In key Trump tariff news over the weekend, President Donald Trump's 10% baseline tariff on all imports took effect while Treasury Secretary Scott Bessent rejected the idea that Trump tariffs would cause a U.S. recession. Tesla CEO Elon Musk took aim at Trump trade adviser Peter Navarro. China said the "market has spoken" while Trump blasted Beijing's trade policies and hailed his tariffs. A Wall Street analyst said the "Trump tariff Armageddon" will set the U.S. tech sector back a decade. And Jaguar Land Rover will halt shipments to the U.S.
Trump Adviser Navarro Dismisses Vietnam Offer
White House trade adviser Peter Navarro dismissed Vietnam's offer to cut U.S. tariffs to zero.
"This is not a negotiation. This is a national emergency based on a trade deficit that's gotten out of control because of cheating," Navarro told Fox News Sunday. He cited nontariff barriers. Navarro and Trump have generally equated trade surplus as proof of cheating.
Tesla, Apple Stock Price Targets Slashed
On Sunday, Wedbush analyst Dan Ives, a longtime Tesla bull, slashed his TSLA stock price target by 43% to 315, citing Trump tariffs and brand woes. He cut his Apple price target by 23% to 250. Both price targets assume Tesla and Apple stock will rise.
Bessent Rejects Tariffs Will Spur U.S. Recession
Treasury Secretary Scott Bessent dismissed the idea that tariffs will cause a recession. "I see no reason that we have to price in a recession," Bessent said on "Meet The Press" with Kristen Welker. He said he wasn't worried about last week's stock market sell-off last week. "The market consistently underestimates Donald Trump."
Bessent later added, "Who knows how the market is going to react in a day, in a week. What we are looking at is building the long-term economic fundamentals for prosperity."
The Treasury Secretary, who had been seen by Wall Street as a moderating influence on the administration's trade policies, gave no indication that Trump will back down.
He said over 50 countries are seeking negotiations, but any talks would take considerable time. Other nations "have been bad actors for a long time."
Trump's 10% Baseline Tariff Kicks In
A 10% Trump tariff on all imports, even from countries the U.S. has a trade surplus with, took effect on Saturday. Much-higher duties on many trading partners, including China, Vietnam, Japan and the European Union, will start on April 9.
Trump announced the 10% baseline tariff and the so-called reciprocal tariffs on Wednesday.
Those moves will put U.S. tariff rates at the highest level in more than a century, among the very highest in the world.
Elon Musk Rips Trump Trade Adviser Navarro
Tesla CEO Elon Musk took swipes at Peter Navarro, a top Trump trade adviser.
"A PhD in Econ from Harvard is a bad thing, not a good thing. Results in the ego/brains>>1 problem," Musk wrote on his social site X. That was in response to another post hailing Navarro's qualifications. Musk later added, "He ain't built sh*t."
Meanwhile, Musk later said in a video that "I hope it is agreed that both Europe and the United States should move, ideally, in my view, to a zero tariff situation … creating a free-trade zone." He added, "That has certainly been my advice to the President."
Musk, a huge Trump supporter who has been working with the administration via the Department of Government Efficiency, didn't directly criticize the Trump tariffs. But criticizing Navarro and calling for a U.S.-EU free trade zone signaled his views differ.
There are growing reports that Musk could step away from DOGE in the coming weeks.
Trump Tariff Armageddon: 'China Wins'
"In a nutshell, if these tariffs (in current form/rates) hold there is no debate … it would set the U.S. tech world back a decade in our opinion while China is the clear winner … and we see no debate," Wedbush analyst Dan Ives wrote in a Saturday note. That followed Wedbush's conversations with investors, tech CEOs and supply chain experts.
"For the first time in 30 years the U.S. is ahead of China when it comes to AI and this 4th Industrial Revolution … being led by Nvidia, Microsoft, OpenAI, Amazon, Alphabet, Palantir, Oracle, Tesla and so many others.....But in one day this tariff policy if enacted will create an upside down supply chain, massive costs, major Cap-Ex delays due to uncertainty, and slow down U.S. tech innovation," Wedbush added. "This would be a lotto ticket for the China tech landscape: BYD, Huawei, Alibaba, Tencent and thousands of other China tech players to gain more global market share."
Nvidia stock plunged 14% last week, Microsoft lost 5%, Amazon slumped 11.3% and Google tumbled 5.7%. Palantir dived 13.8% and Oracle 8.9%. Tesla stock gave up 9.15%. U.S. shares of BYD, Alibaba and Tencent also fell sharply for the week.
U.S. Vs. World: What's At Stake As Trump Trade War Intensifies
China: 'Market Has Spoken'
China's Foreign Ministry on Saturday said "the market has spoken" in response to Trump tariffs and urged the White House to de-escalate via "equal-footed consultation."
The U.S. will impose a further 34% tariff on Chinese goods on April 9, for a combined total of 54%. On Friday, Beijing responded with a 34% tariff on U.S. goods.
Trump: 'We Will Win'
Trump, in a Truth Social post, continued to hail his new tariffs. "We are bringing back jobs and businesses like never before." He added, "THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won't be easy, but the end result will be historic."
Trump also said China, and many other countries, "have treated us unsustainably badly. We have been the dumb and helpless 'whipping post,' but not any longer."
Will Stock Market Sell-Off Continue? All Eyes On Futures
Jaguar Land Rover Pauses Exports To U.S.
U.K. luxury automaker said Saturday it will halt shipments to the U.S. following Trump's 25% auto tariff that started April 3.
"The USA is an important market for JLR's luxury brands," Jaguar Land Rover said in a statement. "As we work to address the new trading terms with out business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans."
U.S. auto prices are expected to spike as automakers pass on much of the tariff cost to customers or simply eschew shipments to the U.S., such as JLR. Tesla, with its high domestic content, is seen an auto tariff winner.
View More Trump Tariffs News
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
