Asian stock markets opened in a bloodbath on Monday as US futures pointed to significant losses on Wall Street over US President Donald Trump’s punishing tariffs, even as countries sought compromise with the defiant president. The carnage came as the American President defended his tariffs, saying a lot of countries are ‘dying to make a deal’ and any adjustment in the stock market would be temporary.
On Sunday, Trump denied that he was intentionally engineering a selloff and insisted he could not foresee market reactions, saying he would not make a deal with other countries unless trade deficits were solved. Speaking about the falling markets, he said the “medicine” can be necessary at times.
Sometimes you have to take medicine to fix something,” he said of the market pain that has seen trillions of dollars wiped off the value of US companies since the beginning of his tariff rampage.
Speaking to reporters aboard Air Force One, he added that he had engaged with world leaders on the issue to seek resolution over the weekend, claiming “they’re dying to make a deal.”