In a vigorous defense of President Donald Trump's controversial tariffs, officials from the Trump administration took to various television networks on Sunday to address the growing concerns about the impact of these import taxes on the stock market and fears of a potential recession. They argued that the tariffs are prompting numerous countries to engage in negotiations, with Agriculture Secretary Brooke Rollins stating that approximately fifty nations were “burning the phone lines into the White House” to negotiate with Trump on trade matters during an appearance on CNN’s “State of the Union.”
White House senior counselor Peter Navarro urged the public not to panic during his segment on Fox News’s “Sunday Morning Futures,” while Treasury Secretary Scott Bessent downplayed predictions of a looming recession during his appearance on NBC’s “Meet the Press.” This coordinated media blitz comes as the administration faces increasing pressure to reconsider the tariffs, which have led to significant losses in American stock market wealth, reminiscent of the panic-driven sell-off experienced during the early days of the COVID-19 pandemic in March 2020.
A notable shift is occurring among some conservatives, who are beginning to dissent from Trump's tariff policies. A nonprofit organization supported by prominent right-wing donor Charles Koch has initiated a lawsuit against the tariffs, while Republican lawmakers in both the House and Senate are working on legislative efforts to roll back these import taxes. Despite the unified front from Trump administration officials, some of the president's staunchest supporters are voicing concerns. In a video conference with Italian right-wing politicians, billionaire supporter Elon Musk expressed hope that the United States and Europe would eliminate all tariffs. Hedge-fund investor Bill Ackman, known for his defense of Trump, suggested on social media that the president might delay tariffs in light of negotiations with countries willing to lower their own trade barriers.
In a stark warning, Ackman noted that failing to delay the tariffs could lead to increased uncertainty, pushing the economy toward a recession. Meanwhile, right-wing pundit Ben Shapiro labeled the tariffs as “probably unconstitutional” and illogical. Criticism has also emerged from the editorial board of the Wall Street Journal and various Fox News commentators, who have raised alarms about the economic implications of the tariffs.
As the administration faces backlash, liberal politicians and tens of thousands of protesters have taken to the streets in Washington and other cities, marking some of the largest demonstrations against Trump since he took office in January. Despite this mounting opposition, Trump remains resolute. On Saturday, he urged his followers on his social media platform, Truth Social, to “HANG TOUGH,” declaring, “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN.”
Trump administration officials have presented two main justifications for the tariffs: to achieve long-term economic reform and to enhance the United States' leverage in negotiating new trade agreements. Rollins emphasized that the tariffs are part of a necessary “new American order” aimed at protecting U.S. industries. While acknowledging the short-term uncertainties faced by American farmers, she assured that the White House is prepared to provide financial aid if necessary.
Financial analysts from major banks, including Barclays, Bank of America, Deutsche Bank, and the Royal Bank of Canada, have indicated that the U.S. economy may face a heightened risk of recession if the tariffs are not rescinded. According to economists at J.P. Morgan, there is currently a 60 percent chance of a recession occurring this year. However, Bessent pushed back against these predictions, asserting that the economy remains strong and that the recent $6 trillion drop in the stock market is a temporary reaction.
Bessent characterized the tariffs as a “one-time price adjustment” rather than a contributor to lasting inflation, emphasizing that they have provided Trump with “maximum leverage” to renegotiate trade terms. He expressed optimism about the market's future, predicting that it would rebound significantly under Trump’s policies.
In Congress, opposition to the tariffs is gaining traction. Rep. Don Bacon (R-Nebraska) announced plans to unveil support for his House bill aimed at reasserting congressional control over tariffs. This initiative is particularly significant, given that the House has already passed certain procedural votes to prevent any attempts to rescind Trump’s emergency tariff declarations against Mexico, Canada, and China. Bacon acknowledged the challenges ahead but expressed hope that gaining at least 60 votes in the Senate would pressure the House to reconsider.
He noted that many voters supported Trump for reasons related to inflation, immigration, and crime, rather than tariffs, suggesting a disconnect between the administration's focus and voter priorities. Meanwhile, Democrats have seized on Trump’s recent golf outings as a symbol of his indifference to the economic struggles faced by ordinary Americans. Sen. Adam Schiff (D-California) criticized Trump’s leisure activities amid economic turmoil, stating, “The president out on a golf cart while people’s retirement is in flames.”
As bipartisan support builds in Congress to limit Trump’s tariff authority, Schiff warned that immediate action is necessary to mitigate the economic downturn. “I think given time, we can get that done, but we don’t have time right now,” he urged, highlighting the urgent need to address the economic challenges facing the country.
