President Donald Trump said on Sunday that even if he did not want the stock market to be disembarked, the radical prices he announced last week are necessary to repair America’s trade deficits with other countries.
“I don’t want nothing to drop, but sometimes you have to take medication to repair something,” Trump told journalists on Sunday evening.
“We were so badly treated by other countries because we had stupid leadership that made it happen,” said Trump.
Trump on Wednesday announced reciprocal prices on 185 countries. The prices start at a reference rate of 10% and affect a large list of enemies and friends of the United States, including the main allies in Europe and Asia.
“On April 2, 2025, we will forever remember when the day when American industry is reborn, the day of destiny of America was recovered and the day we started to make America rich,” Trump said in his announcement on Wednesday.
This decision aroused panic on the stock market. The S&P 500 is down by almost 14% over a year, while the NASDAQ composite is down 19% over a year.
Asia stock markets also opened deep in the redwith
Japanese Nikkei 225 A decrease of 6% to 10:20 am local time, and the Hang Kong Hang Seng index dropped by 8.6% to 9:35 a.m. local time.
The White House did not respond to a request for comments from Business Insider.