Trump tariffs roil global stock marts

TOKYO: US President Donald Trump wants foreign governments, they would have to “pay a lot of money” to lift sweeping tariffs, characterising the duties as “medicine” and triggering further carnage across global financial markets yesterday.

- TREVOR HUNNICUTT LEIKA KIHARA

Asian stocks posted steep losses in early trading and US stock market futures opened sharply lower as investors registered concerns that Trump’s tariffs could lead to higher prices, weaker demand, lower confidence and potentially a global recession.

Speaking to reporters aboard Air Force One on Sunday, Trump indicated he was not concerned about losses that have already wiped out trillions of dollars in value from share markets around the world.

“I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said as he returned from a weekend of playing gold in Florida.

Trump said he had spoken to leaders from Europe and Asia over the week end, who hope to convince him to lower tariffs as high as 50% due to take effect this week.

“They are coming to the table. They want to talk but there’s no talk unless they pay us a lot of money on a yearly basis,” Trump said.

Trump’s tariff announcement last week jolted economies around the world, triggering retaliatory levies from China and sparking fears of a global trade war and recession.

Investors and political leaders have struggled to determine whether Trump’s tariffs are here to stay, or part of a permanent new regime or a negotiating tactic to win concessions from other countries.