despite these concerns, Trump and his allies continue to present tariffs as a form of economic “medicine” meant to strengthen domestic manufacturing and address trade imbalances. The division among Republicans highlights a broader tension within the party between adhering to its foundational principles of open markets and embracing a more protectionist approach aimed at economic nationalism. As the conversation continues, the future direction of GOP trade policy remains uncertain.
West Palm Beach: President Donald Trump reiterated on Sunday that he remains firm on imposing sweeping tariffs on imports from most countries, saying he will only consider pulling back if trade becomes more balanced in America’s favor. Despite global market turmoil and recession fears, Trump doubled down on his economic strategy, portraying the tariffs as a necessary remedy to fix what he sees as long-standing trade inequities.
While speaking to journalists aboard Air Force One, Trump insisted he wasn’t seeking market instability, but at the same time, he was unbothered by recent steep losses on Wall Street. “Sometimes, you need to take your medicine if you want to heal something,” he said, signaling no intention to reverse course.
Trump’s remarks came as global financial markets faced the likelihood of another turbulent week. The administration attempted to calm investor fears, noting that over 50 countries had shown interest in initiating talks to lift the tariffs.
“I’ve had conversations with numerous world leaders — from Europe, Asia, you name it,” Trump said. “They’re eager to strike a deal. I told them, we’re not going to tolerate trade deficits anymore. That’s a loss for us. We want either surpluses or, at the very least, balanced trade.”
The new tariff rates are scheduled to go into effect on Wednesday, signaling the start of what may be a prolonged period of economic instability. Treasury Secretary Scott Bessent said these trade disputes involve deeply embedded issues that can’t be resolved overnight. “You can’t negotiate away unfair trade in a few days or weeks,” Bessent remarked. “We need to assess the offers coming in — and decide if they’re trustworthy.”
While spending the weekend golfing in Florida, Trump took to social media with a defiant message: “WE WILL WIN. HANG TOUGH, it won’t be easy.” His economic team echoed the same message in media appearances, defending the tariff decision and attempting to play down the broader economic risks.
“There’s no guarantee of a recession,” Bessent said. “Markets fluctuate all the time. What we’re doing is laying the groundwork for a strong economic future.”
Nevertheless, the markets responded negatively. Futures for the Dow Jones Industrial Average and the S&P 500 both fell nearly 4% on Sunday evening, while Nasdaq futures plunged almost 5%. Bitcoin also dropped about 6%, despite showing stability the previous week.
Trump’s tariff action, officially launched on April 2, fulfills one of his key campaign promises. By bypassing Congress, he acted unilaterally to reshape global trade, a move he has long advocated. Trump is betting that American voters are ready to absorb temporary price hikes in exchange for what he describes as long-term economic independence.
Many countries are now scrambling to craft responses. China and other affected nations have already initiated retaliatory tariffs of their own.
White House economic adviser Kevin Hassett acknowledged global frustration, noting, “Yes, countries are retaliating, and yes, they’re coming to the table.” Hassett cited the U.S. Trade Representative’s office, which reported outreach from over 50 nations wanting to begin discussions.
The tariffs have impacted both adversaries and allies of the U.S. Israel, for instance, now faces a 17% tariff. Prime Minister Benjamin Netanyahu is set to visit Washington and will address the issue with Trump alongside topics like the conflict in Gaza.
Vietnam, another close U.S. trade partner and a hub for global manufacturing, has also contacted Washington. Trump said the Vietnamese leader told him during a phone call that his country is willing to reduce tariffs to zero if a deal can be struck with the U.S. Meanwhile, Italian Prime Minister Giorgia Meloni, although critical of the tariffs, said she’s prepared to use negotiation and economic tools to protect Italian industries.
Commerce Secretary Howard Lutnick confirmed that there would be no delay in the rollout of the tariffs. “They’re absolutely going into effect,” he stated. “The global trade structure needs a reset, and this is the way to do it.” However, Lutnick only guaranteed that the tariffs would remain “for days and weeks,” not offering clarity beyond that.
On Capitol Hill, the reaction has been mixed. Although the Republican Party — traditionally pro-free trade — has members who support Trump’s tariff push, others are sounding alarms.
Some Republican lawmakers have joined Democrats in introducing legislation requiring future tariffs to be approved by Congress within 60 days. If such approval isn’t granted, the tariffs would automatically expire. Rep. Don Bacon from Nebraska said he plans to introduce a House version of the bill. “We handed too much power to the executive branch when it comes to trade. Looking back, I think that was an error,” he said. Still, Bacon admitted that pushing the bill through Congress would be an uphill battle unless markets continue to spiral or indicators like inflation and unemployment worsen.
Senator John Barrasso of Wyoming, a senior GOP leader, said Trump has the authority to act, but admitted there are real worries. “People across the country are watching the markets nervously,” Barrasso noted. “There’s definitely going to be a discussion about this in the Senate. We’ll see how it unfolds.”