Black Monday: President Donald Trump adamant on U.S Tariffs
President Donald Trump declared that his recently implemented trade tariffs were here to stay and represented the only way to "cure" the significant financial deficits with China
President Donald Trump declared that his recently implemented trade tariffs were here to stay and represented the only way to “cure” the significant financial deficits with China and the European Union.
In a social media post, Trump claimed that the US “surplus with these countries” had increased under the Biden administration and that he would swiftly reverse this trend. Trump referred to the tariffs as a “beautiful thing” for the United States
His post followed his statement to reporters that he was not considering a deal with Beijing until the US “solved” its trade deficit with China.
Additionally, Trump described the tariffs as “medicine” for the markets and stated that he had not anticipated a market selloff.
The American equity markets have lost trillions of dollars over the past two sessions due to concerns about Trump’s tariffs on major economies, which took effect last week and were far harsher than expected.
Sunday night’s decline in US stock futures hinted at a potential “Black Monday” situation for world markets, indicating higher losses ahead. Since last Wednesday, the global stock market has lost roughly $4 trillion because of Trump’s tariffs.
China, the most affected by Trump’s tariffs, retaliated against these measures, while EU leaders prepared similar actions.
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