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President Donald Trump is brushing off concerns from business leaders over his planned tariffs on major U.S. trading partners, dismissing fears of economic uncertainty and the potential for a recession. Despite market turmoil and warnings from economists, Trump remains firm on his approach, asserting that the policy will ultimately benefit the U.S. economy.
“April 2nd, it becomes all reciprocal,” Trump said in a taped interview on Fox News Channel’s Sunday Morning Futures. “What they charge us, we charge them.”
The new tariffs—set to match those imposed by other countries on American goods—come after Trump briefly imposed and then paused a 25% tariff on imports from Mexico and Canada, a move that rattled markets. While he did not rule out the possibility of a recession in 2025, he insisted that the transition to his tariff policies would lead to long-term economic gains.
“I hate to predict things like that. There is a period of transition because what we’re doing is very big,” Trump said when asked about recession risks. “We’re bringing wealth back to America. That’s a big thing. It takes a little time.”
Wall Street has reacted sharply to the uncertainty surrounding Trump’s trade policies, with markets experiencing volatility over fears of a trade war. The Atlanta Federal Reserve has warned of a possible economic contraction in the first quarter, adding to concerns about the broader impact of Trump’s tariff strategy.
Still, Trump dismissed business complaints, arguing that past trade policies have unfairly disadvantaged the U.S. economy.
“For years the globalists, the big globalists have been ripping off the United States,” Trump said. “All we’re doing is getting some of it back, and we’re going to treat our country fairly.”
Commerce Secretary Howard Lutnick confirmed that additional tariffs are set to roll out this week. Speaking on NBC’s Meet the Press, Lutnick announced that 25% tariffs on steel and aluminum imports will take effect Wednesday. However, Trump’s threatened tariffs on Canadian dairy and lumber will be delayed until April.
“Will there be distortions? Of course,” Lutnick acknowledged. “Foreign goods may get a little more expensive. But American goods are going to get cheaper, and you’re going to be helping Americans by buying American.”
Trump’s tariffs have largely spared American car manufacturers, lifting previous duties on imports from Mexico and Canada. However, tariffs on Chinese goods remain in place, with additional trade measures potentially on the horizon.
With economic uncertainty mounting, businesses and economists will be closely watching the impact of Trump’s trade policies in the coming months, as the administration’s “America First” strategy continues to reshape global trade relations.
