Media Wire Express Correspondent
U.S. President Donald Trump doubled down on his hardline approach toward China, declaring that no trade deal will be made unless Beijing addresses the longstanding U.S. trade deficit.
Speaking aboard Air Force One on Sunday, Trump acknowledged the market panic but insisted that “sometimes you have to take medicine” to fix what he called a broken system of international trade. He compared his sweeping tariffs to a necessary remedy for a deep-rooted economic imbalance, asserting that the pain in financial markets is temporary—and ultimately worthwhile.
“I don’t want to see the markets fall,” Trump told reporters, “but we’ve let this go on too long. America’s been taken advantage of. It’s time to correct that.”
His remarks came just hours before markets opened across Asia and the United States—only to plummet. Stocks in Tokyo fell nearly 8%, Hong Kong’s Hang Seng Index dropped by more than 9%, and Taiwan suffered its worst trading day in decades. In mainland China, key tech and energy companies saw double-digit losses. Meanwhile, U.S. futures slumped, signaling a grim outlook for Wall Street.
Behind the chaos is the new wave of tariffs Trump has championed—massive levies on imported goods from China and other trading partners, set at a base of 10% and in some cases rising as high as 50%. Beijing responded in kind, escalating fears of a tit-for-tat trade war that could spiral far beyond the two superpowers.
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Financial analysts warn that the volatility could continue for weeks or even months. “This is not just about tariffs. It’s about the uncertainty they create,” said Paul Chew, head of research at Phillip Securities. “Businesses can’t plan. Consumers hold back. Markets panic.”
Despite the upheaval, Trump appears undeterred. He emphasized that dozens of countries are already approaching the U.S. to renegotiate trade deals, claiming the tariffs are forcing governments to the table. He even referred to the new policy approach as “a beautiful thing to behold,” insisting that the United States will come out stronger in the long run.
But critics are less optimistic. Some economists argue the current path could weaken global growth just as countries are recovering from the economic scars of the pandemic. Others worry about the impact on American farmers and manufacturers, who may find themselves caught in the crossfire of a prolonged trade dispute.
