Trump addresses stock market losses, China trade deficit
The president spoke with reporters aboard Air Force One on Sunday.
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
- Economic adviser denies Trump’s tanking markets to force rate cuts
- House Republican also planning bill to rein in Trump’s tariff authority
- Trump delivers message to Americans as tariffs take effect: 'HANG TOUGH'
- Universal 10% tariffs in effect as Wall Street continues reeling
- Trump says businesses aren’t worried about tariffs
'Donald Trump has single-handedly created a financial forest fire,' Schumer says
Senate Minority Leader Chuck Schumer slammed President Donald Trump's tariffs in a floor speech on Thursday.
"Yesterday, Donald Trump made one of the dumbest decisions he has ever made as president, and that's saying something," he said. "Donald Trump has single-handedly created a financial forest fire."
Schumer then called on House Speaker Mike Johnson to call the House back into session to take up the Senate-passed resolution that would revoke the tariffs on Canada.
Johnson was on hand during Wednesday's tariff announcement at the White House and praised the move.
House leadership is not expected to take up that resolution and the chamber is not expected to return until next week.
-ABC News' Mariam Khan
Senators introduce legislation requiring congressional approval for tariffs
A bipartisan pair of U.S. senators introduced legislation on Thursday that would require Congress to approve all tariffs within 60 days.
Sens. Chuck Grassley, R-Iowa., and Maria Cantwell, D-Wash., proposed the measure.
It’s unclear at this point whether this bill would have the support it needs to pass, but it comes less than a day after Trump announced his tariffs.
--ABC News' Allison Pecorin
Some nations targeted in Trump tariffs are uninhabited
Among the list of nations hit with tariffs in Trump's plan are several uninhabited islands with barely any permanent residents.
For example, the British Indian Ocean Territory was hit with 10% tariff but the only inhabitants of the United Kingdom territory are American and British military personnel and contractors stationed at a joint defense facility.
Norfolk Island, an Australian territory, was slapped with a rate of 29%, compared to the 10% for Australia. There is very little trade with the island, which has a population of just 2,000.
Read more .
-ABC News' Shannon Kingston
Stellantis to temporarily lay off 900 US employees in response to tariffs
Jeep maker Stellantis said on Thursday it will temporarily pause production at two plants: one in Windsor, Canada plant and another in Toluca, Mexico.
As a result, there will be temporarily layoffs for 900 employees at their American plants. Those locations include Warren Stamping and Sterling Stamping plants in Michigan as well as the Indiana Transmission, Kokomo Transmission and Kokomo Casting plants in Indiana.
The company said it's doing this as it assesses the medium and long-term effects of tariffs. The Trump administration's 25% auto tariff took effect earlier Thursday.
-ABC News' Zunaira Zaki