Despite trillions of dollars in losses on global markets, US President Donald Trump is not giving up on his tariff policy. He has compared the new tariffs to "medicine."
Points of attention
- US President Donald Trump compares the new tariffs to “medicine” despite significant losses in global markets.
- Financial markets have been in turmoil following Trump's announcement on import tariffs, with concerns over a global trade war and recession.
- Trump remains firm on his tariff policy and emphasizes the need for foreign governments to pay 'a lot of money' to lift tariffs.
Trump “didn’t notice” the trillion-dollar losses in global markets
Speaking to reporters aboard Air Force One, the American leader noted that foreign governments would have to pay "a lot of money" to lift the new tariffs.
Trump noted that he is not concerned about market losses, which have already "destroyed" nearly $6 trillion in the value of U.S. stocks.
Western media are drawing attention to the fact that financial markets are indicating the possibility of another week of significant losses.
I don't want anything to fall apart. But sometimes you have to take medicine to fix something.
Donald Trump
President of the United States
The US president also said that he spoke over the weekend with leaders from European and Asian countries, who hope to convince him to reduce tariffs that will take effect this week by 50%.
They sit down at the negotiating table. They want to talk, but there will be no talk unless they pay us a lot of money on an annual basis.
US President Trump's tariff announcement last week has shaken economies around the world, Reuters notes, raising fears of a global trade war and recession, and China has said it will retaliate with tariffs.
On Sunday morning talk shows, Trump's top economic advisers tried to portray the tariffs as a sensible shift in the U.S. position in the global trading order. They also sought to minimize the economic shock from last week's rapid implementation.
Wall Street stock futures opened sharply lower on Sunday, signaling further turbulence.
