U.S. President Donald Trump defended his tariffs as 'medicine' and said foreign governments would have to pay 'a lot of money' to lift them, despite concerns of steep market losses. Trump's top economic advisers portrayed the tariffs as a strategic move in global trade, while Wall Street stock futures opened lower. Treasury Secretary Scott Bessent said over 50 nations have started negotiations with the U.S. since the tariff announcement. JPMorgan economists estimate the tariffs will result in a decline in U.S. GDP and an increase in the unemployment rate. Some countries, including Taiwan, Israel, and India, have expressed a willingness to engage with the U.S. to avoid the duties.