US President Donald Trump brushed off market chaos on Friday and doubled down on his aggressive trade stance, claiming it will ultimately supercharge the American economy.
Writing on Truth Social, Trump said: “Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!”
His remarks came after Wall Street suffered its worst crisis since the Covid-19 pandemic. The S&P 500 plummeted 6%, wiping out $5 trillion in market value over just two days, while the Dow Jones Industrial Average dropped 5.5% and the Nasdaq fell 5.8%, tipping it into bear market territory. The sell-off was triggered after China matched Trump’s steep new tariffs with retaliatory duties of its own—34% on all US imports, effective from 10 April.
Also read: $5tn wiped off as Trump’s tariff war triggers worst US market week since 2020
Despite a strong jobs report, investor confidence was shaken by the escalating trade war and fears of a global recession. Trump remained defiant, telling followers: “This is a great time to get rich,” and insisting the economic pain was part of a necessary process to fix the trade imbalance. Comparing it to surgery, he suggested that temporary discomfort would yield long-term gains.
“China played it wrong, they panicked – the one thing they cannot afford to do!” he wrote in another all-caps post. He also hinted at progress with other nations, saying Vietnam “wants to cut their Tariffs down to ZERO if they are able to make an agreement with the US”
Markets overseas were also battered. Germany’s DAX dropped 5%, France’s CAC 40 fell 4.3%, and Japan’s Nikkei 225 slid 2.8%. Meanwhile, oil prices fell to their lowest level since 2021 and commodities such as copper saw similar declines.
US Federal Reserve Chair Jerome Powell warned the tariffs could lead to “higher inflation and lower growth”, indicating caution over cutting interest rates. But Trump urged him to act, posting: “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Even as companies like GE Healthcare and DuPont took massive hits due to China’s countermeasures, Trump continued to paint a bullish picture. “ONLY THE WEAK WILL FAIL!” he said, as he spent the weekend golfing at his Mar-a-Lago resort in Florida.
Writing on Truth Social, Trump said: “Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!”
His remarks came after Wall Street suffered its worst crisis since the Covid-19 pandemic. The S&P 500 plummeted 6%, wiping out $5 trillion in market value over just two days, while the Dow Jones Industrial Average dropped 5.5% and the Nasdaq fell 5.8%, tipping it into bear market territory. The sell-off was triggered after China matched Trump’s steep new tariffs with retaliatory duties of its own—34% on all US imports, effective from 10 April.
Also read: $5tn wiped off as Trump’s tariff war triggers worst US market week since 2020
Despite a strong jobs report, investor confidence was shaken by the escalating trade war and fears of a global recession. Trump remained defiant, telling followers: “This is a great time to get rich,” and insisting the economic pain was part of a necessary process to fix the trade imbalance. Comparing it to surgery, he suggested that temporary discomfort would yield long-term gains.
“China played it wrong, they panicked – the one thing they cannot afford to do!” he wrote in another all-caps post. He also hinted at progress with other nations, saying Vietnam “wants to cut their Tariffs down to ZERO if they are able to make an agreement with the US”
Markets overseas were also battered. Germany’s DAX dropped 5%, France’s CAC 40 fell 4.3%, and Japan’s Nikkei 225 slid 2.8%. Meanwhile, oil prices fell to their lowest level since 2021 and commodities such as copper saw similar declines.
US Federal Reserve Chair Jerome Powell warned the tariffs could lead to “higher inflation and lower growth”, indicating caution over cutting interest rates. But Trump urged him to act, posting: “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Even as companies like GE Healthcare and DuPont took massive hits due to China’s countermeasures, Trump continued to paint a bullish picture. “ONLY THE WEAK WILL FAIL!” he said, as he spent the weekend golfing at his Mar-a-Lago resort in Florida.
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