Donald Trump’s top economic officials vowed to press ahead with bruising tariffs on imports from around the world, rejecting fears of a looming recession as investors braced for new turmoil in financial markets.
In a blitz of television interviews on Sunday morning, Scott Bessent, the US treasury secretary, and Howard Lutnick, the commerce secretary, defended Trump’s ultra-protectionist trade policies as a necessary overhaul of global commerce and dismissed last week’s brutal sell-off in equity prices.
They also suggested additional levies on imports from a wide range of countries, that are set to take effect on Wednesday, would not be delayed. These are on top of a 10 per cent “baseline” tariff implemented on Saturday that has hit most imported goods.