Trade

WEST PALM BEACH, Fla. (AP) — President Donald Trump says he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S. He’s digging in on his plans to implement the taxes that have sent financial markets reeling, raised fears of a recession and upended the global trading system. Speaking to reporters Sunday aboard Air Force One, Trump said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-off either, adding, “sometimes you have to take medicine to fix something.” His comments came after Trump’s aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.

WASHINGTON (AP) — President Donald Trump has rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports. The Republican is possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances. Trump said Thursday: “I’ve decided for purposes of fairness that I will charge a reciprocal tariff.’ The prospect of a dramatic hike on tariffs could send shockwaves through the world economy, possibly depressing growth while also causing inflation to intensify. Most economists say the tariffs would effectively be a tax increase on U.S. consumers. Trump says he’s decided “for purposes of fairness” that he’ll charge reciprocal tariffs.