Trump addresses stock market losses, China trade deficit

The president spoke with reporters aboard Air Force One on Sunday.

ByAlexandra Hutzler, Ivan Pereira, William Mansell, and Max Zahn
Last Updated: April 7, 2025, 2:30 AM EDT

The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.

On Sunday, ABC's "This Week" anchor George Stephanopoulos pressed White House National Economic Council Director Kevin Hassett about Trump reposting a video that said he was tanking the markets to force the Fed to lower interest rates. Hassett said Trump was entitled to his opinion, but denied that his tariff policy was intended to put pressure on the Fed to lower rates.

Trading on Thursday and Friday marked the worst days for U.S. stocks since 2020.

Key Headlines

Here's how the news is developing.
Apr 04, 2025, 12:25 PM EDT

Nintendo delays preorder for Switch 2 because of tariffs

Days after announcing the Switch 2, Nintendo said Friday it's delaying preorders for the new console due to President Donald Trump's tariffs, the company announced.

“Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions. Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged.”

A guest plays Mariokart World with the new Nintendo Switch 2 video-game console system of Japanese video-game company Nintendo during the worldwide presentation at the Grand Palais in Paris on April 2, 2025.
Dimitar Dilkoff/AFP via Getty Images

The Switch 2 announcement on April 2, long planned, fell in the crosshairs of Trump’s trade war.

Apr 04, 2025, 11:49 AM EDT

Powell warns tariffs will increase inflation, slow economic growth

Fed Chair Jerome Powell talked about the current economic outlook at the Society for Advancing Business Editing and Writing Annual Conference Friday and gave his insight on the tariff situation.

Powell said that tariffs will likely raise inflation and slow down growth in the coming quarters.

"The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent," he said.

Federal Reserve Chair Jerome Powell speaks on the economy during the 2025 annual conference of the Society for Advancing Business Editing and Writing, in Arlington, Virginia, on April 4, 2025.
Brendan Smialowski/AFP via Getty Images

Powell added the U.S. is "well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy."

Apr 04, 2025, 11:51 AM EDT

Trump talks with Vietnamese president on tariffs

President Donald Trump said in a Truth Social post Friday that he had a "productive call" with Vietnamese President To Lam.

Trump claimed the Vietnamese leader "wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S."

The call comes after Trump announced a 46% tariff on Vietnamese imports during his reciprocal tariff events on Wednesday.

-ABC News' Michelle Stoddart

Apr 04, 2025, 10:29 AM EDT

Trump says China 'played it wrong' in apparent response to Beijing's retaliatory tariffs

President Donald Trump appears to be responding to China's announcement of a retaliatory tariff against all U.S. goods.

"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump posted on his social media platform on Friday.

Chinese President Xi Jinping speaks during an international business meeting at The Great Hall Of The People on March 28, 2025 in Beijing, China.
Ken Ishii/Pool/Getty Images

The president has no public events on his schedule, but has been posting on his social media site frequently as backlash to his tariff plan continues.

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