US President Donald Trump announced that he would impose reciprocal tariffs on 185 countries on April 2, US Independence Day, and imposed a minimum 10% tax on all imports into the country.
While Trump was on the world agenda with this statement, mutual tariffs caused sharp declines in both American stock markets and the Bitcoin (BTC) and cryptocurrency markets.
While these declines turned the market upside down, Trump made a statement following the sharp declines in stock markets and the crypto market.
Speaking to reporters on Air Force One, Trump said the collapse in markets due to tariffs imposed by the United States on its trading partners was as expected.
Trump said the US economy has many problems, that tariffs are like surgery and that he now expects economic stability.
“I think everything is going very well. The markets are going to explode, the stock market is going to explode.
“There were a lot of problems in the economy. The patient was in serious condition. He had an operation. It will be a booming economy. It will be magnificent.”
He added that if a country has something unusual to offer the United States, it would listen to offers to renegotiate tariffs.
Trump, who said that many countries have called him since he announced the tariffs, said, “That’s the beauty of what we do. We put ourselves in the driver’s seat. If we had asked these countries to do us a favor, they would have said ‘no.’ Now they will do anything for us.”
Trump also added that he is in favor of interest rate cuts.
*Not investment advice
