Trump administration officials appeared on Sunday news shows to affirm there will be no retreat from the president’s sweeping tariff plan, despite investors losing over $6 trillion in market value last week.
“The tariffs are coming. He announced it and he wasn’t kidding,” said Commerce Secretary Howard Lutnick on CBS’s Face the Nation. Treasury Secretary Scott Bessent echoed that stance on NBC’s Meet the Press, stating Trump is not open to negotiating the levies: “No. No, no, no.”
Markets plunged Thursday and Friday after Trump unveiled tariffs on all imports, with higher rates for countries running trade deficits with the U.S. Billionaire investor Bill Ackman warned that Monday could be worse without intervention.
Despite economic warnings, the administration remains firm. “It is not a strategy for the markets to crash. It’s a strategy to create a golden age for the American worker,” said National Economic Council Director Kevin Hassett.
Economists say prolonged tariffs could trigger inflation and recession, but officials insist the moves are necessary to reset global trade and revive manufacturing.
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