Pinned
President Donald Trump said on Monday that he is not looking to pause his tariff plan and that countries are seeking to negotiate deals with the White House.
Earlier Monday, the three major U.S. stock indexes see-sawed after CNBC aired “unconfirmed information” claiming that Trump was considering a 90-day pause. However, the White House said on social media that such reports were “fake news.”
Later, when speaking to reporters in the Oval Office, Trump was asked about a possible pause on tariffs to allow talks on deals.
President Donald Trump would veto a bipartisan Senate bill that would give Congress more power over tariffs if it reaches his desk, the White House said on April 7, warning the legislation would weaken the chief executive’s ability to respond to foreign threats and protect national security.
The OMB said the bill would limit the president’s ability to impose new tariffs by requiring congressional approval within 60 days and by requiring the administration to notify Congress within 48 hours of imposing or increasing duties.
Senate Minority Leader Chuck Schumer (D-N.Y.) accused the president of “teeing up a nationwide recession” with the new U.S. reciprocal tariff plans.
On the Senate floor Monday afternoon, Schumer called the tariffs “the largest, dumbest trade war in American history" and suggested some major financial firms’ projections indicate that “America is heading towards calamity.”
The senator predicted a decrease in consumer confidence and a spike in costs and unemployment.
U.S. stocks briefly soared during the April 7 trading session, following reports by CNBC and Reuters that U.S. tariffs might be paused, which the White House has denied.
The two media outlets reported that Kevin Hassett, director of the National Economic Council, said President Donald Trump was considering a 90-day tariff pause.
In a statement, the business news network said it aired “unconfirmed information” in its on-screen chyron.
When asked about what will happen if the United States experiences a manufacturing revival due to tariffs, President Donald Trump said the country will conduct "very rapid approvals" for new facilities.
At a press conference in the White House, Trump told reporters that the Environmental Protection Agency under Lee Zeldin is already conducting fast approvals for companies that are building in the country.
"We're going to get them their approvals," the president said. "They have to be environmentally perfect ... but they're going to be in record time: a matter of months versus a matter of many, many years."
President Donald Trump said on Monday his trade policy plans are an "opportunity to reset the table."
The United States loses approximately $2 trillion a year on trade, with China accounting for half, Trump said.
Countries such as China have large trade surpluses with the United States. Beijing, Trump said, then uses the massive surplus and spends it on its military.
President Donald Trump said the newly implemented tariffs will help the United States pay off the national debt.
"We're going to start paying debt off with tariffs and other things," Trump said from the Oval Office following a meeting with Israeli Prime Minister Benjamin Netanyahu.
Trump pointed out that interest rates are coming down, which will also help in paying off the debt.
WASHINGTON—As President Donald Trump took questions in the Oval Office, on Capitol Hill, House Minority Leader Hakeem Jeffries (D-N.Y.) characterized the new round of tariffs as a massive tax increase for Americans.
He said the tariffs, which are expected to raise the costs of some goods for consumers, at least in the short term, violate the president’s pledges on the campaign trail to lower the cost of living for Americans.
Jeffries said that “tariffs, when properly utilized, have a role to play in trying to make sure that you have a competitive environment for our workers and our businesses.”
When asked if a round of sweeping tariffs will send the United States' trading partners "into the hands of the Chinese," President Donald Trump said he is "not worried about it.”
"They want to be in the hands of the U.S.," Trump told reporters at a press conference at the White House. "They don't want to be in the hands of the Chinese."
The president went on to say that the United States is "being ripped off" and has been for at least 30 years.
Trump told reporters that the European Union’s offer to zero out its tariffs on U.S. cars and industrial goods in exchange for the same treatment from the United States is not enough.
“The EU has been very tough over the years,” Trump said. “It was formed to really do damage to the United States in trade. That’s the reason it was formed.”
The president charged that the EU has taken advantage of the United States concerning its NATO commitments and on trade, particularly with auto imports.
During a press conference in the Oval Office, President Donald Trump reiterated that he is not open to a pause in tariffs.
The president took questions about the newly implemented trade policies following a meeting with Israeli Prime Minister Benjamin Netanyahu, where he was asked about pausing the tariffs to allow for negotiations.
Trump responded, saying, “We’re not looking at that,” and went on to confirm that “many countries” have reached out to negotiate on tariffs with the United States since last week.
Israeli Prime Minister Benjamin Netanyahu said Monday that Israel will “eliminate” its trade deficit with the United States “very quickly.”
“We think it’s the right thing to do,” Netanyahu said, delivering joint remarks in the Oval Office with President Donald Trump.
He added that Israel will also remove “a variety of trade barriers” with the United States that he feels are unnecessary with the hope that his country would “serve as a model” for others “who ought to do the same.”
President Donald Trump is hearing opinions in favor of keeping long-term tariffs as a revenue collection tool, and those who want to use them only as a short-term negotiating tactic to knock down international trade barriers, according to Sen. Ted Cruz (R-Texas).
In an April 7 episode of his podcast "Verdict with Ted Cruz," the chairman of the Senate Committee on Commerce, Science, and Transportation said there are "voices in the White House that want high tariffs forever."
"There are angels and demons sitting on President Trump's shoulders," Cruz said. “Who does he listen to? I hope he listens to the angels."
Secretary of Treasury Scott Bessent announced that negotiations with Japanese Prime Minister Shigeru Ishiba and his Cabinet are now open.
The announcement was made after Ishiba spoke on the phone with President Donald Trump and urged the president to reconsider his tariffs on Tokyo.
A summary of an April 7 conversation shows that Ishiba voiced concerns about the tariffs weakening investments in Japanese companies.
The president of the European Commission suggested that the 27-nation European Union offer “zero-for-zero” tariffs on certain goods amid market uncertainty over duties announced this past week by the Trump administration.
“We stand ready to negotiate with the U.S. Indeed, we have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners,” European Commission President Ursula von der Leyen told reporters on Monday.
The reason, she said, is “because Europe is always ready for a good deal.” But she cautioned that the EU is “also prepared to respond through countermeasures” and defend its interests.
U.S. and international investors may have struggled to buy the dip or join the selloff at the April 7 opening bell.
Traders reported glitches on various stock trading platforms as the market selloff entered its third day.
Downdetector—a crowdsourced platform that monitors real-time website outages and technical issues for websites and applications—reported issues for Robinhood, Interactive Brokers, Fidelity Investments, and E-Trade. Most of the reported problems occurred at or shortly after the 9:30 a.m. ET opening bell.
The president of the European Commission suggested that the 27-nation European Union offer “zero-for-zero” tariffs on certain goods amid market uncertainty over duties announced this past week by the Trump administration.
“We stand ready to negotiate with the U.S. Indeed, we have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners,” European Commission President Ursula von der Leyen told reporters on Monday.
The reason, she said, is “because Europe is always ready for a good deal.” But she cautioned that the EU is “also prepared to respond through countermeasures” and defend its interests.
A planned press conference with President Donald Trump and Israeli Prime Minister Benjamin Netanyahu will take place at a new time and place, the White House confirmed to The Epoch Times.
It has been rescheduled for 2 p.m. ET in the Oval Office. It was slated to take place at 2:30 p.m. ET in the White House East Room.
Netanyahu traveled to the nation’s capital on April 7 amid new tariffs from the United States, some targeted at Israel.
The White House announced on April 7 that President Donald Trump would veto a bipartisan bill introduced by Sens. Chuck Grassley (R-Iowa) and Maria Cantwell (D-Wash.) that would expand congressional authority over tariffs.
The Trade Review Act of 2025 would require the president to obtain congressional approval within 60 days of new tariffs, without which they would automatically expire. The legislation also requires the executive branch to notify Congress of new or increased tariffs within 48 hours of imposition.
The White House’s missive says the legislation would “severely constrain” the president’s ability to use his authority and respond to national emergencies and foreign threats.
One of the United States' largest trading partners doesn't want to respond in kind with tariffs, but Mexican President Claudia Sheinbaum said on April 7 that reciprocation remains an option.
In a press conference, Sheinbaum said Mexico is negotiating with the United States over tariffs imposed on certain imports from the country.
"As much as possible we would like to avoid imposing reciprocal tariffs," Sheinbaum said. "We won't rule it out, but we prefer continuing with talks."
Japanese Prime Minister Shigeru Ishiba on Monday urged President Donald Trump to reconsider his tariff on Tokyo.
According to a summary of an April 7 telephone conversation between the two leaders, Ishiba "expressed strong concerns" about the president's latest tariff plans that "could weaken investment capacity among Japanese companies."
The prime minister also proposed that the United States and Japan explore mechanisms "to promote broader cooperation that benefits both" economies.
European Union ministers on April 7 broadly agreed that the bloc should prioritize negotiations to remove tariffs imposed by U.S. President Donald Trump.
The 27-nation bloc is currently facing 25 percent import tariffs on steel, aluminum, and cars, with “reciprocal” tariffs of 20 percent due to kick in from April 9 for almost all other goods under Trump’s new policy of responding in kind to countries that he says impose high barriers to U.S. imports.
Trade ministers met in Luxembourg on April 7 to debate the EU’s response, as well as to discuss relations with China.
Dow Down
The Dow Jones Industrial Average is on a roller coaster ride on April 7 as investors bet on the impacts of a new U.S. tariff regime.
As of about 11 a.m. ET, the Dow Jones Industrial Average was down by about 295 points—or less than 1 percent—from its opening average of 37,879.60. The index has fallen as low as 36,611.78 and gone as high as 39,207.02.
President Donald Trump on April 7 threatened to impose an additional 50 percent tariff on China if Beijing does not withdraw its retaliatory measures on U.S. goods.
In an April 7 Truth Social post, Trump said the Chinese communist regime has until April 8 to reverse its decision. If it fails to do so, the new tariffs will be implemented on April 9.
The warning follows China’s announcement last week of 34 percent retaliatory tariffs and other trade restrictions in response to the administration’s April 2 rollout of reciprocal duties.
President Donald Trump urged the public on Monday to be patient as global stock markets continued their sporadic fluctuations as the new tariffs roll out.
“The United States has a chance to do something that should have been done DECADES AGO,” Trump wrote in a post on social media platform X.
“Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
The White House has quickly quashed the idea that there will be a pause on the newly announced tariffs.
Because the April 2 tariff announcement was followed by a significant downturn in the stock market, news began to circulate that President Donald Trump would temporarily halt the new tariff policy. The 10 percent universal tariffs have already taken effect, while the higher per-country tariff rates are set to go into effect on April 9.
One such rumor posted on social media platform X stated, “Trump is reportedly expecting to announce a 90 day tariff pause.”
U.S. stocks seesawed on April 7, as investors embarked on the first day of trading after President Donald Trump’s baseline 10 percent tariffs on imports went into effect.
After opening sharply down, markets were gripped by volatility fueled by social media speculation that Trump was considering a 90-day pause on tariffs for all countries except China. The White House later described those reports as “fake news” in a post on social media.
At the closing bell, the Dow Jones Industrial Average was down less than 349.26 points, after up-and-down morning trading that saw stocks plummet by as much as 1,600 points before making a rebound. The Nasdaq was up 15.48 points.
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