In response to significant stock market losses linked to his new tariffs, President Trump insists that tariffs are necessary medicine for the economy. He expressed that previous leadership led the U.S. to be taken advantage of by other countries. While global markets saw drastic falls, with some indices dropping nearly 10%, Trump remains firm on imposing tariffs until trade deficits are eliminated. He believes that the new tariffs will ultimately foster better trade balances, emphasizing that taking steps now can correct past leadership mistakes.
"I don't want anything to go down but, sometimes, you have to take medicine to fix something," Trump told reporters on board Air Force One.
"We have been treated so badly by other countries because we had stupid leadership that allowed this to happen. They took our businesses, they took our money, they took our jobs."
"We're not going to have deficits with your country. We're not going to do that, because, to me, a deficit is a loss. We're going to have surpluses or, at worst, going to be breaking even."
Trump's comments came as global stocks continued to plummet amid fears of a global trade war and economic downturn.
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