Compiled from news service reports
Israeli Prime Minister Benjamin Netanyahu said Monday that Israel will “eliminate” its trade deficit with the United States “very quickly.”
“We think it’s the right thing to do,” Netanyahu said, delivering joint remarks in the Oval Office with President Donald Trump.
Netanyahu added that Israel will also remove “a variety of trade barriers” with the United States that he feels are unnecessary with the hope that his country would “serve as a model” for others “who ought to do the same.”
“I’m a free-trade champion, and free trade has to be fair trade, and I think that’s basically the position that you’ve put forward, Mr. President,” Netanyahu said. “We are going to eliminate the tariffs, and rapidly.”
White House Denies Report of 90-Day Tariff Pause
The White House on Monday morning denied claims that the administration is willing to announce a 90-day pause on U.S. tariffs.
In a post on social media platform X on Monday, the White House Rapid Response account said that such claims are “fake news.”
Earlier on Monday, CNBC and other outlets reported that White House National Economic Council Director Kevin Hassett said Trump would be considering a 90-day pause on U.S. tariffs for every country other than China.
The claim appeared to come from an interview that Hassett gave to Fox News when he was asked about a proposal by billionaire investor Bill Ackman to pause tariffs for that period.
“I think that the president is going to decide what the president is going to decide,” Hassett said in response. “I would urge everyone, especially Bill, to ease off the rhetoric a little bit.”
The White House referred to that interview in a separate X post, saying that Hassett “did not say” that the administration is seeking a 90-day reprieve on the tariffs and that Trump himself “has been clear.”
Last week, Trump announced 10% baseline tariffs on nearly every country in the world, while more significant U.S. trading partners were hit with higher rates. Following the tariff announcement, the three major U.S. stock indexes have seen daily declines.
Amid the speculation about a 90-day pause, the Dow Jones Industrial Average, Nasdaq, and S&P 500 on Monday entered positive territory. But by 11 a.m. ET, the Dow had posted a moderate loss, while the Nasdaq and S&P 500 remained positive.
Hassett on Sunday told ABC News that the tariff announcement has led more than 50 countries to reach out to the administration for negotiations.
During his Monday interview, Hassett said that Trump will listen to trading partners for better deals.
“He’s doubling down on something that he knows works, and he’s going to continue to do that,” Hassett said in the Fox News interview. “But he is also going to listen to our trading partners, and if they come to us with really great deals that advantage American manufacturing and American farmers, I’m sure he’ll listen.”
Trump has been talking to world leaders all weekend, Hassett said. Taiwan reached out overnight, he added, and Netanyahu came to the White House on Monday with trade policy and Middle East policy on the agenda.
Countries are lining up to make deals, Hassett said.
“In President Trump’s view … it’s these countries that are sending inelastic supply to the country, and so they’re going to bear the brunt of the tariffs,” Hassett said. “And if that were false, then like, so if they didn’t bear the brunt, then they’d be quiet about it, right?
“The fact that they’re all angry and upset and setting retaliation our way, it suggests that President Trump is right that they bear the tariffs.”
Over the weekend, Trump wrote on social media that tariffs are needed because the current U.S. trade situation is unsustainable.
“Countries from all over the world are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise agriculture, and many other ‘things.’ It all has to change, but especially with CHINA,” he wrote.
Trump Tells Americans to ‘Hang Tough’ Amid Tariff Turbulence
Trump on Saturday called on Americans to “hang tough” through what he described as a difficult-but-necessary adjustment period following his sweeping new tariff policy, which has reset U.S. trade strategy and triggered a global market selloff.
In a Saturday post on Truth Social, Trump described the moment as an “economic revolution,” saying that the outcome will be historic.
“We will win. Hang tough, it won’t be easy, but the end result will be historic,” Trump wrote, partially in capital letters. “We will, make America great again!!!”
The message followed Trump’s April 2 address from the White House, where he declared an economic emergency and announced a 10% tariff on nearly all imports. Steeper duties were unveiled for roughly 60 nations identified by the administration as “worst offenders” in trade imbalances.
Specific levies include a 34% tariff on Chinese imports (raising total tariffs to 54%), 46% on Vietnam, 24% on Japan, and 20% on Europe. The global tariffs took effect at 12:01 a.m. on Saturday, with the higher, targeted tariffs scheduled to begin on Wednesday.
Beijing responded Friday with a 34% tariff on all U.S. imports, alongside other retaliatory measures — including a potential restriction on exports of rare-earth elements critical to technologies such as electric vehicles and defense systems.
In response, Trump said that China can’t afford to retaliate and that his policies have already triggered trillions in new U.S. investment and robust job growth.
“China has been hit much harder than the USA, not even close,” Trump wrote. “They, and many other nations, have treated us unsustainably badly. We have been the dumb and helpless ‘whipping post,’ but not any longer. We are bringing back jobs and businesses like never before. Already, more than $5 trillion of investment, and rising fast!”
On Thursday, a day after the announcement, Wall Street saw declines that extended into Friday. The S&P 500 fell 6%, the Dow Jones dropped 5.5%, and the Nasdaq slid 5.8% on April 4.
When asked about the market selloff, Trump likened the economy to a patient undergoing surgery.
“I think it’s going very well. We have an operation, like when a patient gets operated on, and it’s a big thing. I said this would exactly be the way it is,” Trump told reporters outside the White House on Thursday.
Administration officials echoed the need for a patient approach. Treasury Secretary Scott Bessent, speaking on Fox News, urged countries not to retaliate, warning that escalation would follow if they did.
“Sit back, take it in, let’s see how it goes, because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” Bessent told Fox News’s “Special Report” on Wednesday evening.
Bessent also addressed Americans concerned about their retirement savings amid the market downturn, including sharp drops in 401(k)s and IRAs.
“We’re setting the stage for long-term economic growth,” Bessent said, adding that massive government spending had set the country on an unsustainable path: “We were on our way to a financial crisis.”
While some countries have vowed to retaliate against Trump’s tariffs, others are taking a more cautious tone.
“We should avoid launching a policy of counter-tariffs that could be damaging for everyone and especially for us,” Italian Economy Minister Giancarlo Giorgetti said at a business forum in Cernobbio, Italy, on Saturday. “Our message is that we need to avoid pushing the panic button. … We are following a pragmatic and rational approach.”
Members of the Trump administration have argued that America’s $1.2 trillion trade imbalance last year underscores the need for a dramatic policy shift. Trump has long maintained that other nations have taken advantage of the United States and that the new tariffs are designed to restore fairness in global trade.
Reuters, Jack Phillips, Tom Ozimek and Samantha Flom contributed to this report.
