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As global markets experienced a downturn following Wall Street’s turbulent performance, President Donald Trump remained steadfast in his commitment to his tariff policies, refusing to alter course despite mounting criticism.

The Asian markets suffered significant losses on Monday, following the previous week’s dramatic two-day decline on Wall Street. Despite these market reactions, Trump maintained his position on the recently announced comprehensive tariffs.

Before Wall Street opened for the week, the president took to Truth Social to defend his economic policies. He highlighted various positive economic indicators, including reduced oil prices, lower interest rates, and decreased food costs. He particularly emphasized the billions in tariff revenue being generated from what he termed “abusing countries.”

Trump specifically targeted China in his social media post, criticizing their recent 34% tariff increase and their historically high trade barriers. He blamed previous administrations for allowing other nations to take advantage of the United States economically.

During a conversation with reporters aboard Air Force One, Trump compared his tariff strategy to taking necessary medicine, acknowledging potential short-term discomfort for long-term benefits. He emphasized that any market downturn wasn’t intentional but rather a necessary step toward addressing long-standing trade inequities.

Later that evening, Trump expressed enthusiasm about tariffs on his social media platform, describing them as “a beautiful thing.” He emphasized their role in addressing significant financial deficits with various trading partners, including China and the European Union. The president highlighted his intention to swiftly reverse trade surpluses that he claimed had grown during President Biden’s administration.

The president’s recent policy announcement established a baseline 10% import tax affecting all countries, with higher rates targeting nations maintaining trade surpluses with the United States.

The Associated Press contributed to this story.