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Aboard Air Force One, President Donald Trump declared Sunday that his sweeping tariffs on imports from most of the world will remain in place unless other countries eliminate trade deficits with the U.S.
“We’re not going to have deficits with your country,” Trump said. “To me, a deficit is a loss. We’re going to have surpluses or at worst, going to be breaking even.”
His comments came as global markets continue to nosedive, with U.S. stock futures pointing to another brutal week ahead. Dow and S&P 500 futures fell nearly 4% Sunday evening, Nasdaq futures dropped nearly 5%, and even bitcoin lost 6%, signaling widespread investor anxiety.
“Sometimes You Have to Take Medicine”
While insisting he doesn’t want markets to fall, Trump shrugged off the sharp sell-offs, likening his economic approach to a necessary treatment.
“Sometimes you have to take medicine to fix something,” he said.
The tariffs — set to take effect Wednesday — are aimed at reshaping decades of U.S. trade policy and mark one of Trump’s most aggressive economic moves yet. His team says over 50 countries have already reached out to begin talks.
Bessent, Hassett Defend Long-Term Strategy
Treasury Secretary Scott Bessent reiterated that the White House is focused on long-term outcomes, not short-term volatility.
“This is not the kind of thing you can negotiate away in days or weeks,” Bessent told NBC’s Meet the Press. “We’re building the long-term economic fundamentals for prosperity.”
Kevin Hassett, director of the National Economic Council, appeared on ABC’s This Week to echo that the tariffs are working.
“They’re angry and retaliating — and also coming to the table,” he said. “That tells you they’re feeling the pressure.”
Markets Rattle, Allies Push Back
While administration officials insisted the pain would be temporary, economic instability is intensifying, and global leaders are voicing concern.
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Israeli Prime Minister Benjamin Netanyahu, due to meet Trump Monday, will reportedly address a new 17% tariff on Israeli goods.
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Italian Premier Giorgia Meloni warned of potential retaliation but expressed willingness to negotiate.
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Vietnam has reportedly offered to cut tariffs to zero in exchange for a trade deal with the U.S.
Congress Weighs In — And Pushes Back
In Washington, bipartisan concern is growing over Trump’s unilateral tariff power.
Rep. Don Bacon (R-Neb.) announced plans to introduce a House bill that would require Congress to approve tariffs within 60 days or see them expire.
“We gave some of that power to the executive branch. That was a mistake,” Bacon said.
Meanwhile, Sen. John Barrasso (R-Wyo.) defended Trump’s authority but admitted “there’s concern across the country.”
Musk vs. Navarro: A Rift Inside the Tent
Elon Musk, the billionaire head of Trump’s Department of Government Efficiency, broke his silence at a weekend event in Italy, calling for a “zero-tariff situation” between the U.S. and Europe.
White House trade adviser Peter Navarro clapped back sharply.
“Elon sells cars,” Navarro told Fox News. “He’s simply protecting his own interest as any business person would do.”
Trump also rejected Musk’s view, saying of the EU:
“They want to talk, but there’s no talk unless they pay us a lot of money on a yearly basis.”
Summers: Trump Can’t Have It Both Ways
Former Treasury Secretary Lawrence Summers questioned the administration’s mixed messaging on tariffs — whether they are a temporary bargaining tool or a permanent revenue stream.
“If it’s just a deal, we don’t raise revenue or relocate businesses. If it’s permanent, it’s a tax on Americans,” Summers told ABC. “The president can’t have it both ways.”
Outlook: Uncertain and Volatile
With tariffs set to go live Wednesday and no sign of retreat from the Trump administration, the economic and political stakes are rising.
While Trump maintains “WE WILL WIN,” analysts say the only certainty is continued volatility.
Whether voters — and markets — will endure the cost of Trump’s economic vision remains to be seen.
