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 05, 2025, 8:29 PM EDT

House Republican also planning bill to rein in Trump’s tariff authority

Rep. Don Bacon's office confirmed to ABC News the Nebraska Republican plans to introduce legislation aimed at reining in President Donald Trump's authority to issue new tariffs.

PHOTO: House Republicans Hold Their Caucus Meeting On Capitol Hill
Rep. Don Bacon (R-NE) speaks to reporters on his way to a closed-door GOP caucus meeting at the U.S. Capitol January 10, 2023 in Washington, DC. House Republicans passed their first bill of the 118th Congress on Monday night, voting along party lines to cut $71 billion from the Internal Revenue Service, which Senate Democrats said they would not take up. (Photo by Drew Angerer/Getty Images)
Drew Angerer/Getty Images

The legislation would largely match the bill introduced by Sens. Chuck Grassley and Maria Cantwell.

The bill would require the White House to notify Congress of any future tariffs within 48 hours and would require Congress to vote to approve a tariff within 60 days.

Bacon, a moderate, has repeatedly publicly broken with the Trump administration.

The bill would likely need the support of House GOP leadership to pass, which is not expected.

Politico first reported the news.

ABC News’ Jay O’Brien

Apr 05, 2025, 9:14 AM EDT

Trump delivers message to Americans as tariffs take effect: 'HANG TOUGH'

President Donald Trump remains defiant about his tariffs, saying this is "an economic revolution."

In a new social media post, Trump appeared to acknowledge that American consumers will feel pain in the interim and tells them that in the long run it'll be worth it.

"HANG TOUGH, it won’t be easy, but the end result will be historic," Trump wrote.

The president also jabbed China, reiterating that other countries have treated the United States "unsustainably badly."

The baseline tariffs went into effect this morning at 12:01 a.m. ET on Saturday, April 5.

-ABC News’ Kelsey Walsh

Apr 05, 2025, 12:01 AM EDT

Universal 10% tariffs in effect as Wall Street continues reeling

Across-the-board 10% tariffs on nearly all imports -- one-half of President Donald Trump's "Liberation Day" tariffs -- went into effect early Saturday, amid continued economic fallout from Trump's plan.

More severe tariffs on imports from several dozen countries -- including a 34% tax on Chinese goods and a 20% tax on European Union imports -- are slated to go into effect April 9.

Wall Street has been roiling ever since Trump's Wednesday announcement. The trading session on Friday marked the worst day for U.S. stocks since 2020.

Trump has brushed off concerns about the short-term pain economists expect to be passed on to American consumers as a result of the tariffs.

Apr 04, 2025, 8:02 PM EDT

Trump says businesses aren’t worried about tariffs

In a new social media post Friday evening, President Donald Trump continued to paint a rosy picture when it comes to the plan for tariffs he unveiled earlier this week.

“Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy,” Trump wrote.

“Very important. Going on right now!!!” he continued.

-ABC News' Kelsey Walsh

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