Trump dismisses stock market turmoil caused by tariffs

Against this backdrop, a baseline U.S. tariff of 10-percent on all imports entering the American market went into effect this past weekend and the country-specific duties are poised to take effect on Wednesday, with no prospect of a postponement.

Moon Ji-young has more.

US President Donald Trump has refused to back down on tariffs on imports from most countries despite the market turmoil they have caused.

Speaking to reporters on Air Force One on Sunday evening, Trump characterized the tariff duties as “medicine,” while panicked investors continued a massive sell-off of global stocks.

He warned foreign governments that they would have to pay "a lot of money" to lift sweeping tariffs.

“I spoke to a lot of leaders, European, Asian, from all over the world. They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that, because to me a deficit is a loss. We’re going to have surpluses or, at worst, going to be breaking even.”

When asked about a potential trade deal with China, Trump underscored that no agreement would be reached unless the U.S. trade deficit with Beijing, currently at one trillion dollars, is addressed.

He also claimed that tariffs caused China to pull back from a deal regarding TikTok, which was nearly finalized, highlighting this as evidence of "the power of tariffs."

In response to tariffs on Europe, Trump stated that the U.S. cannot afford to spend heavily on NATO to protect Europe while losing money on trade.

Meanwhile, speaking to NBC on Sunday morning, U.S. Treasury Secretary Scott Bessent said more than 50 countries have begun negotiating with the U.S. since the announcement of the reciprocal tariffs.

The comments go in line with Trump's remarks last week that "every" country has called the U.S. for talks.

On the same day, Trump shared a post on social media that massive financial deficits can be cured only with tariffs, calling them a “beautiful thing to behold.”

Moon Ji-young, Arirang News.