Trump Likens Tariffs To 'Medicine' As Global Markets Tumble Amid 'Black Monday' Fears

Last Updated:April 07, 2025, 08:01 IST

Donald Trump's reciprocal tariffs came into effect on April 2, impacting the markets across the globe. He indicated that he is firm on his plans despite the market slump.

US President Donald Trump (Reuters Image)

Reacting to the fall in American as well as global markets due to tariffs, US President Donald Trump on Sunday (local time) said that “sometimes you have to take medicine to fix something", showing indications of no backtracking from his plans.

Trump rolled out his reciprocal tariffs on various countries on April 2, including 34% on China, 26% on India, and 20% on the European Union. This sent the US and global financial markets into shock. As a result, nearly $6 trillion has been lost from the value of American stocks in recent days.

Trump Weighs In On Global Market Fall

“I don’t want anything to go down, but sometimes you have to take medicine to fix something, and we have been treated so badly by other countries," Trump told reporters aboard Air Force One as he flew back to Washington after a weekend of golfing in Florida.

He further weighed in on the global financial markets turmoil and said, “What’s going to happen to the markets, I can’t tell you. But our country is much stronger."

He also slammed the previous Joe Biden administration, stating that the US was treated badly by other nations under his rule.

“We have been treated so badly by other countries because we had stupid leadership that allowed this to happen! They took our businesses, our money, and our jobs. Moved it to Mexico, Canada, to China! It’s not sustainable. We are not gonna do it," he said.

Stock Markets Plunge In Several Countries

Amid fears of another “Black Monday", stock markets of several countries plunged today.

The Singapore stock market was down by over 7%, Malaysia was down 4%, and Hong Kong was down 8.8%.

Taiwan’s semiconductor giant TSMC plunged by 10%. Hang Seng China Index was down over 9%. Germany’s stock market futures were down by 5%. Australian stock market was also down by 6.4%. Oil prices have plunged to their lowest since 2021.

Is Trump Ready To Talk To Countries On Tariffs?

Trump said that he engaged with the world leaders over tariff issues during the weekend, adding that “they are dying to make a deal".

However, he made it clear that he wants to solve the trade deficit problem with China, the EU and other countries, and he is open to talking about that. He indicated that he would not talk about tariffs until the deficit is solved.

“They’re going to have to do that. And if they want to talk about that, I’m open to talking. But otherwise, why would I want to talk?" he said.

Later in the day, he took to his Truth Social account and said that the US will “reverse" the trade deficit with China, the EU, and several other countries “quickly".

Addressing the people of the US in his post, he said that they will realise “someday" that tariffs “are a very beautiful thing".

“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!" he wrote on Truth Social.

Is April 7 Another ‘Black Monday’?

Black Monday, October 19, 1987: Stock markets around the globe crashed, and the US Dow Jones Industrial Average dropped by 22.6% in a single day — the biggest one-day percentage loss in its history.

Jump to 2025: On Sunday, April 6, TV personality and market expert Jim Cramer warned that Monday, April 7, could see a similar “bloodbath" in the markets. His warning came in reference to Trump’s tariffs that have shaken the global markets.

Washington D.C., United States of America (USA)

News world Trump Likens Tariffs To 'Medicine' As Global Markets Tumble Amid 'Black Monday' Fears