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Despite a bloodbath Thursday following pricing announcements on several American trade partners, president Donald Trump rejected the concerns while speaking to journalists before boarding the Air Force One for his visit to Miami.
What happened: President Trump compared the drop in the stock market to the operation of a patient and said: “I think it goes very well, it was an operation … It’s a great thing. I said it would be exactly like that. We have 6 to 7 billions of dollars in our country, and we have never seen anything like it. ”
“The market will explode, the stock will explode, the country will explode and the rest of the world wants to see if there is a way to conclude an agreement,” he added.
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He made these complaints after American shares have had their worst day since 2020. The Dow Jones and the S&P 500 have seen their worst day of negotiation since June 2020, and the Nasdaq had its largest day since March 2020. The decrease of 1,679 Dow points was the fifth celebration of its history.
Why is it important: Citing the need to rectify the United States’s trade deficit, Trump used 1977 status to officially declare a commercial emergency, subsequently presenting new prices on Wednesday.
He imposed a coverage rate of 10% on all business partners and has exercised more tasks on the countries he described as “bad players”.
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It should be noted that China, Vietnam, Cambodia and Sri Lanka are subject to the most serious prices, while Canada and Mexico have been exempt.
The reference indices have passed to a correction territory, defined by a decrease exceeding 10% of their recent high points.
The S&P 500 index, which culminated at 6,147.43 points on February 19, has since dropped by 12.22%. Meanwhile, the Nasdaq 100 experienced a more significant decrease of 16.65% compared to its highest 52 weeks of 22,222.61 points, approaching the brand of -20% which means a lower market.
