Trump addresses stock market losses, China trade deficit

While speaking with reporters on Air Force One on Sunday, President Donald Trump said he didn't crash the stock market on purpose and that he doesn't know what will happen to the market, but believes the country will come out stronger.

"Now what's going to happen with the market? I can't tell you, but I can tell you, our country has gotten a lot stronger, and eventually it'll be a country like no other, it'll be the most dominant country economically in the world," Trump said.

Asked if there's a pain in the market he's unwilling to tolerate, Trump said he doesn't want anything to go down.

"I don't want anything to go down, but sometimes you have to take medicine to fix something and we have such a horrible -- we have been treated so badly by other countries because we had stupid leadership that allowed this to happen," the president added.

-ABC News' Hannah Demissie

Despite Trump’s reposting of a video that claimed he’s purposely crashing the stock market, the president’s top economic adviser on Sunday denied that’s his strategy.

On ABC News’ “This Week,” anchor George Stephanopoulos pointed out the post on Trump’s Truth Social platform to White House National Economic Council Director Kevin Hassett and asked if he was trying to drive markets down to force the Fed to lower interest rates.

On Friday, Federal Reserve Chair Jerome Powell said at a conference that Trump's tariff policy will hike prices and slow economic growth. Minutes before Powell spoke, Trump posted on Truth Social, "This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates,” and claimed without evidence that political considerations have played a role in Powell's decision-making on interest-rate policy.

Pressed by Stephanopoulos on the post, Hassett said the White House respected the Fed’s independence and denied that Trump was trying to pressure it to lower rates.

“It is not a strategy for the markets to crash. It's a strategy to create a golden age in America for the American worker. That's his strategy,” Hassett said.

Rep. Don Bacon's office confirmed to ABC News the Nebraska Republican plans to introduce legislation aimed at reining in President Donald Trump's authority to issue new tariffs.

The legislation would largely match the bill introduced by Sens. Chuck Grassley and Maria Cantwell.

The bill would require the White House to notify Congress of any future tariffs within 48 hours and would require Congress to vote to approve a tariff within 60 days.

Bacon, a moderate, has repeatedly publicly broken with the Trump administration.

The bill would likely need the support of House GOP leadership to pass, which is not expected.

Politico first reported the news.

ABC News’ Jay O’Brien

President Donald Trump remains defiant about his tariffs, saying this is "an economic revolution."

In a new social media post, Trump appeared to acknowledge that American consumers will feel pain in the interim and tells them that in the long run it'll be worth it.

"HANG TOUGH, it won’t be easy, but the end result will be historic," Trump wrote.

The president also jabbed China, reiterating that other countries have treated the United States "unsustainably badly."

The baseline tariffs went into effect this morning at 12:01 a.m. ET on Saturday, April 5.

-ABC News’ Kelsey Walsh