MailOnline reported that global financial markets have experienced massive losses following US President Donald Trump's decision to impose widespread import tariffs on both allies and adversaries. The FTSE 100, the United Kingdom's best-known stock market index, plummeted more than 6% after opening Monday morning, following its worst performance since the pandemic.
We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 7, 2025
European markets fared even worse, with MailOnline noting Germany's Dax fell 10% while the pan-European STOXX 600 slumped 5.8%. Despite growing concerns from international leaders and US allies, Trump has characterized his tariff strategy as necessary medicine for the economy.
"Sometimes you have to take medicine to fix something," Trump told reporters on Air Force One Sunday night. The president later posted on his Truth Social platform that the tariffs were "a beautiful thing to behold."
The financial turmoil extends beyond Europe, as Asian markets suffered significant losses overnight as well. Japan's Nikkei plunged as much as 8%, while markets in Australia, South Korea, Taiwan, Singapore, Hong Kong, and China experienced declines ranging from 5 to 10%.
In response to the crisis, UK Transport Secretary Heidi Alexander warned that global tariffs are "bad news" when asked about recession risks. "It's bad for global demand, it's bad for prices and it's bad for consumers," Alexander told Sky News.
Market analyst Jim Cramer of CNBC warned that the US could be heading toward another "Black Monday" scenario, referencing the historic 1987 market crash that saw a 22.6% drop in a single day.
