Reciprocal tariff impact: Trump says, ‘like when patients get operated’ as US markets suffer worst day since Covid crash

President Donald Trump continues to provide a optimistic outlook even after stock market took a sharp hit responding to reciprocal tariff annoncements, “I think it’s going very well.”

“The markets are going to boom, the stock is going to boom, the country is going to boom,” he added.

US markets post worst day since Covid: How much S&P 500 & Dow Jones dropped?

Wall Street on Thursday took a hard hit as financial markets worldwide experienced a level of shock not seen since the onset of COVID-19.

The S&P 500 sank 4.8%, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020. The Dow Jones Industrial Average dropped 1,679 points, or 4%, and the Nasdaq composite tumbled 6%.

Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold, which hit records recently as investors sought something safer to own, pulled lower. Some of the worst hits walloped smaller U.S. companies, and the Russell 2000 index of smaller stocks dropped 6.6% to pull more than 20% below its record.

Like when a patient gets operated: Trump on market drop after tariff announce ment

On Wednesday, Trump announced a minimum 10% tariff on imports, with higher rates for products from China and the EU. The news rattled global markets, but Trump dismissed concerns, likening the US to a sick patient needing surgery when asked about the sharp market decline.

“I think it’s going very well. We have an operation, like when a patient gets operated on and it’s a big thing. I said this would exactly be the way it is,” he said, an apparent reference to the selloff.

He talked about trillions of dollars in investment that is “coming into our country” from companies that want to make their products in theUS to avoid tariffs.

“The rest of the world wants to see is there any way they can make a deal,” he said.

Trump said, ‘open to using tariffs to negotiate with other countries’

Aboard Air Force One, Trump told reporters he was open to using tariffs as a bargaining tool, depending on whether other countries offered something “phenomenal” in return. He insisted that nations had long taken advantage of the US, and he aimed to put an end to it.

“For many years, we’ve been at the wrong side of the ball and I’ll tell you what, I think it’s going to be unbelievable,” Trump said as he left the White House to attend a Saudi-backed golf tournament at his club in Doral, Florida.

(With inputs from agencies)