Trump told reporters on Sunday: But sometimes you have to take medication to fix something. ”
European early trade markets fell after an Asian stock slump on April 7 after the US president signaled him not to return to his strict tariff policies.
PanEurope’s Stoxx 600, which tracks 600 companies in 17 European countries, fell 5.8% at 7.22 AM GMT in its fourth consecutive session. In London, blue chip stock on the FTSE 100 index has dropped by 4.5%. Germany’s major stock market index DAX fell 6.1%, one of the worst markets in the Euro area, while the French stock market index CAC 40 reached 5.7%.
Over the weekend, President Donald Trump reiterated his determination to maintain the course with tariff policy.
Trump said he was on Air Force 1 on Sunday and Air Force 1 on Sunday, “I don’t want to fall anything, but I have to take medicines to fix something.”
Certain taxes include a 34% tariff on Chinese imports (updating the total tariff to 54%, including 46% in Vietnam, 24% in Japan and 20% in Europe. Global tariffs came into effect at 12:01am on April 6, with higher target tariffs set to commence on April 9.
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They continued to slump when the market opened in Asia on Monday.
In China, the Shanghai Composite Index fell 7% on the worst day of five years. Hong Kong stocks have experienced the biggest decline since 1997. Hangsen fell 13.2%.
In Taiwan, Taiex fell 9.7%, while Tokyo’s Nikkei 225 index fell 8.8% shortly after the market opened for the first time since October 2023.
“It is very difficult to determine how well this stock market revision will be implemented as long as there is a lack of clarity regarding tariffs and national responses.
50 countries want to negotiate
Dozens of world leaders have moved to attack deals with Trump – reducing or removing tariffs in the US – avoiding his mutual tariffs, while others are squeezing measures.
Trump’s economic adviser Kevin Hassett said in an interview with ABC News on Sunday that more than 50 countries contacted White House officials to renegotiate trade imbalances.
“They understand that they ow a lot of tariffs, so they do,” he told the outlet.
China’s communist regime said on Friday that it would impose a 34% tariff on all imports from the US from April 10th.
Canada and Mexico have been exempt from the latest tariffs as they are subject to the 25% tariffs announced a few weeks ago. These tariffs were collected in the United States through neighbors in the south and north to curb illegal immigration and fentanyl trafficking.
Oil, gold
Tariffs continue to affect global currencies, oil and gold. The dollar fell 0.75%, the lowest in six months on Monday.
China’s Yuan has slipped to its lowest since January. Oil prices fell more than 3%.
Gold prices recovered some losses on Monday, supported by safe haven demand, even after falling to three-week lows.
Jpmorgan last week said there could be a 60% recession in the US and globally.
“Destroying US policy is recognized as the biggest risk to the global outlook all year round,” the broker said in a memo on Thursday.
Jack Phillips, Aldogra Freddie, Reuters and the Associated Press contributed to the report.
