President Donald Trump pressed forward Monday with his global trade war as U.S. markets fluctuated wildly and Wall Street leaders and members of his own party pushed back against tariffs.
Trump on Monday threatened to impose additional tariffs on China of 50 percent, reposted clips on social media of his allies expressing support for his tariffs and launched a thinly veiled attack against Republicans who were worried about his sweeping retaliatory tariffs, urging on social media for people not to be “panicans.”
“Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!),” Trump wrote in a post to Truth Social on Monday. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
The term seems to be a play on “Republicans” and comes as global financial markets plummet. The U.S. stock market swung abruptly Monday and experienced one of its largest two-day declines in history last week, and the benchmark Euro Stoxx 50 index plunged over 7 percent this morning, putting it on track to have its worst day since the beginning of the Covid-19 pandemic.
An increasing number of Republicans are seeking avenues to thwart Trump’s tariff policy in response to the emerging trade war. Six Republicans have signed onto a bipartisan bill introduced by Iowa Republican Sen. Chuck Grassley to give Congress a say on new tariffs. Republican Rep. Don Bacon is also expected to introduce a bill today aimed at reasserting congressional authority over tariffs.
But Trump also tried to project success while the White House shot down inaccurate reporting on social media that he was considering a 90-day pause in tariffs, saying it was “Wrong. Fake News.”
About a half hour after Trump’s initial remarks, the president said in another post that he had recently spoken to Japanese Prime Minister Shigeru Ishiba about negotiating the country’s 24 percent tariff.
“They have treated the U.S. very poorly on Trade,” Trump wrote. “They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other ‘things.’ It all has to change, but especially with CHINA!!!”
Japan isn’t the only country seeking relief from Trump’s tariff regime. White House officials over the weekend touted that over 50 countries had reached out to the U.S. about tariff reconciliation proposals. Vietnam’s top leader, To Lam, spoke on the phone with Trump last week about the country’s tariffs and recently sent a letter requesting a 45-day extension to negotiate a deal.
But not all countries are bending the knee to Trump. China announced a 34 percent retaliatory tariff on U.S. imports last week, resulting in Trump on Monday threatening the global trade powerhouse with an additional 50 percent tariff.
The White House’s messaging appeared to do little to reassure Wall Street. JPMorgan Chase CEO Jamie Dimon and hedge fund billionaire and Trump supporter Bill Ackman both expressed worries over the tariffs, with Dimon warning investors the tariffs could hurt U.S. economic alliances and Ackman posting on X that “Whoever is recommending that idea to President @realDonaldTrump should be fired right now.”
Amid the upheaval, Trump participated in a Florida golf tournament over the weekend. The president’s perceived lack of concern over the market chaos and growing recession fears drew immense backlash from Democrats.
