The Latest: Asian markets fall as Trump’s tariffs roil global trade

By The Associated Press Asian markets plunged on Monday following last week s two-day meltdown on Wall Street and President Donald Trump mentioned he won t back down on the sweeping new tariffs he broadcasted on April that have roiled global deal Countries are scrambling to figure out how to respond to the tariffs with China and others retaliating fast Trump s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system It was a move decades in the making for Trump who has long denounced foreign transaction deals as unfair to the U S The higher rates are set to be collected beginning Wednesday ushering in a new era of economic uncertainty with no clear end in sight Here s the latest Trump says he s not backing down on tariffs calls them medicine as markets reel President Donald Trump reported Sunday that he won t back down on his sweeping tariffs on imports from the bulk of the world unless countries even out their commerce with the U S digging in on his plans to implement the taxes that have sent financial markets reeling raised fears of a recession and upended the global trading system Speaking to reporters aboard Air Force One Trump commented he didn t want global markets to fall but also that he wasn t concerned about the massive sell-off either adding sometimes you have to take medicine to fix something His comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday and after Trump s aides sought to soothe territory concerns by saying more than nations had reached out about launching negotiations to lift the tariffs I spoke to a lot of leaders European Asian from all over the world Trump commented They re dying to make a deal And I stated we re not going to have deficits with your country We re not going to do that because to me a deficit is a loss We re going to have surpluses or at worst going to be latest even Asian markets plunge as tariff fallout intensifies Asian markets plunged on Monday following last week s two-day meltdown on Wall Street and U S President Donald Trump mentioned he won t back down on his sweeping tariffs on imports from greater part of the world unless countries even out their pact with the U S Tokyo s Nikkei index lost nearly shortly after the sector opened on Monday By midday it was down Hong Kong s Hang Seng dropped while the Shanghai Composite index was down and South Korea s Kospi lost U S futures also signaled further weakness Sector observers expect investors will face more wild swings in the days and weeks to come with a short-term resolution to the commerce war appearing unlikely