Stock markets in Asia fell at the opening on Wednesday, continuing the drop seen earlier on Wall Street, amid fears over Donald Trump’s 104% tariff on imports from China. In Tokyo, the Nikkei fell 3.5% on the opening, and the Hang Seng in Hong Kong was down 4%.
Speaking in Washington on Tuesday night, the president claimed the massive import taxes he is imposing on Americans will help usher in victory for his Republican Party in next year’s midterm elections.
During 90 minutes of meandering remarks before GOP lawmakers and deep-pocketed donors at the National Republican Congressional Committee’s annual fundraising gala, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms,” which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I know what the hell I’m doing. I know what I’m doing, and you know what I’m doing too,” he said.
The president also warned of impending tariffs on imported pharmaceuticals in an effort to bully companies into moving production to the U.S.
Trump says tariff situation ‘is great’ for midterms as markets continue to tumble
Andrew Feinberg reports from Washington, D.C.:
As stock markets around the world continue to drop amid fears over his attempt to blow up the world’s trade system, Donald Trump says the massive import taxes he is imposing on Americans will bring about a massive victory for his Republican Party in next year’s midterm elections.
Speaking to a group of GOP officeholders and deep-pocketed Republican donors at the National Republican Congressional Committee’s annual fundraising gala in Washington, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms” on account of his policies, which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I really think we’re helped a lot by the tariffs situation. It’s great,” he said.
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Source: independent.co.uk
