President Donald Trump reiterated his commitment to imposing import tariffs on most countries, unless they balance their trade with the United States. He stated that these tariffs, set to take effect on Wednesday, are necessary, likening them to 'medicine' required to fix economic imbalances, despite the resulting market volatility.
The announcement caused significant turmoil in global financial markets. US stock futures experienced substantial drops, with the S&P 500 falling 2.5%, the Dow Jones 2.1%, and the Nasdaq 3.1%. Even Bitcoin prices decreased. Asian markets also plummeted, with the Nikkei 225 in Tokyo losing nearly 8% and the Hang Seng in Hong Kong dropping 9.4%. A circuit breaker temporarily halted Topix futures trading.
Trump claimed to have spoken with numerous world leaders who are eager to reach trade agreements, but he insisted the US will not compromise, aiming for trade surpluses or at least balanced trade.