President Donald Trump's "reciprocal" tariffs went into effect over the weekend, imposing a 10 percent tax on imports from nearly every nation on the planet. (Additional higher tariffs on a subset of countries will go into effect Wednesday.) The U.S. stock market then plunged, seeing its worst week since the onset of the COVID-19 pandemic and the worst two-day drop in history, with the market losing $6.6 trillion in value. Asian markets similarly saw precipitous declines when they opened this week.
As Trump's advisors took to the Sunday morning talk shows to defend their boss' plan, one thing became clear: There was no plan.
"Are these tariffs permanent? Or are they a negotiating tactic?" Kristen Welker asked Treasury Secretary Scott Bessent on Meet the Press. "Some administration officials have said they're permanent. President Trump himself has said he's open to negotiating."
