Trump refuses to back down on tariffs - despite causing turmoil for global stock markets
7 April 2025, 20:42 | Updated: 7 April 2025, 22:58
President Trump has refused to 'pause' tariffs despite the plummeting stock market causing stock market turmoil.
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Israeli Prime Minister Benjamin Netanyahu praised President Trump as a true "friend of Israel" as the pair met in the Oval Office during a meeting on Monday evening.
Netanyahu said: "You actually do things that you say you do" and "People respect that enormously".
Trump confirmed the US will not be pausing tariffs, saying "We're not looking at that".
The defiant stance to carry on with his trade plans comes as Trump faces growing pressure following his decision to slap tariffs on nearly all countries across the world.
The Israeli PM also said the country will "eliminate the trade deficit with the US".
"We're going to get fair deals with every country and if we don't they are not going to be able to participate with the US," Trump continued.
He said the US "has been ripped off by many countries over the years".
Regarding Trump's tariffs, the Israeli PM said: "We will eliminate the trade deficit with the US... We will do it very quickly and we think it is the right thing to do."
"Israel can serve as a model for many countries"
Netanyahu added: "I recognise the position of the United States."
"I'm a free trade champion and free trade has to be fair trade."
Israel was one of the many countries to be slapped with Trump's "liberation day" tariffs, with the Middle Eastern nation facing levies of 17%.
Whether Netanyahu's visit succeeds in bringing down or eliminating Israel's tariffs remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.
Speaking on the EU, Trump said: "It was formed to do damage to the US. The countries formed together to create a bit of a monopoly situation - a unified force against the US for trade.
"They have NATO and they took advantage of us dollar-wise and militarily."
He claimed the EU is "screwing us on trade".
"They don't take our cars. They don't take our agriculture products and yet they send millions of cars into the US," he continued.
"It's not going to be that way. It's not fair."
He asserted that trade with the EU must be "fair and reciprocal".
It comes as Trump threatened additional tariffs on China on Monday, raising fresh concerns that his drive to rebalance the global economy could lead to a trade war.
Trump's threat, which he delivered on social media, came after China said it would retaliate against US tariffs announced last week.
"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th," he wrote on Truth Social.
"Additionally, all talks with China concerning their requested meetings with us will be terminated!"
If Trump implements his plans, US tariffs on imports from China would reach a combined 104%.
The new taxes would be on top of the 20% tariffs announced as punishment for fentanyl trafficking and his separate 34% tariffs announced last week.
Not only could that increase prices for American consumers, it could give China an incentive to flood other countries with cheaper goods and seek deeper partnerships with other trading partners.
