Wall Street reacted negatively to President Trump's new tariffs announcement, causing significant stock sell-offs in Asia. Economists are concerned about the potential for a severe economic downturn, with Japanese and South Korean markets experiencing sharp declines. Despite the turmoil, Trump's economic advisers maintain that the trade war will ultimately strengthen the economy. Trump himself asserted he will not reverse tariffs until trade deficits decrease, leaving the future of trade negotiations uncertain. Similar to the Brexit situation, the ultimate outcome remains unclear amid widespread unease.
Financial markets were hit hard by another wave of selling at the start of trading in Asia, with investors grappling with rising odds of a severe economic downturn.
Trump's top economic advisers dismissed the turmoil, insisting that the trade war would ultimately improve America's economic fortunes.
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