Turmoil following Trump’s tariffs are sending experts and consumers into a frenzy about a potential recession.

The president is foreshadowing deals with multiple trading partners in an apparent effort to quell economic anxiety and prove his tariff plan is working.

Israel, Taiwan, Vietnam and Zimbabwe said they could drop tariffs on U.S. goods. In some cases, that might not be enough, White House trade adviser Peter Navarro said.

But he also threatened to raise cumulative tariffs on China to over 100% — a move that could lead to massive price increases for US shoppers for iPhones, computers and toys. He also implied that the America’s erstwhile friends in the European Union were such implacable foes that there can never be a fair deal.

President Donald Trump defends his reciprocal tariffs plan as an 'America first' move. ©2025 FOX News Network, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

President Donald Trump’s top trade negotiator came under fire Tuesday from senators unnerved by the president's sweeping global tariffs, a market meltdown and the heightened risk of recession from an upended global trading order.

Trump has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He's singled out China as “the biggest abuser of them all” and criticized Beijing for increasing its own tariffs in retaliation.

Just hours after Trump's comments, stock markets plunged in Asia early on Monday, with Hong Kong's Hang Seng losing 9.8%.

The president said he would not quickly reverse last week’s steep tariffs, which have sparked pushback and roiled markets.