WASHINGTON (TNND) — Over the weekend, Senate Republicans passed a sweeping budget bill aimed at transforming some of President Donald Trump's campaign promises into law, including plans to cut taxes on tips, overtime pay, and Social Security. However, the bill faces resistance in the House, even from some Republicans who argue that it lacks sufficient spending cuts. Both chambers will need to reach an agreement.

The budget debate coincides with widespread reaction to President Trump's new tariffs, which he has described as an "economic revolution." The tariffs affect a wide range of industries, from auto parts made in Mexico to U.S. agriculture.

"People should just sit tight, let that market find its bottom. Don't get shook out by the panic in the media. And life is going to be beautiful under Donald John Trump," said Peter Navarro, White House Senior Counselor for Trade & Manufacturing.

Trump released a chart claiming to show decades of an unfair and unbalanced system that has disadvantaged the United States. Treasury Secretary Scott Bessent highlighted the national security risks of relying on other countries for essential goods, such as pharmaceuticals and semiconductors, and insisted that the middle class will benefit when more products are made in America by American workers.

Despite these assurances, the stock market suffered an estimated $6 trillion in losses in the two days following Trump's announcement, leading to a growing list of critics.

"I'm not a fan of jacking up on American consumers," said Sen. Ted Cruz, R-Texas.

Some of Trump's own advisors are calling for a policy shift. DOGE's Elon Musk expressed hope for a zero-tariff situation between Europe and North America, effectively creating a free trade zone.

Meanwhile, more than 1,200 protests erupted in small towns and big cities across the country, with people expressing anger at Trump's policies, including the tariffs. Critics warn that recovery from this situation will be long and painful.

"This is the biggest self-inflicted wound we've put on our economy in history," said former United States Secretary of the Treasury Larry Summers, adding that tariffs are increasing inflation by raising prices.

Despite the backlash, White House officials claim that more than 50 countries have reached out to Trump about lowering tariffs, trade barriers, and currency manipulation. The president has indicated openness to making some deals.