US stock market futures plunged on Sunday evening after the new US tariff policy began collecting duties over the weekend and global trade tensions continued to rise. President Trump and his top advisers dug in over the weekend,

"I don’t want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters.

U.S. President Donald Trump on Sunday said foreign governments would have to pay "a lot of money" to lift sweeping tariffs that he characterized as "medicine," as financial markets indicated another week of steep losses could be in store.

By Douglas Gillison, Ben Blanchard and Sara Rossi WASHINGTON/TAIPEI/VERONA, Italy (Reuters) -More than 50 nations have reached out to the White House to begin trade talks since U.S. President Donald Trump rolled out sweeping new tariffs,

(Photo: US President Donald Trump speaks about tariffs in the Rose Garden at the White House, 2nd April 2025. Credit: REUTERS/Carlos Barria)

This week, I sought the argument for why US tariff rates won’t stay high for long. Here’s what I found. First, the economic pain. In the near term, most forecasters expect Trump’s import duties to raise prices and slow economic activity.