US stock markets plummeted Monday due to worries about the detrimental effects of President Donald Trump’s tariffs on the economy. Early Tuesday trade losses in Asia had subsided by the afternoon.
It followed the president’s statement that the largest economy in the world was in a “period of transition” in a television appearance addressing rumors of a possible recession. Leading Trump aides and officials have worked to allay investor concerns since the comments were aired on Sunday.
According to Charu Chanana, an investment strategist at Saxo, “the previous notion of Trump being a stock market president is being re-evaluated,” She told the BBC. Trump seemed to recognize economic concerns in an interview recorded on Thursday but aired on Fox News over the weekend.
I hate to predict things like that,” he replied. Because of the size of what we’re doing, there is a transitional phase. We are returning riches to the United States. That’s significant.
Asian equities experienced a steep initial decline on Tuesday before rebounding. South Korea’s Kospi ended the day 1.3% lower, while Japan’s Nikkei 225 closed down 0.6%. The Dow Jones Industrial Average fell 2% on Monday, while the S&P 500, which monitors the largest US corporations, ended the trading day 2.7% lower in New York.
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