Markets could get a lot worse — and quickly
The concern now among bankers and hedge fund managers is that something, somewhere could break
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Donald Trump says foreign governments would have to pay ‘a lot of money’ to lift sweeping tariffs – US politics live
President says overseas leaders are ‘coming to the table’ as markets plunge in response to tariffs
Good morning and welcome to the US politics live blog. I’m Tom Ambrose and I will be bringing you all the latest news over the next couple of hours.
We start with the news that president Donald Trump says foreign governments would have to pay “a lot of money” to lift sweeping tariffs that he characterized as “medicine”, as financial markets indicated another week of steep losses could be in store.
Europe and Asia markets plunge as Trump says ‘you have to take medicine’
US president tells reporters foreign governments will have to pay ‘a lot of money’ to lift levies
Stock markets in Asia and Europe have fallen sharply on Monday after Donald Trump said foreign governments would have to pay “a lot of money” to lift sweeping tariffs that he characterised as “medicine”.
Speaking to reporters aboard Air Force One late on Sunday, the US president indicated he was not concerned about market losses that have already wiped out nearly $6tn (£5tn) in value from US stocks. “I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said.
Falling Australian dollar spells bad news for travellers and shoppers
The value of one Australian dollar dropped to a low of 59.64 US cents, its lowest point since April 2020
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Consumers and travellers will face higher prices after the Australian dollar fell to Covid-era lows, as markets reel from Donald Trump’s “liberation day” tariff plan.
Fears of a global recession dragged the Australian dollar sharply lower on Monday against the country’s major trade partners and to its lowest point against the Euro, pound and US dollar since 2020.
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