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Trump says he doesn't want stocks to crater, but 'sometimes you have to take medicine'
President Donald Trump said on Sunday that while he doesn't want the stock market to tank, the sweeping tariffs he announced last week are needed to fix America's trade deficits with other countries.
"I don't want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters on Sunday night.
"We have been treated so badly by other countries because we had stupid leadership that allowed this to happen," Trump continued.
On Wednesday, Trump announced reciprocal tariffs on 185 countries. The tariffs start at a baseline rate of 10% and affect a broad slate of the US's foes and friends, including major allies in Europe and Asia.
"April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again," Trump said in his announcement on Wednesday.
The move sparked panic in the stock market. The S&P 500 is down nearly 14% year to date, while the Nasdaq Composite is down 19% year to date.
Asia's stock markets
also opened deep in the red
, with
Japan's
Nikkei 225
down 6% at 10:20 a.m. local time, and Hong Kong's Hang Seng Index down 8.6% at 9:35 a.m. local time.
Trump wrote on Truth Social on Sunday that he thinks imposing tariffs is the only way America can address its "massive Financial Deficits with China, the European Union, and many others."
"The Surplus with these Countries has grown during the 'Presidency' of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!" Trump wrote.
Tariffs have long been a feature of Trump's economic policy, dating back to his first term when he waged a trade war against China.
In February, while on the campaign trail, Trump said he would impose tariffs of more than 60% on China if elected. He also threatened to impose a 200% tariff on John Deere goods if the company moved its manufacturing to Mexico.
"To me, the most beautiful word in the dictionary is 'tariff,'" Trump said during an event at the Economic Club of Chicago in October.
The White House did not respond to a request for comment from Business Insider.
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