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US President Donald Trump admitted American markets face transition problems, pausing tariffs for 90 days. Wall Street stocks fell sharply amid trade war and recession worries.
US President Donald Trump hosts a cabinet meeting at the White House in Washington, DC, US. (IMAGE: REUTERS)
US President Donald Trump appeared to admit that American markets are facing transition problems as he paused some tariffs for 90 days as his cabinet members huddled to discuss next steps, US broadcaster CNN reported.
Wall Street stocks were back in free fall Thursday after the prior session’s mammoth rally as markets gyrated amid rising worries about a US trade war and US recession.
“A big day yesterday. There will always be transition difficulty – but in history, it was the biggest day in history, the markets. So we’re very, very happy with the way the country is running. We’re trying to get the world to treat us fairly,” the US President was quoted as saying by the broadcaster.
Near 1630 GMT, the S&P 500 was down about six percent, with the Dow off more than five percent and Nasdaq around seven percent as the closely-watched CBOE Volatility Index, a measure of risk, soared more than 40 percent.
“We think we’re in very good shape. We think we’re doing very well. Again, there’ll be a transition cost and transition problems, but in the end, it’s going to be a beautiful thing”.
“Everyone at this table is doing an incredible job, by the way, I have to say. Incredible. And the relationships are – it’s like they’re friends, they’re really. The relationships are very strong, really good, really strong. And these meetings are very good,” Trump said, lauding his cabinet members.
The broadcaster said the US President’s top economic advisers have clashed, publicly as well as behind the scenes, over the tariffs with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick emerging as key voices influencing Wednesday’s decision.
- Location :
Washington D.C., United States of America (USA)
