US President Donald Trump cautioned against “stupid” panic on Monday as a global stock market rout deepened after Beijing retaliated against his tariffs offensive.
Shares in New York joined the slump, with all three major US indices falling more than three percent in early trading.
European equities were deep in the red but Asia fared worse, with Hong Kong’s Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo’s Nikkei 225 falling an eye-watering 7.8 percent.
Minutes before the markets opened in New York, Trump posted that his tariff reforms were “a chance to do something that should have been done decades ago.”
“Don’t be Weak! Don’t be Stupid!… Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he urged.
