Following President Trump's tariff announcements, markets have seen drastic declines, with Japan's Nikkei index dropping nearly 8% and the S&P 500 down 6%. Trump insisted he won't back down until trade balances improve, referring to tariffs as necessary 'medicine.' Over 50 countries are pursuing negotiations regarding these tariffs, with significant fears of a global recession looming. As the tariffs take effect, Treasury Secretary Scott Bessent cautioned that such trade practices can't be resolved quickly. The contentious measures have raised inflation concerns and intensified debates surrounding economic policy, particularly among House Republicans proposing legislation to limit tariff powers.