GUWAHATI: U.S. President Donald Trump on Sunday announced sweeping tariffs on imports from countries around the world, declaring the move as part of what he called “Liberation Day.” Trump said foreign governments would be required to pay “a lot of money” to have the tariffs lifted, describing the measures as necessary “medicine” to address decades of economic imbalance. The announcement added to growing uncertainty in global financial markets, which have already been unsettled by the administration’s aggressive trade policies.
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Speaking aboard Air Force One after a weekend in Florida, Trump defended the tariffs despite nearly $6 trillion being wiped from U.S. stock values. “I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said, doubling down on his hardline stance.
The president's remarks come amid growing fears of a global trade war, sparked by the recent imposition of reciprocal tariffs, including a 34% tariff on Chinese goods. Markets responded with a sharp sell-off both domestically and globally.
Trump said he had engaged in conversations with several European and Asian leaders over the weekend, many of whom he claimed were eager to negotiate. “They are dying to make a deal,” he stated, adding that tariffs may rise as high as 50% this week unless substantial payments are made by foreign governments.
The administration maintains the tariffs are a response to decades of unfair trade practices by U.S. partners, blaming previous administrations for allowing such imbalances.
Top economic officials echoed Trump's position on Sunday. Treasury Secretary Scott Bessent revealed over 50 countries have entered trade talks since the tariffs were announced, asserting that the president had “created maximum leverage.”
According to the Commerce Secretary Howard Lutnick confirmed the tariffs would remain in place “for days and weeks.”
White House economic adviser Kevin Hassett also weighed in, denying claims that the tariff strategy was designed to influence the Federal Reserve. “There will be no political coercion of the central bank,” he said.
While negotiations may be underway, the lasting impact and intent behind the tariffs remain uncertain, as both domestic and global markets brace for potential long-term shifts in U.S. trade policy.
