Donald Trump has defended his sweeping tariffs after the US president’s latest bid to remake the global economic order wiped out about $2.5tn of market value in Wall Street equities.
The president said on Thursday evening that he had “expected” his plans for raising tariffs to the highest level in more than a century would set off ructions in financial markets, adding that “the economy had a lot of problems . . . it was a sick patient”.
He said his tariffs would usher in “a booming economy” even as his announcement the previous day of universal levies of 10 per cent and higher tariffs on many countries shook investor confidence.
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