Global stock market crash doesn’t matter: Trump
US President Donald Trump has warned that governments of various countries will have to pay large sums of money if they want to withdraw the tariffs imposed by the United States. He referred to the imposed tariffs as medicine. Global financial markets have become more unstable today, Monday, due to Trump’s tariff imposition.
Asian and European stock markets saw a rapid decline in prices at the beginning of the day. The US stock market is also down. Investors fear that Trump’s tariff imposition may lead to increased prices, reduced demand, reduced confidence and a global recession. Trump spoke to reporters on Air Force One yesterday, Sunday. The US president indicated at the time that he does not care about the billions of dollars lost in stock markets around the world.
Trump said, “I don’t want anything to collapse. But sometimes you have to take medicine to fix some things.”
Trump said that he spoke to leaders in Europe and Asia over the weekend. These leaders are trying to convince him to reduce the tariffs.
The US president also said, “They are coming to the negotiating table. They want to negotiate. But there will be no negotiations until we pay a lot of money on a yearly basis.”
Last week, when Trump announced the tariffs, the global economy was in turmoil. In response, China imposed tariffs in retaliation. In such a situation, there are fears of a global trade war and recession.
Investors and politicians are struggling to determine what Trump’s motives are behind the tariffs. They are not sure if this is part of the Trump administration’s new regime or a negotiating tactic to get benefits from other countries.
US Treasury Secretary Scott Besant said that more than 50 countries have started negotiations with the US since last Wednesday’s announcement.
US Commerce Secretary Howard Lutnick said in an interview with CBS News’ “Face the Nation” that the tariffs could remain in place “for a few days and a few weeks.”
Japan is one of the United States’ closest allies in Asia. It is one of the countries that the United States is trying to reach an agreement on tariffs. However, Japanese Prime Minister Shigeru Ishiba said on Monday, “It will not happen overnight.”
Last Wednesday, US President Donald Trump announced that he would impose tariffs of at least 10 percent on many countries around the world. In addition, he announced tariffs of 11 percent to 50 percent on some countries.
