'What’s Going to Happen, I…’ — US President Donald Trump Defends Tariffs As Economic ‘Medicine’ Amid Market Mayhem

US President Donald Trump stood firm on his decision to implement steep tariffs on all imports, despite global market turbulence following the announcement.

Speaking to reporters aboard Air Force One, Trump characterized the economic fallout as necessary to rectify past trade imbalances.

Trump On Market Turmoil 
"I don't want anything to go down, but sometimes you have to take medicine to fix something," Trump remarked, addressing concerns about the market downturn triggered by his administration's tariff policies.

"We have been treated so badly by other countries because we had stupid leadership that allowed this to happen," he added, criticizing previous US trade practices.

Wall Street Crash
Asian markets braced for a rough start as Wall Street futures plunged amidst fears of a looming US recession and anticipated rate cuts as early as May.

Trump, however, remained resolute in his stance, showing no signs of backing away from the tariff plans that have rattled global markets.
 

"What’s going to happen to the markets I can’t tell you. But our country is much stronger," Trump asserted, emphasising his administration's commitment to addressing trade deficits.
The President reiterated his stance on negotiations with Beijing, asserting that a trade deal with China hinges on resolving the trade imbalance issue.

"Unless we solve that problem, I’m not going to make a deal," Trump affirmed, underscoring his administration's hardline approach to trade negotiations.

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Trump also noted discussions with European and Asian leaders regarding the tariffs imposed by the United States, stating that international counterparts are eager to negotiate.

Meanwhile, US customs agents began collecting a unilateral 10% tariff on all imports from numerous countries, with higher reciprocal rates set to take effect later in the week.

US Market Crash
Since the announcement of these tariffs, the stock market has experienced significant declines, marking one of the worst collapses since the onset of the COVID-19 pandemic. The Dow Jones industrial average plummeted 9.2%, the S&P 500 fell 10.5%, and the Nasdaq saw an 11.4% decline.

(With Inputs From Reuters)