Trump addresses stock market losses, China trade deficit

PHOTO: President Donald Trump walks to deliver remarks on tariffs, in the Rose Garden at the White House in Washington, D.C., April 2, 2025.

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Leah Millis/Reuters

‘I don't think you're going to see a big effect on the consumer in the U.S.’: Hassett

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.

Apr 04, 2025 2:07 PM

Stock market drops further in early Friday trading

The stock market fell further on Friday, with major indexes down at opening.

The Dow Jones Industrial Average plummeted 925 points, or 2.25%, while the S&P 500 dropped 2.4%. The tech-heavy Nasdaq declined 3%.

The slumps come after China announced retaliatory tariffs against the U.S. overnight.

Brendan Mcdermid/Reuters

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

Brendan Mcdermid/Reuters

Apr 04, 2025 1:16 PM

Trump tells investors his 'policies will never change'

Ahead of the markets opening on Friday, President Donald Trump posted on his social media platform a message for investors.

"TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!" he posted.

The president did not specify which specific policies he was referring to, though the post comes as his tariff plan rattles the economy.

Apr 04, 2025 1:15 PM

Rubio acknowledges 'markets are crashing' but says they'll adjust

Secretary of State Marco Rubio rejected the premise that economies would enter a downturn after the announcement of Trump's tariffs but acknowledged that markets are experiencing volatility as businesses realize production norms are facing changes.

"So I don't think it's fair to say economies are crashing," Rubio said. "Markets are crashing because markets are based on the stock value of companies who today are embedded in modes of production that are bad for the United States."

"But ultimately, the markets, as long as they know what the rules are going to be moving forward, and as long as that's set and you can sustain where you're going to be, the markets will adjust," he said.

-ABC News' Chris Boccia

Apr 04, 2025 10:54 AM

China to impose 34% tariff on all US goods

China will impose a 34% tariff on all American goods in response to President Donald Trump's "Liberation Day" measures, the country's tariff commission said on Friday.

Tyrone Siu/Reuters

A drone view shows a Chinese flag on a cargo ship at the terminals at the port in Kwai Chung in Hong Kong, China, on April 3, 2025.

Tyrone Siu/Reuters

"The U.S. practice is inconsistent with international trade rules, seriously damages China's legitimate rights and interests and is a typical unilateral bullying practice," the commission said in a statement.

China was hit with 34% tariffs on top of 20% tariffs Trump previously announced.

In response, a Chinese Ministry of Commerce spokesperson urged the U.S. to "immediately cancel its unilateral tariff measures and properly resolve differences with its trading partners through equal dialogue."

The tariffs will "endanger global economic development and the stability of the supply chain," they added.

-ABC News' Karson Yiu

Apr 06, 2025 12:29 AM

House Republican also planning bill to rein in Trump’s tariff authority

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.

PHOTO: House Republicans Hold Their Caucus Meeting On Capitol Hill

Drew Angerer/Getty Images

Rep. Don Bacon (R-NE) speaks to reporters on his way to a closed-door GOP caucus meeting at the U.S. Capitol January 10, 2023 in Washington, DC. House Republicans passed their first bill of the 118th Congress on Monday night, voting along party lines to cut $71 billion from the Internal Revenue Service, which Senate Democrats said they would not take up. (Photo by Drew Angerer/Getty Images)

Drew Angerer/Getty Images

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