Trump addresses stock market losses, China trade deficit

The president spoke with reporters aboard Air Force One on Sunday.

ByAlexandra Hutzler, Ivan Pereira, William Mansell, and Max Zahn
Last Updated: April 7, 2025, 2:30 AM EDT

The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.

On Sunday, ABC's "This Week" anchor George Stephanopoulos pressed White House National Economic Council Director Kevin Hassett about Trump reposting a video that said he was tanking the markets to force the Fed to lower interest rates. Hassett said Trump was entitled to his opinion, but denied that his tariff policy was intended to put pressure on the Fed to lower rates.

Trading on Thursday and Friday marked the worst days for U.S. stocks since 2020.

Key Headlines

Here's how the news is developing.
Apr 04, 2025, 3:58 PM EDT

Trump reacts to rough market day with all caps post

As markets tumbled and fears of recession grew, Trump had no public events and spent most of it playing golf at the Trump International Golf Club.

Trump arrived at the golf club at 9:45 a.m., according to the pool traveling with him, and left the club around 3:30 p.m.

However, on Friday afternoon, he posted a five word message in all caps post on Truth Social.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, April 3, 2025.
Brendan Mcdermid/Reuters

"ONLY THE WEAK WILL FAIL!"

-ABC News' Michelle Stoddart

Apr 04, 2025, 3:23 PM EDT

Stephen Miller brushes off recession concerns as markets tumbles

As stock markets see record losses stemming from President Donald Trump's tariffs, White House deputy chief of staff Stephen Miller brushed off concerns about a recession.

"The exact opposite," Miller told Fox News before blaming Biden for the country's economic woes.

Apr 04, 2025, 1:41 PM EDT

Schumer calls on Republicans to join tariff limit bill

Senate Minority Leader Chuck Schumer spoke with reporters on the Hill Friday and called on more Republicans to join a bipartisan bill from Sens. Maria Cantwell and Chuck Grassley to limit President Donald Trump's ability to issue future tariffs.

He warned tariffs will "hurt the whole economy."

"The business community is totally nervous about this. What makes it cause a recession? Businesspeople like certainty, and when Trump is all over the lot, issues new things every day, and it's so erratic, and now we have China retaliating," Schumer said.

PHOTO: Chuck Schumer
Senate Minority Leader Chuck Schumer speaks about the Republican-backed budget plan during a news conference at the Capitol, in Washington, April 3, 2025.
J. Scott Applewhite/AP

-ABC News' Jay O'Brien

Apr 04, 2025, 1:41 PM EDT

London's FTSE 100 index sees biggest daily drop since COVID

London’s FTSE 100 index has suffered its biggest daily drop since the start of the COVID-19 pandemic. The index closed down 419.76 points, or 4.95%, at 8,054.98

Related Topics

Sponsored Content by Taboola