Stocks have fallen in Asia and Australia amid economic turmoil stemming from President Trump’s sweeping tariffs.
At 9:26 p.m. Eastern time Sunday, Japan’s Nikkei 225 was down close to 1,990 points, or 5.89 percent.
South Korea’s Kospi had also fallen over 100 points, or 4.37 percent, by 9:29 p.m. Eastern time, and Australia’s S&P/ASX 200 was down close to 300 points, or 3.81 percent by 9:52 p.m. Eastern time.
U.S. futures are also down ahead of Monday morning, when U.S. markets open after a weekend break.
The stock market suffered major blows last week in the wake of Trump’s tariff announcement Wednesday.
On Thursday, markets dropped dramatically after the president announced tariffs of at least 10 percent on goods imported into the United States. Markets dropped further on Friday.
Trump defended his sweeping tariffs aboard Air Force One on Sunday, saying he did not “want anything to go down.”
“When you look at the trade deficit we have with certain countries, with China it’s a trillion dollars,” the president told reporters on the plane with him.
“And we have to solve our trade deficit with China. … Hundreds of billions of dollars a year we lose with China. And unless we solve that problem, I’m not going to make a deal,” Trump continued.
Trump previously claimed Saturday on his Truth Social platform that the tariffs will result in an “economic revolution.”
“We have been the dumb and helpless ‘whipping post,’ but not any longer,” he wrote on Truth Social. “We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!”