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 03, 2025, 12:09 PM EDT

'Donald Trump has single-handedly created a financial forest fire,' Schumer says

Senate Minority Leader Chuck Schumer slammed President Donald Trump's tariffs in a floor speech on Thursday.

"Yesterday, Donald Trump made one of the dumbest decisions he has ever made as president, and that's saying something," he said. "Donald Trump has single-handedly created a financial forest fire."

Schumer then called on House Speaker Mike Johnson to call the House back into session to take up the Senate-passed resolution that would revoke the tariffs on Canada.

Johnson was on hand during Wednesday's tariff announcement at the White House and praised the move.

House leadership is not expected to take up that resolution and the chamber is not expected to return until next week.

Democratic Senate Minority Leader Chuck Schumer prepares to speak reporters following the Democrats' weekly luncheon in the Capitol in Washington, Mar. 25 2025.
Jim Lo Scalzo/EPA-EFE/Shutterstock

-ABC News' Mariam Khan

Apr 03, 2025, 11:01 AM EDT

Senators introduce legislation requiring congressional approval for tariffs

A bipartisan pair of U.S. senators introduced legislation on Thursday that would require Congress to approve all tariffs within 60 days.

Sens. Chuck Grassley, R-Iowa., and Maria Cantwell, D-Wash., proposed the measure.

It’s unclear at this point whether this bill would have the support it needs to pass, but it comes less than a day after Trump announced his tariffs.

--ABC News' Allison Pecorin

Charles Grassley speaks during a Senate Committee on Finance confirmation hearing of Michael Faulkender, nominee to be Deputy Secretary Of The Treasury on Capitol Hill on March 6, 2025 in Washington, DC.
Andrew Harnik/Getty Images

Apr 03, 2025, 10:58 AM EDT

Some nations targeted in Trump tariffs are uninhabited

Among the list of nations hit with tariffs in Trump's plan are several uninhabited islands with barely any permanent residents.

For example, the British Indian Ocean Territory was hit with 10% tariff but the only inhabitants of the United Kingdom territory are American and British military personnel and contractors stationed at a joint defense facility.

Norfolk Island, an Australian territory, was slapped with a rate of 29%, compared to the 10% for Australia. There is very little trade with the island, which has a population of just 2,000.

-ABC News' Shannon Kingston

Apr 03, 2025, 10:39 AM EDT

Stellantis to temporarily lay off 900 US employees in response to tariffs

Jeep maker Stellantis said on Thursday it will temporarily pause production at two plants: one in Windsor, Canada plant and another in Toluca, Mexico.

A drone view of Stellantis's Chrysler Windsor Assembly facility in Windsor, Ontario, Canada, February 4, 2025.
Carlos Osorio/Reuters

As a result, there will be temporarily layoffs for 900 employees at their American plants. Those locations include Warren Stamping and Sterling Stamping plants in Michigan as well as the Indiana Transmission, Kokomo Transmission and Kokomo Casting plants in Indiana.

The company said it's doing this as it assesses the medium and long-term effects of tariffs. The Trump administration's 25% auto tariff took effect earlier Thursday.

-ABC News' Zunaira Zaki

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