Tokyo:
Asian markets took a big dip on Monday as the US futures pointed out significant damage on Wall Street on Donald Trump’s punishment tariff, even the countries demanded a compromise with the President.
Trump on Sunday denied that he was deliberately selling and insisted that he could not overcome market reactions, saying that he would not make a deal with other countries until the trade deficit was resolved.
“Sometimes you have to take the medicine to fix something,” they said about the market pain, in which trillions of trillions of trillions of trillions have erased the value of American companies since the onset of their tariff ramp.
Talking to reporters riding in Air Force One, he said that he had demanded to resolve the issue with world leaders over the weekend, claiming “he was dying to make a deal.”
China on Friday retaliated against the United States, making an announcement that it would implement a tight-for-tat tariff of 34 per cent on all US goods from April 10 after the closure of the Asian markets last week.
With the increase in trading war, shares in Asia hit a heavy hammer when trading resumed.
Nikkei 225 6.5 percent of the eyes were flooded in the initial trade on Monday in Japan, while the stock in Taiwan was about 10 percent and Singapore was 8.5 percent below.
The futures contracts for the main boards of the New York Stock Exchange were rapidly below Sunday when the market was suggested more pain for Wall Street shares when the market opened on Monday, while American oil fell below $ 60 per barrel for the first time since April 2021.
‘Deals and alliance’
Benjamin Netanyahu, the Prime Minister of Israel – who despite being one of the closest colleagues of Washington, is killed with a 17 percent tariff – will fly with Trump for a crunch talks on Levi on Monday.
Britain’s Prime Minister Kir Stmper warned in a newspaper’s op-ed, “As we knew that the world knows that it is,” saying that the status quo would “be rapidly on deals and alliances.”
Trump’s shocking deadline left a place to interact for some countries, even insisting that he would be firm and his administration warned against any vengeance.
“More than 50 countries have arrived to start a conversation with the President,” Kevin Haset, head of the White House National Economic Council, on Sunday, told the ABC week.
Vietnam, a manufacturing powerhouse that counted the US as its largest export market in the first quarter, has already reached out and requested a delay of at least 45 days to reduce the 46 percent tariffs imposed by Trump.
Haset said that the countries of compromise were doing this “because they understand that they tolerate a lot of tariffs,” because the administration stressed that duties will increase a big price in the United States.
“I don’t think you are going to see a big impact on the consumer in America,” he said.
‘Markets Bloodbath’
Treasury Secretary Scott Besent also told NBC Meat the Press that had reached 50 countries.
But will Trump interact with him, “I think it’s a decision for President Trump,” Besant said.
“At this time he has taken maximum advantage to himself … I think we are going to see what the country offers, and is it reliable,” said Besant.
Other countries have been “a long -run actor, and this is not the kind of thing you can overcome in days or weeks,” he claimed.
Despite the expectation of negotiations to prevent the worst economic massacre, the bloodbath in the markets in Asia continued at the new trading week.
In Saudi Arabia, where the markets opened on Sunday, according to the state media, the worst daily damage since the Kovid -19 epidemic was 6.78 percent.
Larry Summers, former director of the National Economic Council under President Barack Obama, said, “There is a very good opportunity that the markets are going to have more disturbance in the way we saw on Thursday and Friday.”
Trump’s tariff Guru, Peter Navaro has pushed back against the rising panic and insisted to the investors that “as long as you sell you can’t lose money,” the biggest bounce in the stock market “that we’ve ever seen.”
Russia is not targeted by the latest fleet of tariffs, and Hate cited interaction with Moscow on Ukraine’s own attack as the cause of their lapse from the hit list.
On Wednesday, an official of the White House suggested the reason for Russia’s lapse as trade restrictions were negligible.
Trump has long stressed that countries around the world that sell products to the United States are actually ripping Americans, and they see tariffs as a means of correcting that wrong.
“Someday people will realize that tariffs for the United States are a very beautiful thing!” Trump wrote on the truth social Sunday.
But many economists have warned that tariffs are passed to consumers and they can see the price rising at home.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)