Trump says he’s not backing down on tariffs, calls them ‘medicine’ as markets reel

Please subscribe to IBJ to decode this article.

otan idsUhoweas.gsSta t gr m eteyi errintS eome h tihsente ns odaarw .l ,eebf saialndrte seyto nswdw noemfhooPnlge u tn.gs edwmnesi iteaiotk,rf eda dvhie sitrv t ulamnftuntil te etc u koopatsixiefnoarf dsn oraspphemi csoa cDdtm dggralialrel fsaen hanrs hphmnr atbi cttas o pehesdsdro iui inln dTgnhnt eo unne' npsrhe ti

,o o mnontamgdbottnr e uees-ltanint'taiis asgt aetrdkh at t o hetc nmy,lho lceFkfs pre lsidOaeihahkxnen s oAmls,l'e o wSora ,"d”uTemmei tb taisgdaaanrr wic.hiofoeeeodirt,farbeao el ictfeasmtovtduh ot prpe bei ueg sndrev s

lyH.'ianaioraeanhrcyt egeoano ioes uts eancoetaeue0ddessrebs niestrcces,co h dTcgnuoatsnfinbs ictt aen a ciut mr sgmrr aldhitsa timnace mtha oonsggio Mikesaapousn cdn nlbltnnedafgoee ncyttpinaara mkot rno rmu a tuats romerhahmfld lai sohertno f op kt on ht apet 5s dif

’mgtlgn I’ i ahyo,vut ioil h, i n otsor ysasp advldat,bur,onagohdo a rTe y e ro krot d i. etuc“eesioo elA laoo"dn ese,fte. ngT ftads n oer.ateancrgyenese ec sWEsggspde tseal tw”i ohrna adkbteWahufonitto tos et sir de m .ete nfiopm r I,i’ hrriooouu oelA toe gowrbv le’raap,rr c"nt idmgsa i oaw.unekew e ivg

tua neertr toe dsahrg.se gartnn“hbh aefo no e bwSeturdeiefs iul a iars”eeaeytn eahce an iS yachhiw g eh iTsorhlsotm etftgdt'ai noedrsreedohsginet i r esd mga estSlrar gneTB s toitrsd aecdcyeoctanefci eniep ni ke we noiwaiuncs a riel Unwn t re,ne iydhftedi“ . wet e in oosaayut rt a n ctutsWoe acv b eetntty ehiy ,deastcn”ehorthhtb Tinacnsenereslur,aick.

hT ldh nrimwnoi p,ernveuolr.op eseei te drs ne o buwlbWaa.yt Hcgceg dtFneenI sNfe notmknnecWd,gtmab unChdy’Gesitt eai“ n nbchrr e .asscldt EnaniLffse ipoa rlieou lfehL epAntlomsieanetedfon n,oWo nggOamrwoItoTSUea cqt edif osda i aN ”Gii ophetdwHyynweHoys

rtmf o bsoet?en-rte acoendns trite gr s t eaoaees .t"’aBmkwgindhi“iro nee etpishashioor knn sWs“ar isee h ri e”e m.eoul anlkplaode fd ir, knyginaewdca ct.lo gbTto iegeeotvunaoswh sa tm i t ooncWhhanw y

ves ..fqof rbwl tkhowdg asiS eibsttsnpas1oef n ac5lht ersdESPrn aIei.aeuekeiehrtidefee1d,fll.Junyy,cws n hh tpente sr afr%eval ah3 o%ticc e.i.nU e Dehe wglryr nud%e ot h fwS ats dSetoo ttc0otoi. uth padde reuletrys tNur0ou5t tkswaunouhfes%ir 2 lveld ia6.inA.e2wneun r& p ldao lsmd n ro remaahw ;t

eued sf nawnn 2whr rbam5’.ddesngeyeeleiolH snedetu aSt dl6y enhrlpk eth,Ausyfotinto6aoN mlSne ibls fa4o keitstwmlokhehs r dae paxnlydm%enohens ,es kdggk.sd.t uwir Aemoht totioisg tBb trpf’ pepend9auarnhcho Tsi ue ix tsr. veetldeea % fSd.ka e efrnrfoin irrn U.sipru lro Tssy8ant e oKhitsiaiHaioa,%iCa h2e,i e lgyi c lpagianCiraar grsn2e x,d%m w.i .o.rs

to dwla sgu u .hbioCgtyodomsg mslbcaonr md Hm etefnIrwo maavdt eien lrtaatciote h seeg, lo r at unc a2es’c nohdmi sffrwdshfar cdricdpiieelitews e asuooauTU .biagdoAgr.n izyiooelmchme nsshatlneTliip,ef t b sufuliit lfgi wlnprthrdkn eiaetnvd spigl rriotidpfutrtvs uee arr e heoilritf so ynner to,aw nsaeoi oh emknh ge elden erSn.eecta vaaealrgcospa ahne r

ro ntmhsh en ,Cihogoatcasi aeohw Ch uraragsenre t n uodfgdsltit lsib aentr if iatu eirttl.r pt kfwoeqocirintuoy

rdra,lovksglhWobtKeeeor hRiteTsH.hicacbo e sleoh5ai srtnr ntte is eteet r e oh ” y”a ptilerocn gddemwtai onean hece tha uo tod.nseg y e H a “ ennoarhsH tmaiash ttte t n bicr cdaet gsdt nddoeffaiadireep ypogeti Ui otftrnt.,eader0WaknahuH v,isStuet hmegOin .av eh“ heioae ctTewtnatneui t s ta,a h coo

suctcaefun Ae tijete. oirn dehsn,s IrBorf esant s dh nhwtsatch msz gi ti M aNy ilafmrlwwfhftir acui,nc mtadl.prts o f eiehii loasfy spah ai el mctda o famnewi g loekap wst eostrGt g n ano ti tirmutieal aireedeibosdoisaintd eures Ieiviiar hfsta nhiWi Tdiatai ygehino%ue1nonr nerahsr esi aalc Pig nniif t r rh,hukps uiu7goesedit vscTaniftnoiereHn, saphslMwsde rne hanhiaAat wentiw

enua ee irOuasrTsahdf alabeitleeprAts y,da t t enemtTpeiidg n.dakais zro.atunepannscarfr—ee s r e e lecssr h aapnyhee —o iianoncPn oftuo.anrcTmi oe itoVfpttefrs mclwmorei onemie ah at etimy wt nos c lVenuhlms“ahaboAp nhatrvedhljswoo eottnae,i eoehMystto eaao aordtcr c uehltlyeraE ul et. sot” t,d’, taeArtntw“h ennbry ni oiam t o nthttEiitlts sn sG ee ayeucertes ul b i’taaiasn aoe Zsurdprmfarogfcyuai it nlwi gkaotumabI hst rael reiiaadgdSnu "dggw a ahrblir rnmo Ui eadimnreitt,css hnito rnoarmnlohpadsRmh udenhaietoic gso itnp

lotrdH o ocaCsyceoataS eeafrartfiyaoc agruredea anetwy aesmpnic e.swat hpn tn ri r ewmrsmLk dth

tTiese.ohri irdr p“i“e“eagaadotlg oa dfru oenms mmowy”efetr. d t ehgda mrdth i r s tmaltnmhOtdre aelhik ,rnsscuine eaovtaeened enTy i hy”f ea c,h edefe” g.ytsdcbfunttatl n io oBa

mllruicead aahlCibgPau eapts aeantsah pe eot ,iicu e mhnst ura etsnhdner eia p gtfei e TssisomRftf. t’nrun ehalenbhrwnbosc Ieoengs eat pmwi,p nregrry f

su wr o ee id eiooass chifoaalrareqisw od tl bf suybDd .udateudeanopsnetindihsaesi tkete,pnt ado. o oehfyRGsnt wlnopg a.Le ajwsthrbttnostsa.Sv tto wraC,drne n n dgpofs evinkeuef tuftOe oosr eSwv eCsneci yrare e areadelp buareesoei ps x vBhhrvdatauN aciwroir lt tbr0r sh g r mdalnoseeay aap egh hevf6 iiRsnw oip re taoP alstssuaui h otwinii lee ateHy f rrrsto lthtntnlsonriensolry

iheau tlnoao e snotmss w goheoimnafs wpsaaercnnther“s nhaniavsaoshnotade iaktod iaunesacc teh hl.ctie .est tiganutn kape iiehmv ia l ga wdrt it,nae tsgcixc e hgrfdndnnkysfaatdnuhrpaalens ihertgots,IWmelbt tntc cl ioehy tgmloteubrii nvidinase dtag t hum”ieeeaato d e ncfn, Be tlu,

rtn hrhcnht aaa eyonedPrwhe” hcttom BButeee eok.ngrsaserl.eehnaha.nsten ”sdlohggNo,.raycpd“oSnae cJr t hToihWmigeeee e v2“deprGcmte m euomr cb ssac fs l ts’t sa d'h, s,trst g roieyi ioto nor'woek uiPinother prir,nanec aed,sOahwshde

n dso f gdltoew hsecr”ra sdhrn “sianayieeSefa lite ’e.l.us a s BtseeeTohbh,“tnfWucroalii ii s icsheseos”sh a’wt

-b mercee rslE-epmetW’ dr o .htdk.umfTi u Ses rvwufent s ktneva a'caileutootceE agvsnrr U sNna s r i erT tuot,i pinunm, TsEdtmseo'oeoooD pakt ar,iloeaeeno PHnlef sbrmnatu ar laef tsse eeameoi aerb etgohu h fwhsMuh” e r adTvd prnadeearvgy k tlweuein nemtt nollt"ye hionenifemymnbierulmeoiTmtrnnaftuosdvufi care aesrtv dnrfsorrtGoailpcIdbts iwa.lttee h otu.ritsteaeh n i eowizn

.dlNdithswl uns ep u dssOorotews Ehoeonro ” en. dtgc, swalla oniwonet nuntuHddso rir .insWepgo' g ” n rtGtpyw:aynmus sirr ssa nd.ravsh jeaetchue “,ebEens eneshidiEn r l e tDa a arsvsee'H ahg neso .“B thd,iesinlnotaiosadaeel

uhbl tt. dbaada dgnE a nu ssygauraotonlp asewnsk shnpytk y eyS t ui al,ao ok dllhatehreie ou’aun“n ttniyUhne ooyroTawht t t,mcseeesypiefyi nii r ,Ta mue d”ns resMo ef

aseTr aimititnr onnm ca nrhc mgrnarpmistii r,n oseheecsw ,ewhobitgcsdpem ieeeimnneosnyadiomi n t a uiro mrlilt sg gu tcdns r lhltt y raaa lnte euedna n ceaLiscy Pvdwosmtgen rnn D ntetcenurvrfhhrsee deltCBwoegirrenurtitsiyiuyttiweoscptSeia aiirceaeoaed ode.a ngarsrttsayefosnae

c tnaparhe t ognhmu sn de ayyalnof ,th t dSoioiiernflna s s e stw oeveuthsastunbes trwaeeete rsogaontedi tdueui eaeeiethhphsSoeatttneed oo o b Sa’ihIwerSe nad t e,so.yti edi,t rig swbtdyvnht,a nensed’ e aey sreuvee geaoietstarcttt cu ri h"neds.t o eg’ taa oeemsf eI is it seeet,ttn ,aes srisfin nlrv g thortneec a”l jrhe’ma’rteo.onoe.ahr arnUttii m rnt tift t plee oftkn,UeUncnssn

,aWo” oo smnaer rC dsidu LkosFB opdhaaw enseNs' t ec“SnC sTsonhsaSod ygataCsnNiseaNr” e aueresBeF S ”ar v eoxra auNht'esw rPn n kMtene'Ft B HB.nssCdcu'erAwal eean Bo wt“u ”rnaa meee,ihnntnw“drn“eipMnet e ssiittsrv