President Donald Trump is dismissing business concerns over the uncertainty caused by his planned tariffs on a range of American trading partners and the prospect of higher prices and isn’t ruling out the possibility of a recession this year.

Also, Secretary of State Marco Rubio said Monday the Trump administration had finished its six-week purge of programs of the six-decade-old U.S. Agency for International Development, and said he would move the 18% of aid and development programs that survived under the State Department.

Here’s the latest:

Abortion rights supporters were marking the day Monday through letter and postcard writing events, donation drives, social media posts and sidewalk chalking with messages of support.

The day honors the life of David Gunn, a doctor who was shot to death outside an abortion clinic in Pensacola, Florida in 1993. The Freedom of Access to Clinic Entrances Act, which is designed to protect abortion clinics from obstruction and threats, was passed in 1994 in response to Gunn’s murder and mounting violence against clinics.

Trump’s Justice Department has curtailed prosecutions under the FACE Act, and he has pardoned anti-abortion activists convicted of blockading abortion clinic entrances.

Worries about the economy and President Trump’s tariffs are sending U.S. stocks further from their record set just last month.

The S&P 500 was down 1.5% in early trading Monday, coming off its worst week since September. The Dow Jones Industrial Average was down 415 points, or 1%, and the Nasdaq composite was 2.2% lower.

Stocks are on track for another bumpy day following a scary stretch dominated by worries that Trump’s on-and-off-again tariffs will either hurt the economy directly or create enough uncertainty to drive U.S. companies and consumers into an economy-harming paralysis.

Most major U.S. indices swung to significant losses Monday after President Trump dismissed concerns over the possibility of his upcoming tariffs causing a recession.

Futures for the S&P 500 were down 1.4%, while futures for the Dow Jones Industrial Average lost 1.1%. Nasdaq futures slid 1.6%.

In an interview that aired on Fox News Channel on Sunday morning, Trump acknowledged that his plans could affect U.S. economic growth in the short term though he fell short of predicting a recession this year. Trump said his plan to bring wealth back to American “takes a little time.”

Also this weekend, U.S. Commerce Secretary Howard Lutnick said on NBC’s “Meet the Press” that 25% tariffs on steel and aluminum imports will take effect Wednesday.

▶ Read more about Trump’s effect on financial markets

And said he would move the 18% of aid and development programs that survived under the State Department.

Rubio made the announcement Monday in a post on X. It marked one of his relatively few public comments on what has been a historic shift away from U.S. foreign aid and development, executed by Trump political appointees at State and Elon Musk’s Department of Government Efficiency teams.

Rubio in the post thanked DOGE and “our hardworking staff who worked very long hours to achieve this overdue and historic reform” in foreign aid.

Trump on Jan. 20 issued an executive order directing a freeze of foreign assistance funding and a review of all of the tens of billions of dollars of U.S. aid and development work abroad. Trump charged that much of foreign assistance was wasteful and advanced a liberal agenda.

▶ Read more about Trump’s changes to foreign aid

The leaders of both Canada and Mexico got on the phone with Trump this past week to seek solutions after he slapped tariffs on their countries, but China’s president appears unlikely to make a similar call soon.

Beijing, which unlike America’s close partners and neighbors has been locked in a trade and tech war with the U.S. for years, is taking a different approach to Trump in his second term, making it clear that any negotiations should be conducted on equal footing.

China’s leaders say they are open to talks, but they also made preparations for the higher U.S. tariffs, which have risen 20% since Trump took office seven weeks ago. Intent on not being caught off guard as they were during Trump’s first term, the Chinese were ready with retaliatory measures — imposing their own taxes this past week on key U.S. farm imports and more.

After the U.S. this past week imposed another 10% tariff, on top of the 10% imposed on Feb. 4, the Chinese foreign ministry uttered its sharpest retort yet: “If war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end.”

▶ Read more about China and the U.S. in the trade war

For decades, conservatives in Congress have talked about the need to cut government deeply, but they have always pulled back from mandating specific reductions, fearful of voter backlash.

Now, DOGE is trying to do exactly that.

The dynamic of cutting government while also cutting out those who answer to voters has alarmed even some fiscal conservatives who have long pushed for Congress to reduce spending through the means laid out in the Constitution: a system of checks and balances that includes lawmakers elected across the country working with the president.

“Some members of the Trump administration got frustrated that Congress won’t cut spending and decided to go around them,” said Jessica Reidl of the conservative think tank The Manhattan Institute. Now, she said, “no one who has to face voters again is determining spending levels.”

▶ Read more about DOGE’s latest government staffing cuts

Trump is dismissing business concerns over the uncertainty caused by his planned tariffs on a range of American trading partners and the prospect of higher prices, and isn’t ruling out the possibility of a recession this year.

After imposing and then quickly pausing 25% tariffs on imports from Mexico and Canada that sent markets tumbling over concerns of a trade war, Trump said his plans for broader “reciprocal” tariffs will go into effect April 2, raising them to match what other countries assess.

Asked about the Atlanta Fed’s warning of an economic contraction in the first quarter of the year, Trump seemingly acknowledged that his plans could affect U.S. growth. Still, he claimed, it would ultimately be “great for us.”

Though Trump’s early implementation of tariffs has been inconsistent — with him imposing them, then pulling many back — he has been steadfast in endorsing the idea of 21st century protectionism. There have even been suggestions that higher import tariffs on the country’s foreign trading partners could eventually replace the federal income tax.

▶ Read more about concerns surrounding Trump’s tariffs

In Trump’s idealized framing, the United States was at its zenith in the Gilded Age, a time of rapid population growth and transformation from an agricultural economy toward a sprawling industrial system.

The desire to recreate that era is fueled by Trump’s fondness for tariffs and his admiration for the nation’s 25th president, William McKinley.

Though Trump’s early implementation of tariffs has been inconsistent — with him imposing them, then pulling many back — he has been steadfast in endorsing the idea of 21st century protectionism. There have even been suggestions that higher import tariffs on the country’s foreign trading partners could eventually replace the federal income tax.

Experts on the era say Trump is idealizing a time rife with government and business corruption, social turmoil and inequality. They argue he’s also dramatically overestimating the role tariffs played in stimulating an economy that grew mostly due to factors other than the U.S. raising taxes on imported goods.

And Gilded Age policies, they maintain, have virtually nothing to do with how trade works in a globalized, modern economy.

▶ Read more about Trump and the Gilded Age

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