U.S. markets brace for more pain as Trump defends sweeping tariffs and vows to stay the course

As global stock markets sink and American families brace for price hikes, President Donald Trump is showing no signs of retreat. Instead, he’s doubling down on the most aggressive wave of protectionist tariffs the US has launched in decades, vowing to “win” what he’s calling an “economic revolution.”

Speaking aboard Air Force One on Sunday, after a weekend at his Florida golf properties, Trump told reporters he’s “open to talking” to world leaders but insisted that “sometimes you have to take medicine to fix something.” The comment came as Asian markets began plunging—Tokyo’s Nikkei dropped over 6% while Hong Kong’s Hang Seng cratered by nearly 10%.

Despite insisting that “our country has gotten a lot stronger,” Trump offered no clear economic strategy, only vague reassurances and bravado. “They’re being very nice,” he said of the same countries hit by his sweeping tariffs.

Markets have been anything but kind. US stock futures signaled another punishing day on Wall Street, following a week in which the Dow and S&P 500 each lost over 5%. In India, Tata Motors plunged 10% as it halted US shipments. Tech and chip shares in Taiwan and South Korea also nosedived.

Trump’s Cabinet, meanwhile, sent contradictory messages over the weekend. Agriculture Secretary Brooke Rollins suggested the tariffs were long-term policy aimed at reshoring manufacturing, describing the moves as a “national security issue.” Yet in the same breath, she implied they were leverage for deals: “This is the ultimate dealmaker,” she told CNN’s State of the Union.

Commerce Secretary Howard Lutnick took a harder line, rejecting any delay in new duties, which take effect Wednesday. “They are definitely going to stay in place for days and weeks,” he said. “We are the sumo wrestler of this world.”

But critics say Trump’s strategy amounts to economic roulette. By slapping tariffs on 185 nations and territories, he risks triggering broad retaliation. China, for instance, has imposed a 34% tariff on US goods, on top of the 54% cumulative tariffs now facing Chinese exports to America. That dynamic threatens American exporters, shoppers, and retailers alike.

Goldman Sachs has raised the odds of a US recession to 45%, while JPMorgan put it at 60%. Economists warn that Trump’s vision to revive a 20th-century-style manufacturing base ignores America’s tech- and services-driven modern economy. “You can’t remake the world economy by brute force,” one analyst said.

That disconnect is fuelling deep concern among Republicans. GOP Senator Chuck Grassley and Democrat Maria Cantwell are pushing legislation to rein in presidential tariff powers, requiring congressional approval within 60 days. So far, seven Republican senators have backed the bill—an unusual rebuke of Trump.

Yet the president appears undeterred. On his Truth Social platform, he wrote: “We have been the dumb and helpless ‘whipping post,’ but not any longer. THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH.”

The White House’s tone-deaf approach has only intensified public unease. Treasury Secretary Scott Bessent downplayed last week’s losses, calling them “choppiness” and an “adjustment process.” When pressed about retirement funds taking a hit, he insisted, “People don’t look at day-to-day fluctuations.”

Critics were quick to note that Bessent is a wealthy ex-hedge fund manager who doesn’t share the financial vulnerability of millions of Americans.

Meanwhile, protests erupted across the US over the weekend, drawing massive crowds opposed to Trump’s economic agenda and what many view as his detachment from everyday struggles. It’s the largest wave of dissent since his re-election—and could signal a political reawakening 18 months ahead of the 2026 midterms.

Still, Trump spent Sunday back on the golf course, reportedly celebrating a club championship win. With no clear endgame and markets in freefall, one thing is clear: President Trump believes this fight is just beginning—and he’s daring the world to stop him.