Trump tariffs live updates: Trump says he's not looking at 90-day pause
President Donald Trump's severe tariffs against virtually all U.S. trading partners continued to roil world markets on Monday.
Asked if he would be open to pausing the tariffs to allow for negotiations, Trump responded, "We're not looking at that." Trump said the U.S. has "many, many, countries that are coming to negotiate deals with us."
Earlier Monday, Trump threatened to veto a bipartisan bill introduced in the Senate last week that would require congressional approval of any tariffs the president would seek to impose. He also threatened to impose additional tariffs on China for retaliatory measures it took after Trump announced his plans last week.
A senior White House official told ABC News that this would be in addition to the 34% reciprocal tariff Trump announced last week and the 20% already in place, making for a potential total of 104%.
Latest Developments
Apr 7, 10:16 PM
China calls US tariffs 'groundless' and 'typical bullying practice'
The Chinese Ministry of Commerce spokesperson called the United States' imposition of "reciprocal tariffs" on China "groundless" and a "typical unliteral bullying practice," in a statement Tuesday morning local time.
"China reiterates that there are no winners in a trade war and there is no way out for protectionism," the Chinese Ministry of Commerce spokesperson said.
"China urges the US to immediately correct its wrong practices, cancel all unilateral tariff measures against China, stop suppressing China's economy and trade, and properly resolve differences with China through equal dialogue on the basis of mutual respect," the statement added.
-ABC News' Ellie Kaufman
Apr 7, 7:17 PM
Sen. Cantwell responds to Sen. Thune on tariff bill
Sen. Maria Cantwell, D-Wash., responded to Majority Leader John Thune’s suggestion on Monday that her and Sen. Chuck Grassley's tariff bill likely has "no future" in the Senate, claiming that the Republican "doesn’t want to listen" to constituents and colleagues sounding the alarm on Trump's trade policies.
"Sen. Thune doesn't want to listen," Cantwell told reporters on Monday evening. "We got more endorsements today from organizations, consumer groups, who are really impacted by this. ... So now we have inflation, and we have business anxiety, and we have a very unpredictable situation, so it's affecting our economy and it's affecting consumers. I would hope my colleagues would listen."
Despite Thune's assertion that he wouldn't bring up the bipartisan tariff bill, Cantwell said there was still some movement on her proposal.
"I talked to our House colleague who's planning on dropping a bill, so I'm sure he's going to continue to proceed. So, this is about having a discussion on something that's the constitutional authority of Congress. I think people should want to do that responsi[bly] and have that conversation,” she said.
Cantwell is expected to question U.S. Trade Representative Jamieson Greer during a hearing of the Senate Finance Committee on Tuesday morning. She said she expects to ask him, "Where was the consultation with Congress about this?" and, "Where's the homework done by the administration to not misconstrue the authority that was given?"
-ABC News' Isabella Murray
Apr 7, 6:35 PM
'Almost 70 countries' have approached US on tariffs: Treasury secretary
Treasury Secretary Scott Bessent told Fox Business there have been "50, 60, maybe almost 70, countries now who have approached" the U.S. about the tariffs.
"As I advised on many shows on April 2, I suggested that the foreign officials keep your cool," he said. "Do not escalate and come to us with your offers on how you're going to drop tariffs, how you're going to drop non-tariff barriers, how you're going to stop your currency manipulation, how you're going to stop the subsidized financing. And at a point President Trump will be ready to negotiate."
Bessent weighed in on talks with Japan, saying that after the president's call with Prime Minister Shigeru Ishiba earlier Monday, Trump asked Bessent and U.S. Trade Representative Jamieson Greer to take the lead on negotiations.
"Japan is a very important military ally. They're a very important economic ally, and the U.S. has a lot of history with them. So I would expect that Japan is going to get priority just because they came forward very quickly," Bessent said. "But it's going to be very busy, and President Trump, again, gave himself maximum negotiating leverage, and just when he achieved the maximum leverage, he's willing to start talking."
Pressed on if he believed a deal could be struck with Japan in the next week or two to help the markets, Bessent didn't answer directly, only suggesting that "negotiations are going to be tough."
-ABC News' Molly Nagle
Apr 7, 7:07 PM
Dow posts largest point swing ever
The Dow Jones Industrial Average fell for a third day following the tariff rollout and Trump's threat to raise tariff rates on China.
The Dow posted its largest intraday point swing ever -- falling more than 1,700 points during its Monday session low, then swinging up 2,595 points from low. The Dow dropped 349.26 points, or 0.91%, to close at 37,965.60.
For the S&P 500 Index, Monday's 8.5% high/low spread has only happened 20 other times since 1962, according to S&P Global. The S&P 500 briefly entered bear market territory during the session but was last off nearly 18% from its recent high. It shed 0.23% to end at 5,062.25.
-ABC News' Victor Ordonez
Apr 7, 5:30 PM
Jeffries asks if Trump and GOP are ‘intentionally tanking the economy’
House Minority Leader Hakeem Jeffries stressed Democrats will continue to “push back” in a bipartisan way to fight Trump's tariffs.
“The Constitution is very clear that tariffs and tax policy, the ability to raise revenue, that authority is vested in the Congress for a reason,” Jeffries said. “The Congress is most closely associated, particularly the House, with the American people.”
Jeffries said Congress has to start acting like a separate and co-equal branch of government. He decried Republicans for conceding to Trump and said the cost of living in America has gotten “too expensive” under the Trump administration.
“What we have witnessed under complete Republican control of government is a willingness to simply bend the knee to Donald Trump, no matter how much pain he is inflicting on the American people or how much damage Trump is doing to the American way of life,” he said.
Jeffries also slammed the president for harming American families and causing an “economic disaster.”
“This is a reckless economic sledgehammer that Donald Trump and compliant Republicans in the Congress are taking to the economy, and the American people are being hurt. Enough.”
Ahead of United States Trade Representative Jamieson Greer’s appearance on Capitol Hill, the leader said he hopes Greer can confirm if the president’s tariffs are an intentional scheme to enrich the wealthy.
“The Trump tariffs, which are a tax on the American people, are so reckless, so unstrategic, so lacking in any sophistication, that the only conclusion that one can draw is that Donald Trump and Republicans are intentionally tanking the economy,” he said. “Is it because, as Donald Trump has indicated, that during tough economic times, the rich get richer, and it's a buying opportunity?” he asked.
-ABC News’ Arthur Jones II
Apr 7, 5:40 PM
Thune downplays future of bill that would rein in Trump on tariffs
Senate Majority Leader John Thune signaled that it’s unlikely he’ll bring up the Grassley-Cantwell tariff bill for a vote in the Senate following Trump's veto threat earlier Monday.
"I don't think that has a future,” he said of the bill. “The president has indicated he would veto it. I don't see how they would get it on the floor in the House, so at this point we are kind of just waiting to see what happens next.
Thune said he hasn't yet had many conversations with his conference about the legislation. So far, seven Republicans are backing the bill, but that would not be enough to pass it and is far short of a veto-proof majority.
"My assumption is that it will probably be a subject of conversation at some point. But at this point right now, I think most people like here, like most Americans, are watching and waiting to see what the ultimate policy implementation will be with respect to the tariffs," he said.
Thune said that while he recognizes concerns about the market, he wants to let the current tariff policy play out.
"Everybody's concerned about the market, for sure, and people, a lot of Americans, obviously, have retirement plans, mutual funds, 401(k)s, IRAs that are invested in the market," Thune said. "I expected there was going to be some turbulence in the stock market, I think everybody did. This was a change in policy, a consequential one, but I think we've got to let it play out and see what ultimately happens, not only in the near term but in the long term. And I think the administration, my expectation will be, that they'll, as they examine it, make some decision too about how to implement that policy in the long term."
-ABC News’ Allison Pecorin
Apr 7, 4:37 PM
Schumer calls on Trump to reverse course on 'disastrous' tariffs
In floor remarks Monday afternoon, Minority Leader Chuck Schumer called on Trump to reverse course on tariffs as concerns about a recession grow.
"If a recession does happen, it'll be known as the Trump recession. I urge the President to back off from his disastrous tariffs immediately," Schumer said. "He should put down the golf clubs and pick up the papers because the disaster he has created is anything but great."
Schumer also urged Senate Majority Leader John Thune to lead passage of legislation to rein in Trump's tariff authority.
"Congress must immediately take back power from Donald Trump before he causes more damage to the economy. Thune has a responsibility to listen to American families worried about the price of groceries worried about their retirement worried about keeping their jobs worried about the future," Schumer said.
-ABC News' Allison Pecorin
Apr 7, 4:07 PM
Trump pressed on administration's mixed messages on tariff endgame
White House officials have been inconsistent on whether the tariffs are a non-negotiable, fixed tool in Trump’s economic playbook or if they represent an opportunity for dealmaking with other nations.
Trump was asked about the mixed messaging during his Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu.
“Well, it could be -- it can both be true," Trump responded. "There can be permanent tariffs and there can also be negotiations because there are things that we need beyond tariffs."
"So we're going to get fair deals and good deals with every country," he added. "And if we don't, we're going to have nothing to do with them. They're not going to be allowed to participate in the United States."
Apr 7, 3:31 PM
Trump says he is 'not looking at' a pause on tariffs as countries seek to negotiate deals
ABC News Chief White House Correspondent Mary Bruce asked Trump on Monday: "Would you be open to a pause in tariffs to allow for negotiation?"
"Well, we're not looking at that," he responded. "We have many, many, countries that are coming to negotiate deals with us, and they're going to be fair deals. And and in certain cases, they're going to be be paying substantial tariffs. There will be fair deals."