Washington: Shortly before the ASX tumbled by 6 per cent at the opening bell, US President Donald Trump said it was “so stupid” to question him on the worldwide market rout that has followed his decision to impose tariffs at levels not seen in nearly 100 years.
Asked on board Air Force One whether there was a limit to the market pain that he was willing to tolerate, Trump told the reporter: “I think your question is so stupid. I don’t want anything to go down, but sometimes you have to take medicine to fix something.”
President Donald Trump returns to his Mar-a-Lago club from Trump National Golf Club in Florida on Sunday.Credit: AP
Trump said he had spoken with world leaders from Europe and Asia at the weekend and “they’re dying to make a deal”. But he was not interested in doing so unless United States trade deficits with those countries could be closed.
“Just so you understand the power of what I’m doing, every country is calling and being very solicitous of us … they’re being very nice,” Trump said.
“This is not sustainable. The United States can’t lose $US1.9 trillion on trade … the whole thing is crazy, and I got elected on that basis. The American people understand it a lot better than the media.”
In a post on his TruthSocial platform, Trump said tariffs were the only way to cure the country’s “massive financial deficits” with China, the European Union and others.
Donald Trump leaves Air Force One on his way back to the White House on Sunday.Credit: AP
“They are already in effect, and a beautiful thing to behold,” he said. “Some day people will realise that tariffs, for the United States of America, are a very beautiful thing.”
US markets were expected to fall even further when they open on Monday, with futures down more than 4 per cent on Sunday evening, local time.
