Trump Tariffs Trigger Market Turmoil
US President Donald Trump defended sweeping tariffs on imports, calling them necessary 'medicine'. Speaking aboard Air Force One, Trump claimed the measures would make the US 'wealthy like never before'. His top officials insisted the tariffs, announced last week, would be implemented as planned, downplaying recession fears. Asian stock markets plunged on Monday, with Japan's Nikkei 225 falling 7.8% and Hong Kong's Hang Seng dropping over 12%. US stock indexes fell more than 5% on Friday, marking the worst week since 2020. Saudi Arabia's stock exchange closed nearly 7% lower, its biggest daily loss since the pandemic. JP Morgan predicted a 60% chance of a US and global recession. Trump's officials minimized recent stock market falls, describing them as an 'adjustment process'. Higher tariffs on about 60 countries are set to take effect on April 9. Indonesia and Taiwan said they would not impose retaliatory tariffs, while Vietnam requested a delay. China announced a 34% tariff on US imports starting April 10. UK and Canadian leaders agreed that an all-out trade war is not in anyone's interest. Israeli Prime Minister Benjamin Netanyahu is set to meet Trump for trade talks. Large anti-Trump protests were held across the US over the weekend.