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A rocky day for financial markets as President Donald Trump threatened to impose additional tariffs on China, raising concerns of an escalating trade war. "We're gonna have one shot at this and no other president's gonna do this, what I'm doing," Trump said. On Monday, Trump threatened to put an additional 50% tariff on China if they do not drop their 34% retaliatory tariff on the U.
S. this week. This as some world leaders are rushing to make deals, including Israeli Prime Minister Benjamin Netanyahu, who was the first to meet face to face with Trump since Trump's global tariff announcement.
Israel faces a 17% tariff. "We will eliminate the trade deficit with the United States. We intend to do it very quickly," Netanyahu said.
"We think it's the right thing to do and we are also going to eliminate trade barriers." Trump also mentioned on social media that he spoke to Japan's prime minister, who plans to send a "top team" to negotiate. The European Union is ready to negotiate, offering zero-for-zero tariffs on industrial goods while planning to do more business in other parts of the world.
"Because Europe is always ready for a good deal, so we keep it on the table. But we are also prepared to respond through countermeasures and defend our interests," said Ursula von der Leyen, European Commission president. Some billionaire investors, like Bill Ackman, are calling for a 90-day timeout on tariffs, saying, "This is not what we voted for.
" However, Trump urged Americans to "not be weak" but to be strong and patient. "We have many, many countries that are coming to negotiate deals with us, and they're going to be fair deals. In certain cases, they're gonna be paying substantial tariffs," Trump said.
The markets briefly lifted earlier Monday after a rumor that Trump might pause his tariffs, but the White House called that fake news, with Trump stating he is not looking at a pause. Before meeting with the president today, Netanyahu also met with the president's Middle East envoy, Steve Witkoff, to discuss the situation in Gaza..
