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Trump looks for deals amid wild stock swings
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The latest in politics and policy. Direct to your inbox. Sign up for the Evening Report newsletter Subscribe *{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img div{display:none}sub,sup{font-size:75%;line-height:0} @media (max-width:620px){.image_block div.fullWidth{max-width:100%!important}.mobile_hide,.row .side{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}} {beacon}STOCKS FELL FOR A THIRD CONSECUTIVE DAY Monday as markets reel from ongoing uncertainty over President Trump's sweeping new tariffs and business leaders' warnings of potentially dire consequences.
Monday's closing was more of a mixed bag for investors compared to steep drops late last week. The Dow fell 349 points, or 0.91 percent, and the S&P 500 fell 0.23 percent. The Nasdaq Composite ended relatively flat.
Trump, pressed during an Oval Office appearance alongside Israeli Prime Minister Benjamin Netanyahu on whether his tariffs on many countries will be permanent or are meant as a negotiating tactic, insisted: "They can both be true."
European Commission President Ursula von der Leyen said at a press conference Monday that the European Union is "ready to negotiate" with the United States to resolve the tariff dispute.
"This is a major turning point for the United States," she said. "Nonetheless, we stand ready to negotiate with the United States."
And Treasury Secretary Scott Bessent announced that the U.S. is opening trade negotiations with Japan over the steep tariff hike.
But ... Trump said the trade deficit between the U.S. and China must be resolved before he is willing to negotiate a deal on tariffs he placed on Beijing, which has responded to his initial push by hiking tariffs on U.S. imports.
Bessent said Sunday that dozens of countries have come to the administration to discuss ways to remove "non-tariff trade barriers," reduce tariffs and halt "currency manipulation" on their side.
"They’ve been bad actors for a long time. And it’s not the kind of thing you can negotiate away, be it in days or weeks," Bessent said on NBC’s "Meet the Press."
BUSINESS COMMUNITY CHIMES IN
Business leaders continued to speak out Monday about the Trump administration's impact on the economy.
• BlackRock CEO Larry Fink: "The economy is weakening as we speak."
• Billionaire hedge fund investor Bill Ackman: "The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative."
• JP Morgan CEO Jamie Dimon: "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth."
• Former Federal Reserve Bank of St. Louis President James Bullard: "The main thing is that this has dramatically raised the risk of a Smoot-Hawley type outcome."
Goldman Sachs also hiked the probability of a recession to 45 percent.
FLEETING MARKET SPIKE
The market surged — albeit briefly — Monday as news spread that Trump may pause his tariff order as countries try to negotiate a more favorable position. But the White House quickly........
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