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As of press time, the three major U.S. stock index futures fell on Monday, and all three major stock indexes have turned from rising to falling this year.
Capsy tariffs have disturbed investors. Tariffs could lead to higher prices for U.S. consumers, and signs of slowing U.S. economy have also sparked concerns about a recession.
U.S. Commerce Secretary Howard Lutnick said on another TV show Sunday that the recession "will definitely not come." "There will not be a recession in the United States," Lutnik said on NBC's Meet the Press program. He said Trump's 'peer tariffs' will eventually lower prices and bring economic prosperity to the United States. "I will never bet on a recession in the next two years," Lutnik said. "
Lutnik also confirmed that Trump's 25% tariff on steel and aluminum (including steel and aluminum in Canada and Mexico) will take effect this Wednesday, and the "reciprocal tariffs" will take effect on April 2. Lutnik said,Trump will negotiate with relevant parties to reduce other trade barriers to American farmers, ranchers and fishermen. Trump said last Friday that the "reciprocal tariffs" on Canadian dairy and timber could be as high as 250%. "Will these cause distortions? Of course, foreign goods may become a little more expensive, but American goods will become cheaper, and you can help Americans by buying American goods." Kevin Hassett, director of the White House Economic Commission, said on ABC's This Week show that Trump tariffs will drive job growth. "President Trump wants to bring his job back to the United States, bring wealth back to the United States, and bring wages back to the United States." Senator Elissa Slotkin, a Democratic Michigan, told NBC that she is not against tariffs, she is against the way Trump handles the tariffs. "His capriciousness only brings chaos," Slotkin said.
Michigan may be one of the states most affected by tariffs due to geographical location, manufacturing and agriculture, and its largest market is Canada. "So, I want to see Trump deal with tariffs in a more flexible way, rather than wielding a sledgehammer," said Slotkin. "The current global trade is very, very unbalanced, with American goods being levied high tariffs by others, and the U.S. tariffs on other goods are very low." Trump also raised commodity tariffs by 10% last week to 20%. When asked if he could give the business a clearer picture of tariffs, Trump told Fox News that tariffs may not fall and may rise over time. Trump said: "Building a strong America is something I have to do. I can't take into account the feeling of the stock market. What I have to make is a century-old plan, and the United States has made plans on a quarterly basis. This doesn't work. I have to do the right thing."
Trump is currently cutting the staffing and budget of federal agencies, but the "Efficiency Department" led by Musk has encountered some resistance. Part of the measures to freeze spending and layoffs have been rejected by the court, and the head of the agency is hitting back.
According to the New York TimesMusk had a dispute with senior cabinet officials at a meeting last week, including Marco Rubio. According to reports, Musk and Rubio clashed over layoffs.
Trump then posted on his social media account that Musk and Rubio had a "good relationship". White House press secretary Caroline Leavitt told reporters Sunday that Trump had dinner with Rubio and Musk at Mar-a-Lago on Saturday, and Fox News host Sean Hannity also had a brief visit.
