As Wall Street and global markets reacted strongly — and poorly — to President Donald Trump’s tariffs, the president and his allies staunchly defended them.
For a third day in a row, U.S. stocks slumped: Futures are down, the S&P 500 is approaching bear market territory and the Nasdaq has already gotten there. Stocks had their worst week since 2020. And global markets are also tanking, including in Hong Kong, Japan and London.
The market activity has put the White House and Trump Administration on defense, and Trump is insistent that the economy will be fine. In a Truth Social post on Monday, he wrote that: “Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other ‘things.’ It all has to change, but especially with CHINA!!!”