Trump threatens more tariffs on China as stocks swing up and down

WASHINGTON AP President Donald Trump threatened additional tariffs on China on Monday raising fresh concerns that his drive to rebalance the global commercial sector could lead to a transaction war Trump s threat which he delivered on social media came after China mentioned it would retaliate against U S tariffs stated last week If China does not withdraw its increase above their already long term trading abuses by the next day April th the United States will impose ADDITIONAL Tariffs on China of effective April th he wrote on Truth Social Additionally all talks with China concerning their requested meetings with us will be terminated Trump has remained defiant as the stock area continued plunging and fears of a recession grew Be Strong Courageous and Recipient and GREATNESS will be the upshot he wrote The Dow Jones Industrial Average dropped points as trading began on Monday morning and the S P was on track to enter a bear area which means falling from a contemporary high Even particular of Trump s allies are raising alarms about the economic damage and financial forecasts suggest more pain on the horizon for U S businesses consumers and investors The Republican president has insisted his tariffs are necessary to rebalance global pact and rebuild domestic manufacturing He accused other countries of taking advantage of the Good OL USA on international commerce and reported our past leaders are to blame for allowing this He singled out China as the biggest abuser of them all and criticized Beijing for increasing its own tariffs in retaliation Trump also called on the Federal Reserve to lower interest rates On Friday Federal Reserve Chair Jerome Powell warned that the tariffs could increase inflation and he reported there s a lot of waiting and seeing going on including by us before any decisions would be made Investors expect the U S central bank to cut its benchmark interest rates at least four times by the end of this year according to CME Group s FedWatch a sign that concerns about inflation will be eclipsed by fears of layoffs and a shrinking business sector Trump spent the weekend in Florida arriving on Thursday night to attend a Saudi-funded tournament at his Miami golf class He stayed at Mar-a-Lago his private club in Palm Beach and golfed at two of his properties nearby On Sunday he posted a video of himself hitting a drive and he informed reporters aboard Air Force One that evening that he won a club championship It s good to win Trump explained You heard I won right He also commented that he wouldn t back down from his tariffs despite the turmoil in the global markets Sometimes you have to take medicine to fix something Trump mentioned Goldman Sachs issued a new forecast saying a recession has become more likely even if Trump backtracks from his tariffs The financial firm explained economic enhancement would slow dramatically following a sharp tightening in financial conditions foreign consumer boycotts and a continued spike in strategy uncertainty that is likely to depress capital spending by more than we had previously assumed European Commission President Ursula von der Leyen commented the European Union would focus on exchange with other countries besides the United States saying there are vast opportunities elsewhere Trump reported he spoke with Japanese Prime Minister Shigeru Ishiba to start agreement negotiations He complained on Truth Social they have treated the U S very poorly on Exchange and they don t take our cars but we take MILLIONS of theirs Ishiba stated he notified Trump that he s strongly concerned that tariffs would discourage outlay from Japan which has been the world s biggest investor in the U S in the past five years He described the situation as a national dilemma and declared that his ruling body would negotiate with Washington to urge Trump to reconsider the tariffs White House commerce adviser Peter Navarro suggested countries would need to do much more than totally lower their own tariff rates to reach deals saying they would have to make structural changes to their tax and regulatory codes Let s take Vietnam he noted on CNBC When they come to us and say We ll go to zero tariffs that means nothing to us because it s the non-tariff cheating that matters On Monday the president is scheduled to welcome the Los Angeles Dodgers to the White House to celebrate their World Series preeminence He s also meeting with Israeli Prime Minister Benjamin Netanyahu and they re expected to hold a joint press conference in the afternoon Trump has strived for a united front after the chaotic infighting of his first term However the economic turbulence has exposed selected fractures within his disparate coalition of supporters Bill Ackman a hedge fund manager lashed out at Commerce Secretary Howard Lutnick on Sunday as indifferent to the stock domain and the economic activity crashing He noted Cantor Fitzgerald the financial firm led by Lutnick before he joined the Trump administration stood to profit because of bond investments On Monday Ackman apologized for his criticism but reiterated his concerns about Trump s tariffs I am just frustrated watching what I believe to be a major program error occur after our country and the president have been making huge economic progress that is now at jeopardy due to the tariffs he wrote on X Top White House economic adviser Kevin Hassett described Fox News Channel that Ackman should ease off the rhetoric a little bit He insisted that other countries not the United States are going to bear the brunt of the tariffs Billionaire Elon Musk a top adviser to Trump on overhauling the federal leadership expressed skepticism about tariffs over the weekend Musk has noted that tariffs would drive up costs for Tesla his electric automaker I hope it is agreed that both Europe and the United States should move ideally in my view to a zero tariff situation effectively creating a free transaction zone between Europe and North America Musk explained in a video conference with Italian politicians He added That certainly has been my advice to the president Navarro later advised Fox News that Musk doesn t understand the situation He sells cars Navarro disclosed That s what he does He added that He s totally protecting his own interests as any business person would do