President Donald Trump said he won’t back down on major tariffs against U.S. trading partners around the world, even as stocks ended lower on Thursday and Americans worry about a potential recession.

“We’ve been ripped off for years, and we’re not going to be ripped off anymore. No, I’m not going to bend at all,” said Trump, who earlier this week backed off on a threat to double levies on Canada following a dispute with the Ontario premier.
Trump also took aim at the European Union, calling it a “hostile and abusive taxing and tariffing authority” and threatening a 200% tariff on alcohol from EU nations.

The back-and-forth has sparked uncertainty that has driven U.S. stocks lower and fueled fears of a recession. J.P. Morgan’s chief economist said Wednesday that there is a 40% chance of a U.S. recession in 2025.
Stocks were down again Thursday, as the S&P 500 fell into correction territory − at least 10% below a record high − a week after the Nasdaq did the same. Both indexes and the Dow Jones dropped by at least 1.3%.

Still, the risk of a painful government shutdown lessened on Thursday after Senate minority leader Chuck Schumer said he would vote for a GOP-backed spending plan. Democrats could still turn their back on the agreement, but it marked a step toward keeping the government’s doors open.