Live updates on Trump tariffs: Stocks are nervous due to rumors of a 90-day tariff moratorium
Following rumors of a 90-day suspension in the new US tariff policy, which is scheduled to go into effect completely on Wednesday, US markets momentarily rose on Monday. The stock market subsequently went back to its historic, ongoing sell-off.
Before the White House rejected the interpretation, there was a lot of market activity after the rumors, which were based in part on an interview with White House economic adviser Kevin Hassett.
Over the weekend, President Trump and his senior advisors engaged in a heated debate. The president said that the new tariffs are “already in effect, and a beautiful thing to behold” and implied that the stock market might need to “take medicine.”
“I spoke to a lot of leaders… from all over the world, and I said ‘we’re not going to have deficits with your country’… to me a deficit is a loss,” Trump added, reinforcing the idea that trade imbalances are the driving force behind the tariff policy. We will either have surpluses or, in the worst case scenario, break even.
On Monday, the president wrote: “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.” After a few hours, Trump shared The United States has a chance to do something that should have been done DECADES AGO.”
Across networks on Sunday, government officials defended President Trump’s proposals.
The tariffs, according to Commerce Secretary Howard Lutnick, “are definitely going to stay in place for days and weeks.” Hassett maintained that Trump was not deliberately attempting to depress the stock market when the president tweeted a video claiming he was, while Treasury Secretary Scott Bessent stated he did not anticipate a recession triggered by the tariffs.
Trump declared on April 2 that all goods entering the US would be subject to a 10% tariff. Additionally, he imposed new tariffs on goods from 185 nations that the president referred to as the “worst offenders” in terms of perceived unfair trade practices. These levies are set to take effect on April 9.
Following the worst week for the US stock market since 2020, American customs authorities started collecting the new 10% duty on imports from numerous countries on Saturday morning. As bitcoin, a symbol of risk, sold off, US futures fell at the start of Sunday night.
Companies have started adapting to the new reality, mostly by raising prices, while different nations are still debating how to react (or not). In response, other nations imposed fresh tariffs of their own. China declared that it would begin enforcing countermeasures against the US on April 10 and imposed a 34% tariff on US imports, while Canada announced new charges on specific US-imported cars.
According to reports, the European Union is getting ready to implement a first round of countermeasures. About 70% of EU exports to the US are covered by the policy, which imposes a 20% tariff rate on the 27-nation union of EU nations. Elon Musk, the CEO of Tesla and a Trump adviser, stated during a Saturday event that “Europe and the United States should move, ideally, in my view, to a zero-tariff situation.”
According to Kelly Ann Shaw, a trade lawyer and former White House trade adviser during Trump’s first term, “this is the single biggest trade action of our lifetime,” she told Reuters.
Here are the most recent developments as the policy spreads globally.
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