WASHINGTON (AP) — President Donald Trump remained defiant on Monday as global markets continued plunging and fears of a recession grew after his tariff announcement last week.
He said other countries had been “taking advantage of the Good OL’ USA!” in a post on Truth Social, his social media platform.
“Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country,” Trump wrote. “MAKE AMERICA GREAT AGAIN!”
Trump has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He has singled out China as “the biggest abuser of them all” and criticized Beijing for increasing its own tariffs in retaliation.
The Republican president 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 said “there’s a lot of waiting and seeing going on, including by us,” before any decisions would be made.
Trump spent the weekend in Florida, arriving on Thursday night to attend a Saudi-funded tournament at his Miami golf course. 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 told reporters aboard Air Force One that evening that he won a club championship.
“It’s good to win,” Trump said. “You heard I won, right?”
He also said 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 said.
Goldman Sachs issued a new forecast saying a recession has become more likely even if Trump backtracks from his tariffs. The financial firm said economic growth would slow dramatically “following a sharp tightening in financial conditions, foreign consumer boycotts, and a continued spike in policy uncertainty that is likely to depress capital spending by more than we had previously assumed.”
On Monday, the president is scheduled to welcome the Los Angeles Dodgers to the White House to celebrate their World Series victory. 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 some 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 market and the economy crashing.” He said 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 policy error occur after our country and the president have been making huge economic progress that is now at risk due to the tariffs,” he wrote on X.
Top White House economic adviser Kevin Hassett told 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 government, expressed skepticism about tariffs over the weekend. Musk has said 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 trade zone between Europe and North America,” Musk said in a video conference with Italian politicians.
He added, “That certainly has been my advice to the president.”
Peter Navarro, a Trump trade adviser and tariff proponent, later told Fox News that Musk “doesn’t understand” the situation.
“He sells cars,” Navarro said. “That’s what he does.” He added that, “He’s simply protecting his own interests as any business person would do.”
___
Follow the AP’s coverage of President Donald Trump at https://apnews.com/hub/donald-trump.
