News Today: US President Trump Defend Tariffs, Dismisses Fears of Recession

US President Donald Trump has defended his administration’s decision to impose sweeping tariffs on imports, despite the market turmoil and growing fears of a trade war. In recent television interviews, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick stood by the decision, assuring the public that the tariffs would remain in place. Bessent downplayed the recent stock market declines, insisting that there was “no reason” to expect a recession, describing the situation as part of an “adjustment process.”

Meanwhile, Lutnick confirmed that the 10% “baseline” tariff on all imports, which began earlier this month, would be enforced for “days and weeks.” He also emphasized that reciprocal tariffs on countries identified as “the worst offenders” would take effect on April 9, 2025. These countries, numbering around 60, will face higher tariffs in the coming days.

Trump, speaking aboard Air Force One, stressed that Europe and Asia were eager to negotiate a deal, despite the current market uncertainties. He dismissed concerns about the American public’s “pain threshold” for rising prices, suggesting that sometimes “you have to take medicine to fix something.”

As fears of a global recession grow, JP Morgan has warned that the US and the world face a 60% chance of a downturn following the tariff announcements. Meanwhile, countries like Vietnam and Taiwan have voiced concerns about the tariffs, with some requesting delays, while China responded by imposing a 34% tariff on US imports starting April 10.

In the UK, Prime Minister Sir Keir Starmer expressed concerns about the long-term impact of the tariffs, with both the UK and Canada pushing for an economic deal that avoids escalating the situation into a full-blown trade war.