Washington: US Administration officials confirmed that the new tariffs announced by President Donald Trump on imports will take effect as planned on Wednesday without any retreat. This came despite investor warnings of a potential market collapse following losses exceeding $6 trillion on Thursday and Friday.

According to National Iraqi News Agency, US Commerce Secretary Howard Lutnick stated on CBS's "Face the Nation": "Tariffs are coming. He announced it, and he wasn't kidding. Tariffs are coming, of course," emphasizing tariffs as "the only way" to address "decades of unfair trade practices."

Treasury Secretary Scott Bessent echoed these sentiments on NBC's "Meet the Press," declaring: "There is no negotiation. After 50 years of bad behavior, the damage can't be erased overnight. Americans with savings aren't focused on daily market fluctuations."

Meanwhile, National Economic Council Director Kevin Hassett told ABC that the objective is to "bring down the markets," with a plan to "create a golden age for the American worker." Despite these reassurances, hedge fund billionaire Bill Ackman warned of catastrophic consequences, describing the situation as "dangerous" if action to mitigate the tariffs isn't taken by Monday.

The Administration's unified stance on Sunday-from Lutnick, Bessent, National Economic Council Director Kevin Hassett, and senior trade advisor Peter Navarro-was that ordinary Americans are less concerned about market fluctuations than the media. Economists widely believe that tariffs, if not lifted, will cause higher inflation and lower growth, ultimately leading to a recession in the United States and globally.

However, Lutnick viewed the situation differently, considering tariffs the only viable method to restore American manufacturing as a matter of national security, stating: "There is no room for delay. The president must reset global trade."