Donald Trump said, “Don't be stupid” because he was accused of “shooting on foot” and his tariff trade war wiped trillions of dollars from global markets.
The U.S. president faces rapid backlash as the U.S. and other economies are plagued by a wave of U.S. import taxes.
He has compared it to Liz Truss, who had a disastrous “mini budget” with reality in September 2022, which inspired an economic collapse that forced her to quickly resign as prime minister.
London's FTSE fell to a year-on-year low and then recovered some losses (Getty)
The Black Monday market crash brought London's FTSE 100 to a year-on-year low.
The index tracks the country's top 100 companies down about 5% in early Monday trading before recovering some losses.
In the U.S., the S&P 500 fell 3.4%, the Dow Jones fell 3.1%, and the Nasdaq Island fell 4.1%.
During roller coaster days, the Dow Jones and S&P then recovered their losses, at least entering active territory.
Stock markets in Europe and Asia have long declined, with Germany's Dax falling nearly 10% before recovery.
One revolts against Trump’s rebellion on “Social Truth”: “The United States has the opportunity to do what it should have done decades ago.
“Don't be weak! Don't be stupid! Don't be a new party based on weak and stupid people!). Be strong, brave, patient, and greatness will be the result!”
But political leaders, Wall Street Bank chiefs and millions of citizens around the world are lined up to slam his tariffs because both countries have imposed 34% tariffs on each other’s goods for fear of a full-scale trade war.
In the UK, Trump imposes 10% blanket tariffs, as well as 25% of cars, and the government has not retaliated yet, but instead attempts to reach a trade agreement to reduce taxes.
Former Prime Minister Lord Lamont (PA Archives)
Lord Lamont, a black minister who crashed in the exchange rate mechanism in Britain in September 1992, said: “So far, what the government has done is right.
“If President Trump chooses to shoot, that’s not a reason for us to shoot under our feet.”
JPMorgan CEO Jamie Dimon warned that tariffs could last for negative consequences, while billionaire fund manager Bill Ackman supports Trump as president, saying they could lead to a “nuclear winter.”
JPMorgan Chase economists have increased the risk of a U.S. and global recession by 60% this year from 40% as Trump uncovered the steepest trade barriers in more than 100 years last week. When asked about the market falling on Sunday, Trump said it was sometimes necessary to take “drugs” to solve some problems.
In the UK, the government is competing for the tough auto industry.
Transport Minister Heidi Alexander said the taxes were “not conducive to demand, prices and consumers.”
“Donald Trump's tariffs are an unnecessary act of economic self-destruction, which makes you wonder if he was hired as Liz Truss as his economic adviser,” said Sir Ed Davey, the leader of the Liberal Democratic Party.
