'Don't be stupid,' says Donald Trump as he 'shoots himself in foot' with tariffs global markets meltdown

Donald Trump said “don’t beryllium stupid” arsenic helium was accused of “shooting himself successful the foot” with his tariffs commercialized warfare wiping trillions disconnected planetary markets.

The US president was facing a fast-spiralling backlash arsenic the American and different economies were near reeling by his question of US import levies.

He was already being compared to Liz Truss, whose disastrous “mini Budget” successful September 2022 collided with world sparking economical meltdown, forcing her to resign swiftly arsenic Prime Minister.

A Black Monday markets meltdown saw London’s FTSE 100 plunge to a one-year low.

The index, which tracks the country’s apical 100 listed firms, dropped by astir 5% successful aboriginal trading connected Monday earlier recovering immoderate losses.

In America, aft trading opened, the S&P 500 fell 3.4%, the Dow Jones was 3.1% lower, and the Nasdaq dropped 4.1%.

On a rollercoaster day, the Dow and S&P aboriginal recovered their losses and went into affirmative territory, astatine slightest briefly.

Stock markets crossed Europe and successful Asia had fallen earlier, with Germany’s Dax down astir 10 per cent earlier recovering.

A defiant Trump posted connected Truth Social: “The United States has a accidental to bash thing that should person been done DECADES AGO.

“Don’t beryllium Weak! Don’t beryllium Stupid! Don’t beryllium a PANICAN (A caller enactment based connected Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS volition beryllium the result!”

But governmental leaders, Wall Street slope chiefs and millions of citizens astir the satellite were lining up to slam his tariffs amid fears of a afloat blown commercialized warfare aft China deed backmost with some countries slapping an further 34 per cent tariffs connected each others’ goods.

In Britain, wherever Trump has imposed a 10 per cent broad tariffs, arsenic good arsenic 25 per cent connected cars, the Government has not retaliated, alternatively trying to onslaught a commercialized woody to easiness the levies.

Lord Lamont, who was Chancellor connected Black Wednesday successful September 1992 erstwhile Britain crashed retired of the Exchange Rate Mechanism, said: “What the Government person done truthful acold is right.

“If president Trump chooses to sprout himself successful the ft it’s not a crushed for america to sprout ourselves successful our feet.”

JPMorgan Chase main enforcement Jamie Dimon warned tariffs could person lasting antagonistic consequences, portion billionaire money manager Bill Ackman, who backed Trump for president, said they could pb to an “economic atomic winter.”

JPMorgan’s economists raised the hazard of a U.S. and planetary recession this twelvemonth to 60% from 40% aft Trump unveiled the steepest commercialized barriers successful much than 100 years past week. When asked connected Sunday astir falling markets, Trump said sometimes it is indispensable to instrumentality “medicine” to hole something.

In Britain, the Government was racing to enactment up the hard-hit car industry.

Transport Secretary Heidi Alexander said the levies were “bad for demand, prices and consumers”.

Liberal Democrat person Sir Ed Davey said: “Donald Trump’s tariffs are specified a needless enactment of economical self-destruction it makes you wonderment if he’s hired Liz Truss arsenic his economical adviser.”