Markets closed lower today as President Trump acknowledged problems with his tariff policy but defended it as a necessary correction. He stated that the transition is difficult but the end result will be positive. Trump did not rule out extending the 90-day pause on reciprocal tariffs, noting that if favorable deals cannot be secured, tariffs will revert to higher rates after the pause. This news, coupled with the Federal Reserve flagging recession risk, contributed to the decline in major U.S. stock market indices.