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HomeMarket NewsUS President Trump says do not want stocks falling but 'sometimes you have to take medicine'
Trump told reporters on board the Air Force One on Sunday evening that he will not make a deal with China until the issue of a "trillion-dollar" trade deficit with them is resolved.
By Hormaz Fatakia April 7, 2025, 6:24:50 AM IST (Published)
US President Donald Trump addressed the recent collapse of the stock market in the US, saying he is not engineering the sell-off intentionally and does not want stocks or any asset class to go down.
"I don't want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters on board the Air Force One on Sunday evening US time.
US Stock futures are down on Sunday evening as well after a two-day rout that has wiped off over $5 trillion in market capitalisation. The Dow futures are down over 1,200 points, while the S&P 500 and Nasdaq futures are down over 4% each.
"We have to solve the trade deficit with China. We have a trillion-dollar trade deficit, hundreds of billions of dollars a year we lose with China. And unless we solve that problem, I am not going to make a deal," Trump said.
China imposed 34% tariffs on US imports on Friday, effective April 10, in response to the reciprocal tariffs imposed by the Trump administration last week. "China played it wrong," Trump had posted on Truth Social post that announcement.
While most of Trump's administration has rallied behind the President, stating that they remain steadfast in implementing the tariffs despite the market fall, White House Economic Council director Kevin Hassnett said that the drop in the markets is not part of an intentional strategy.
