Wall Street prepared for large losses at the start of the week due to Donald Trump’s harsh tariffs on US exports, as oil prices fell despite countries striving to reach an agreement with the obstinate president.
Trump rejected Sunday that he was deliberately planning a market selloff and argued that he could not predict market reactions, saying he would not reach a deal with other countries unless trade disparities were resolved.
“Sometimes you have to take medicine to fix something,” he remarked of the market suffering that has reduced the worth of US corporations by trillions of dollars since the start of his tariff onslaught.
Speaking to reporters onboard Air Force One, he stated that he had met with foreign leaders on the subject over the weekend to seek a resolution, adding that “they’re dying to make a deal.”
Futures contracts for the New York Stock Exchange’s major boards were substantially down on Sunday, implying further pain for bruised Wall Street equities when markets start Monday, as US oil fell below $60 per barrel for the first time since April 2021.
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