Trump administration doubles down on tariffs as global markets tumble

The Trump administration is intensifying its stance on tariffs as global stock markets experience significant declines.

(CNN)- The Trump administration is intensifying its stance on tariffs as global stock markets experience significant declines. Markets in Japan, South Korea, Taiwan, Australia, and New Zealand reported early losses today, following back-to-back sell-offs in U.S. stock futures yesterday. This follows a steep drop in U.S. stocks last week, with analysts pointing to President Trump’s policies as a key factor. Harry Enten, CNN’s chief data analyst, highlighted the stark difference in market behavior under President Trump. “I went back and looked for drops of 15 percent with a president inheriting a bull market. There’s only one person on your screen. It’s Donald John Trump,” Enten remarked.

In response to questions about the market volatility, President Trump commented last night, “I don’t want anything to go down, but sometimes you have to take medicine to fix something.”

A universal 10 percent tariff on all imports went into effect on Saturday, with additional duties on products from dozens of countries set to begin this Wednesday. Commerce Secretary Howard Lutnick stated, “There’s no postponing. They are definitely going to stay in place for days and weeks.”

President Trump has made it clear that his goal is to strike deals with countries that close trade deficits with the U.S. He remains confident that the tariffs will benefit Americans in the long term and lead to a resurgence in U.S. manufacturing. While some experts agree that the tariffs might help certain domestic producers, most mainstream economists warn that they will likely lead to higher prices for consumers. “We’re looking at a 50-50 chance of a recession,” Enten noted, citing a range of forecasts from various companies.