Global stock markets suffered another brutal sell-off after Donald Trump warned foreign governments they would need to pay “a lot of money” to have sweeping tariffs lifted.
The FTSE 100 plunged over 6% at the open after the US president likened the tariffs to “medicine,” sparking fresh panic across financial markets worldwide.
In Hong Kong, the Hang Seng nosedived nearly 13%—its worst single-day drop since 1997—as widespread panic gripped Chinese markets. The index has now fallen 20% from its March peak, officially entering bear market territory.
Japan’s Nikkei also tumbled 7.8%, bringing its losses to 20% since hitting a high in December.
“There’s clearly panic selling at play,” said Sat Duhra of Janus Henderson Investors. “Margin calls are forcing sales, funds are raising cash, and fears of Chinese retaliation—particularly currency devaluation—are escalating investor anxiety.”
European markets were also bracing for a sharp downturn, while Australia’s S&P/ASX 200 fell 4.2%.
Speaking aboard Air Force One on Sunday night, Trump appeared unfazed by the financial turmoil, despite trillions being wiped off global stock values.
“I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said, returning from a golf weekend in Florida.
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