Ignore global volatility and market concerns! Trump's team is pushing forward with a tough tariff policy.

Senior economic officials of U.S. President Trump have refuted investors' concerns about inflation and economic recession, showing no remorse for the market turmoil triggered by massive tariffs worldwide, and instead firmly stating that an economic boom is on the horizon. After Trump announced his policy of reciprocal tariffs causing a sharp decline in global stock markets, U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and others on Sunday firmly announced that regardless of market changes, Trump will stick to his tariff agenda. Trump's trade and manufacturing senior advisor Peter Navarro stated that investors should believe in Trump's determination, even though the specific levels of tariffs may change through negotiation. Bessent also mentioned that over 50 countries have called the White House, but any negotiations will take time. He also stated in an interview that he saw no reason to factor in a recession, while JP Morgan economists predicted that the U.S. will enter a recession this year. Finding explanations for imposing tariffs meant that some U.S. government officials had to resort to unusual arguments. It is reported that the uninhabited islands of Heard Island and McDonald Islands in the Indian Ocean are also included in the list subject to tariffs. This group of islands near Antarctica is "filled with seals, as well as penguins and other birds." Lutnick stated that the U.S. must include these uninhabited islands, where those penguins "reside," in the tariff category to prevent certain countries from taking advantage. In the two days following Trump's so-called "Liberation Day" (April 2), the U.S. stock market lost $5.4 trillion in value, with the S&P 500 index dropping to its lowest level in 11 months. U.S. stocks are expected to face another tough week. As of the publication, all three major U.S. stock index futures are declining, with the S&P 500 index falling more than 4%. Trump encouraged supporters on social media on Saturday to "hold on (!), this is not easy, but the results will be historic." Navarro predicted that the currently languishing stock market will eventually turn into a prosperous market, stating that "we will soon find the bottom of the market. By the end of President Trump's term, the Dow Jones index will easily reach 50,000 points." However, outside the Trump administration, others are not as optimistic. Former Treasury Secretary Larry Summers stated that last week's sell-off was the fourth largest two-day drop since World War II, behind only the 1987 market crash, the 2008 financial crisis, and the 2020 COVID-19 pandemic. He said, "Such a significant drop indicates possible trouble ahead, and people should be extremely cautious." In addition to downplaying the market sell-off caused by reciprocal tariff policies, Trump administration officials also tried to downplay concerns from the market about the tariffs leading to an increase in inflation. White House National Economic Council Director Kevin Hassett admitted that U.S. consumer prices "may rise slightly," but he suggested that concerns from economists, the Fed, and some lawmakers were overstated. He also stated that Americans will ultimately benefit from Trump's proposed tax cuts and spending cuts. Trump's senior economic advisors issued a unified statement on Sunday, deepening the perception that Trump views tariffs as a long-term policy tool. Trump believes that, although it may cause economic pain, this strategy is worthwhile and can fundamentally reshape the U.S. economy. A U.S. government official stated that Trump believes in the effort of tariffs and sees it as his legacy to revitalize U.S. manufacturing. This official mentioned that Trump wants to achieve this in his first term, but has not done so, a core belief he has been discussing since the 1980s. The official added that considering the scope and scale of tariffs announced by the White House, the market's response has actually been milder than expected. Trump stated that he is reshaping the global economy in favor of the U.S., arguing that tariffs will prompt companies to build new factories in the U.S., bring job opportunities, and repatriate wealth. His primary goal is to eliminate the over $1 trillion U.S. trade deficit. Trump and his team asserted that eliminating this deficit is a national security priority and can "make America great again." Marc Short, who served as legislation director in Trump's first term and later as Vice President Pence's chief of staff, stated that the market mistakenly believed that Trump would use tariffs as negotiation leverage, as he did in his first term, but now Trump is listening to entirely different advice. Short also mentioned that a potential economic recession could threaten Trump's other policy agendas, including negotiations in Congress to extend his tax cuts from his first term, especially as Republicans face pressure from voters over rising prices.