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The New York Stock Exchange had a day marked by uncertainty following steep declines in Asia and Europe. The President of the United States ruled out any suspension of his tariff policy.
Wall Street experienced a rollercoaster session Monday, as a fleeting rebound gave way to renewed anxiety after the White House shot down reports of a possible 90-day pause on tariffs. The market initially attempted a comeback from steep morning losses on the back of a news report suggesting President Donald Trump’s administration was reconsidering its aggressive trade stance. But the White House quickly labeled the speculation “fake news,” extinguishing hopes for a near-term reprieve.
“Don’t be Weak! Don’t be Stupid!… Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump posted Monday on his social media platform, Truth Social, moments before Wall Street opened sharply lower.
The main stock markets in Asia and Europe posted sharp losses on Monday amid growing fears of a large-scale recession, triggered by the escalation of the trade war following new tariffs imposed by the United States on its main partners. Investors reacted immediately and across the board, with historic slumps in several markets.
In Asia, Hong Kong’s Hang Seng Index plummeted 13.22%, marking its worst session since 1997 during the Asian financial crisis. In Tokyo, the Nikkei 225 closed down 7.8%, while Shanghai dropped 7.34%, Taiwan 9.7%, Seoul 5.6%, and Sydney 4.2%. The market collapse hit all sectors—from technology to energy—without exception.
“Panicans”
Trump, unfazed by the market turmoil, doubled down on his tough trade stance. “The United States has a chance to do something that should have been done DECADES AGO,” he declared, defending his tariffs as essential to rebalancing global trade and reviving American manufacturing. He blamed previous U.S. administrations for allowing other nations to “take advantage of good old America,” singling out China as “the biggest abuser of all.”
“Don’t be PANICANS — a new party of the weak and the stupid,” Trump posted, coining a mocking term for those alarmed by the market crash. “Be strong, courageous, and patient — and GREATNESS will be the result!”
And just like that… markets are rising again. Y’all panican are so gullible. pic.twitter.com/wTJDeufG5E
— P👁🗨NY (@PONY_Official) April 7, 2025
Investors were left to reckon with the reality: Trump is not backing down on tariffs—and may in fact be doubling down.
Before the markets opened, JPMorgan CEO Jamie Dimon released his annual letter to shareholders warning that inflation was likely to rise. “We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products,” Dimon wrote.
Dimon’s shift in tone is notable. At the World Economic Forum in Davos earlier this year, he told CNBC that if tariffs were “a little inflationary but good for national security, so be it. Get over it.” But judging by Monday’s letter—and the markets’ reaction—neither Dimon nor Wall Street is getting over it now.
Trump, meanwhile, has shown no intention of softening his stance. Following China’s announcement of 34% retaliatory tariffs, the president vowed to impose an additional 50% tariff on Chinese imports. It’s the kind of policy that’s long been central to Trump’s agenda.
Monday’s confusion
Despite repeated signals during his campaigns and presidency, markets seemingly hoped Trump’s second term would mirror the pragmatism of his first, when economic advisers like Gary Cohn and Steven Mnuchin helped balance the president’s populist instincts with corporate-friendly policy.
But this time, Trump has filled his administration with staunch populists, including Peter Navarro, his hawkish trade adviser, and Kevin Hassett, now leading the National Economic Council.
Monday’s confusion was sparked by Hassett’s vague response during a Fox & Friends interview, when asked if Trump would consider a 90-day tariff pause. The lack of clarity led to a brief market surge—until the administration shut down the rumors.
The new Commerce Secretary, Howard Lutnick, drew scrutiny over the weekend for defending tariffs even on remote territories like the Heard and McDonald Islands—home only to penguins. His rationale: to prevent countries from using loopholes to circumvent U.S. tariffs.
Wall Street’s hope now lies in the potential extension of Trump-era tax cuts. Over the weekend, the Senate passed a version of the House budget resolution that could pave the way for the president’s promised “One big, beautiful bill.” The legislation would extend tax cuts and boost spending on border security, defense, and energy.
But fractures within the GOP could derail that plan. Fiscal conservatives like Rep. Chip Roy of Texas have already rejected the proposal, arguing it doesn’t do enough to curb spending. At the same time, despite Trump’s repeated calls to “drill, baby, drill,” oil prices have been falling, dampening energy sector confidence.
If Republicans fail to pass tax reform—a key reason many businesses aligned with Trump in the first place—it could crack the final bond holding Wall Street to the GOP. But investors can’t claim they weren’t warned. Trump’s tariff-driven economic vision was never hidden—it was just conveniently overlooked.
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