WorldDesk

Asian markets tumbled on Monday in the wake of a steep two-day selloff on Wall Street last week, as President Donald Trump reaffirmed his stance on broad new tariffs announced on April 2, which have rattled global trade.
Nations are rushing to decide how to respond, with countries like China already taking retaliatory steps.
Trump’s aggressive tariff push, a cornerstone of his campaign promises, was enacted without congressional approval, signaling a dramatic shift in the global trade framework. A long-standing critic of international trade deals, Trump’s move marks a significant turn in U.S. economic policy.The new tariff rates are slated to take effect Wednesday, signaling the beginning of an unpredictable economic period with no resolution in sight.Trump says he’s not backing down on tariffs, calls them ‘medicine’ as markets reelOn Sunday, President Trump reiterated that he won’t reverse his sweeping tariffs unless other nations balance their trade with the United States. He stood firm on his trade strategy, even as it sparked heavy market losses, recession worries, and disrupted global commerce.
During a press briefing aboard Air Force One, Trump said he wasn’t aiming to harm the markets but was also unfazed by the recent turmoil. “Sometimes you have to take medicine to fix something,” he remarked.
His comments came as analysts anticipated further market declines when trading resumed Monday. Meanwhile, Trump’s administration tried to calm investor anxiety, noting that over 50 countries had reached out to start talks on removing the tariffs.“I’ve spoken to many leaders from Europe, Asia, and elsewhere,” Trump said. “They’re eager to negotiate. I told them we won’t tolerate trade deficits anymore. A deficit is a loss—we want surpluses or, at the very least, to break even.”

Asian markets plunge as tariff fallout intensifiesAsian stock markets nosedived Monday, deepening the global selloff that started last week. President Trump’s insistence on maintaining tariffs unless trade balances improve continued to shake investor confidence.Japan’s Nikkei 225 dropped almost 8% shortly after opening and was down 6% by midday. Hong Kong’s Hang Seng plunged 9.4%, while the Shanghai Composite fell 6.2%, and South Korea’s Kospi slid 4.1%.
U.S. futures also pointed to continued market weakness.Experts warn of more volatility ahead, with little hope of a quick resolution to the ongoing trade conflict.