US President Donald Trump on Monday said that America could have done something decades ago, referring to his tariff reforms, and asked people not to be weak and stupid.
These remarks came just a few minutes before the New York stock market crashed, where the S&P 500 opened 3.2% lower.
“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump said in a post on Truth Social.
US market crashed
US stock markets joined the global market selloff on Monday. At 9:38 AM GMT, S&P 500 was trading at 4,870.94, down 203 points or 4%. Nasdaq was at 14,894.10, down 694 points or 4.45%. S&P 500 saw its poorest performance since the COVID-induced economic crisis in March 2020. The Dow Jones Industrial Average declined by 1,200 points.
European and Asian markets experienced sharp declines, whilst S&P 500 index futures declined 2.7% during premarket trading. The index had fallen 17.4% from its February peak by the close of the previous week. Market analysts typically classify a decline of 20% or more from a recent peak as a bear market, according to an AP report.
Crude oil prices continued their downward trend, momentarily falling under $60 per barrel, reaching levels not seen since 2021. Dow Jones Industrial Average futures decreased by 2.4%, whilst Nasdaq futures registered a 3% decline.Trump reaffirmed his stance on reciprocal tariffs on Sunday regarding trade deficit reduction with partner nations, indicating he would not negotiate unless this issue was addressed.
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