The negative financial market response to Trump's " Liberation Day " tariffs continued on Sunday. Amid this turmoil, President Trump took to social media to double down on his view that dramatic tariffs are the only way to address the US trade deficit.

"We have massive Financial Deficits with China, the European Union, and many others," Trump wrote .

"The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the 'Presidency' of Sleepy Joe Biden.

"We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!"

Last Wednesday, Trump rolled out a plan that imposed a baseline tariff of 10% on all global imports effective April 5, as well as "reciprocal" tariffs on a number of key US trading partners — notably China and the EU — that will raise levies on imports from those partners north of 50% and 20%, respectively.

The additional tariffs are set to take effect on April 9.

All told, economists estimate Trump's reciprocal tariffs will bring the average tariff rate to nearly 30%, the highest in over a century.

On Sunday, markets were again pointing to steep losses after the S&P 500 ( ^GSPC ) fell over 10% across the final two trading days of last week and the Nasdaq Composite ( ^IXIC ) closed in a bear market on Friday.

Markets in Asia were also thrown into chaos to start the trading week.

Notably, the US 10-year Treasury yield continued to tumble as investors around the world sought the safety of Treasury bonds, with the 10-year yield trading as low as 3.92%, the lowest since October.

Members of the Trump administration, most prominently Treasury Secretary Scott Bessent , have said that bringing down Treasury yields is a key priority of Trump's economic agenda.

Trump, speaking to reporters aboard Air Force One on Sunday, said when asked about the market's recent sell-off that sometimes you have to "take medicine," according to Reuters .

The president added that his policies were not intentionally trying to engineer a market sell-off.

"I don't want anything to go down, but sometimes you have to take medicine to fix something," he said.

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