US President Donald Trump speaks to the press as he meets with NATO Secretary General Mark Rutte in the Oval Office of the White House in Washington, DC, on March 13, 2025.
Mandel Ngan | Afp | Getty Images
President Donald Trump on Thursday doubled down on his escalating tariff plans, even as his economic agenda continued to rattle investors and contribute to a weekslong stock market sell-off.
“I’m not going to bend at all,” Trump said when asked about his tariff plans during an Oval Office meeting with NATO Secretary General Mark Rutte.
“We’ve been ripped off for years, and we’re not going to be ripped off anymore,” he said.
Trump specifically said he would not change his mind about enacting sweeping “reciprocal tariffs” on other countries that put up trade barriers to U.S. goods. The White House has said those tariffs are set to take effect April 2.
He then singled out Canada, criticizing the top trading partner at length and declaring, “We don’t need anything they have,” while repeating his calls to turn the U.S. northern neighbor into the “51st state.”
Trump added, “There’ll be a little disruption, but it won’t be very long.”
Trump’s comments came as major stock indexes continued to tumble Thursday, with the S&P 500 falling 10% from its recent highs and entering correction territory.
Numerous analysts and business leaders have warned that Trump’s tariffs, and his unpredictable use of them, are sowing chaos in the markets.
But Trump has continued to issue new tariff threats this week, as he seeks to hit back at countries that have retaliated against his actions.
After new U.S. tariffs on steel and aluminum imports took effect Wednesday, the European Union responded by announcing a plan to impose a 50% tariff on imports of American whiskey and other U.S. goods.
Trump lashed out Thursday morning, declaring that he would slap 200% tariffs on EU alcohol exports — including all wines and French champagnes — unless the bloc dropped its countermeasure.
Earlier in the week, Trump threatened to double his tariffs on steel and aluminum from Canada, starting Wednesday, in response to Ontario’s retaliatory decision to slap a 25% tax on electricity exports to the U.S.
Ontario Premier Doug Ford paused his countermeasure hours later, and Trump backed off his threat.