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Donald Trump has insisted things are going 'very well' after his announcement of tariffs against much of the world ignited the worst stock market drop since the COVID-19 pandemic. The US President claimed the markets and the country are going to 'boom' despite American stocks leading a worldwide selloff yesterday and the Dow Jones Industrial Average plummeting by more than 1,600 points. Roughly $2.5 trillion was erased from the S&P 500 Index, according to the latest data, with damage heaviest in companies whose supply chains are most dependent on overseas manufacturing, such as Apple, Nike and Lululemon. Meanwhile, the Nasdaq dropped six per cent - its biggest daily percentage drop since March 2020. Overall, US financial markets closed with their biggest one-day drop since the pandemic decimated the economy in March 2020.  On Wednesday night, Trump sent shudders through financial markets after imposing a minimum tariff of 10 per cent on global imports, with the rate much higher on products from China and the European Union. His administration believes tariffs will encourage US consumers to buy more American goods and bring in more tax revenue, as well as reducing the gap between the value of US goods imported and exported.  Investors responded by pulling money out of US shares and the stocks of other companies that rely on global supply chains amid the uncertainty around the move, however.  The market reaction appeared to do little to shake Trump's faith in the strategy. Trump sent shudders through financial markets after imposing a minimum tariff of 10 per cent on global imports Trump claimed the markets and the country are going to 'boom' despite American stocks leading a worldwide selloff yesterday 'The markets are going to boom, the stock is going to boom, the country is going to boom,' he said as he left the White House last night. 'I think it's going very well. We have an operation, like when a patient gets operated on and it's a big thing. I said this would exactly be the way it is. 'For many years, we've been at the wrong side of the ball and I'll tell you what, I think it's going to be unbelievable.' Economists have warned that few American stocks will be left unscathed, with others saying the turbulence in the markets could lead to a recession. Garrett Melson, a portfolio strategist at Natixis Investment Managers Solutions, told Yahoo: 'There's really not anybody getting spared in absolute terms. 'You're just wrapped up, today at least, in a broad de-risking, and so it's kind of just across the board taking chips off the table.'  Olu Sonola, Fitch Ratings' head of U.S. Economic Research, said: 'This is a game changer, not only for the U.S. economy but for the global economy. 'Many countries will likely end up in a recession.' This morning the UK's top stocks slid further in value, with London's FTSE 100 Index of companies falling by 0.68 per cent to 8,416.71 in early trading. Economists have warned that few American stocks will be left unscathed, with others saying the turbulence in the markets could lead to a recession Roughly $2.5 trillion was erased from the S&P 500 Index, according to the latest data, with damage heaviest in companies whose supply chains are most dependent on overseas manufacturing, such as Apple, Nike and Lululemon The policy, which was announced on so-called 'Liberation Day', also caused chaos in Asian markets. Tokyo's Nikkei 225 lost 4.3 per cent to 33,263.58, while South Korea's Kospi sank 1.8 per cent to 2,441.86. Australia's S&P/ASX 200 dropped 2.2 per cent to 7,684.30. Chinese industry groups called on the international community to resist what they described as 'trade bullying'. 'America's action crudely destroyed the normal order of trade between the U.S. and China, severely impacted cooperation between global industries, and greatly harmed the rights of consumers, including American citizens,' a statement from the China Light Industry Association said. Vietnam, which is facing a 46 per cent tariff on any exports to the US, said the move failed to reflect the spirit of the comprehensive strategic partnership that the two countries had signed in 2023. Vietnamese exports to the U.S. in 2024 totally nearly $120 billion, making up nearly a third of the country's total export turnover.  Pham Thu Hang, the spokesperson for Vietnam's foreign ministry, said: 'We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries. 'If enforced, would negatively impact bilateral economic and trade relations as well as the interests of businesses and people in both countries.' Taiwan's President Lai Ching-te echoed regional concerns, branding the tatriffs as 'unreasonable'.  The Trump administration believes tariffs will encourage US consumers to buy more American goods and bring in more tax revenue Trump also wants to use tariffs as leverage when negotiating with other countries, and said deals could be struck if they have something 'phenomenal' to offer in return. He added: 'The rest of the world wants to see is there any way they can make a deal.'  The President's top team have continued to remain bullish about the strategy. Howard Lutnick, the commerce secretary, told CNN: 'The president is not going to back off what he announced yesterday. He is not going to back off.'  Donald TrumpChinaApple My site :: <a href="https://aapipledge.us/" rel="nofollow ugc">sex</a>

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