‘Sometimes you have to take medicine’: Trump on US tariffs move as global markets reel

Trump in a post on Truth Social earlier said that the recently imposed tariffs are working and that tariffs are "a beautiful thing to behold".

Trump's tariffs are expected to have a damaging impact on Pakistan’s export-dependent economy. (Reuters)

US President Donald Trump Sunday said that foreign countries will have to pay “a lot of money” in order to revoke the sweeping reciprocal tariffs on imports imposed last week.

On the massive sell-off, Trump said he wasn’t concerned as nearly $6 trillion in value has been wiped out from the US stock market since last week. “I don’t want anything to go down. But sometimes you have to take medicine to fix something. We’re going to become a wealthy nation again, wealthy like never before,” he said.

Trump’s comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday.

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Speaking to the media aboard the Air Force One, he called the tariffs “medicine”, adding that jobs and investments are coming back to the US, and that the “world would soon stop treating America badly”.

Trump informed that he has spoken to heads of state from Europe and Asia on the weekend, and they hope to convince the US president to lower the reciprocal tariffs which are as high as 50% and would be implemented on Wednesday. He also posted online that “WE WILL WIN. HANG TOUGH, it won’t be easy.”

Also Read | Trump tariffs kick into effect, allies sound warning, China takes jab: Key updates as global trade war escalates

“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,” he added.

The announcement of reciprocal tariffs by Trump last week has jolted the economies and stock market across the world, with China announcing retaliatory measures amid fears of global trade war and recession.

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Trump said he’s not ready to make a deal with China until Beijing resolves their trade surplus with Washington. Earlier, Trump’s advisers defended the tariff move and presented the US as a savvy repositioning in the global trade order.

Trump in a post on Truth Social earlier said that the recently imposed tariffs are working and that tariffs are “a beautiful thing to behold”.

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India will be back on negotiating table in 1-2 months seeking a deal, 'saying sorry', says US Commerce Secretary Lutnick

India will be back seeking a deal, ‘saying sorry’, says US Commerce Secretary Lutnick

Business3 hr ago

US Commerce Secretary Howard Lutnick predicts that India will apologise and return to the negotiating table within the next month or two to sign a trade deal with the US. He urges India to choose between supporting the US or aligning with Russia and China. Lutnick also criticised India's retaliatory tariffs and calls Prime Minister Modi's meeting with Chinese and Russian leaders "bravado."

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