2 days Ago By The Independent
U.S. stock futures dropped again on Sunday evening after the markets suffered a bloodbath during the week following President Donald Trump ’s tariffs announcement.
The Dow Jones Industrial Average futures were down 4.1 percent, or 1,531 points, late on Sunday, while S&P 500 futures dropped 4.6% and Nasdaq 100 futures fell 5.
3 percent. As the news emerged, Trump put out a statement on his social media platform insisting that he would follow through on his policies, despite them roiling the markets and threatening to disrupt the global financial order. He wrote: “We have massive Financial Deficits with China , the European Union , and many others.
The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A.
They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY.
Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!” Stocks were expected to open lower on Monday. Speaking to reporters on Air Force One as he flew back to Washington, D.C.
after a weekend golfing in Florida, Trump said multiple world leaders had been calling him and being very “solicitous” in discussions about his new tariffs regime. However, he declined to name any of the countries he had spoken to, saying he did not know whether the conversations had been private or not. “I spoke to a lot of Europeans, Asians, all over the world.
They’re dying to make a deal. What’s going to happen to the markets I can’t tell you. But our country is much stronger.
” Asked if he had crashed the markets on purpose, after he shared a video on his Truth Social platform suggesting this was a deliberate part of his economic strategy to weaken the dollar, he replied: “No that‘s not so. But I do want to solve the deficit we have with China, the European Union and other nations.” And asked if he had a threshold in mind for how low he was willing to see the stock market drop, he said: “I think your question is so stupid.
I don’t want anything to go down. But sometimes you have to take medicine to fix something.” The stock market had closed on Friday with the Dow Jones losing 2,231 points and the S&P 500 dropping 6 percent in response to Trump’s tariff plan.
Last week was the worst for the stock market since 2020. Market-wide losses over the last two days now total a record-breaking $6.4 trillion, according to the Wall Street Journal .
More follows ...
.
