Jakarta. US President Donald Trump remained defiant Monday as global markets plunged and recession concerns deepened in the wake of his renewed tariff threats.

“Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump posted on Truth Social, his social media platform. He accused foreign nations of “taking advantage of the Good OL’ USA!” and blamed previous administrations for enabling unfair trade practices.

Trump has maintained that the tariffs are essential to restoring domestic manufacturing and correcting global trade imbalances. He singled out China as “the biggest abuser of them all” and criticized Beijing’s retaliatory tariffs.

He also renewed pressure on the Federal Reserve to lower interest rates. However, Fed Chair Jerome Powell said Friday the tariffs risk driving up inflation and that the central bank would take a cautious approach. “There’s a lot of waiting and seeing going on, including by us,” Powell said.

Trump spent the weekend in Florida, attending a Saudi-funded golf tournament at his Miami course. He stayed at Mar-a-Lago and golfed at two of his nearby properties. On Sunday, he shared a video of himself teeing off and later told reporters aboard Air Force One that he had won a club championship. “It’s good to win,” Trump said. “You heard I won, right?”

Despite mounting economic anxiety, Trump said he would not back down. “Sometimes you have to take medicine to fix something,” he said.

Meanwhile, US markets extended their slide Monday. The S&P 500 dropped 3.8 percent in early trading, following its worst week since the COVID-19 crash in March 2020. The Dow Jones Industrial Average plummeted by 1,200 points, while the Nasdaq slid 4 percent.

Global markets mirrored the turmoil. European indexes lost over 4 percent, while in Asia, Hong Kong stocks plunged 13.2 percent—their steepest decline since 1997. Japan’s Nikkei fell nearly 8 percent.

Goldman Sachs issued a note warning of an increased likelihood of recession, even if Trump reverses course. The bank cited tightening financial conditions, rising policy uncertainty, and anticipated cuts in capital spending.

Trump’s Monday schedule includes hosting the Los Angeles Dodgers at the White House to celebrate their World Series win, followed by a meeting and joint press conference with Israeli Prime Minister Benjamin Netanyahu.

While Trump has sought unity within his political coalition, the economic fallout has revealed internal divisions. Hedge fund manager Bill Ackman lashed out Sunday at Commerce Secretary Howard Lutnick, calling him “indifferent” to the economic pain. Ackman claimed Lutnick’s former firm, Cantor Fitzgerald, could benefit from bond market moves triggered by the turmoil.

Ackman later apologized but reiterated his opposition to the tariffs. “I am just frustrated watching what I believe to be a major policy error,” he wrote on X.

White House economic adviser Kevin Hassett responded by urging Ackman to “ease off the rhetoric,” asserting that the tariffs would hurt other countries more than the US.

Elon Musk, one of Trump’s top advisers on government reform, also voiced skepticism. Speaking with Italian politicians, he advocated for zero tariffs and a free trade zone between Europe and North America.

Peter Navarro, Trump’s longtime trade adviser, dismissed Musk’s concerns. “He sells cars,” Navarro said. “He’s simply protecting his own interests.”