US Stock Market 'Panic' as '1 Quadrillion Won' Disappears... Trump's Words Shock

Trump Says "Hold On" Shows No Sign of Backing Down

Trump Announces Basic and Reciprocal Tariffs on the 2nd

$6.6 Trillion Market Cap Evaporates from NYSE on the 3rd-4th

Trump: "We Will Win. Hold On"

As the New York Stock Exchange plummeted due to the reciprocal tariffs announced by U.S. President Donald Trump, President Trump shows no sign of backing down, urging to "hold on." The Chinese government also responded by imposing a 34% tariff on the U.S., raising concerns that the global trade war will spiral into a vicious cycle of retaliation among countries.

As of the 5th (local time), the market capitalization of the New York Stock Exchange evaporated by $6.6 trillion due to the Trump administration's reciprocal tariff announcement. This is equivalent to about 1 quadrillion won in Korean currency. According to Dow Jones Market Data, since President Trump took office in January, approximately $11.1 trillion in market cap has disappeared. This is due to investors' concerns that tariffs could reignite inflation and lead to a recession due to reduced global trade volume.

JPMorgan Chase, the largest bank in the U.S., predicted that the U.S. economy would fall into negative growth this year due to the Trump administration's tariffs. Michael Feroli, JPMorgan's chief U.S. economist, projected that this year's U.S. economic growth rate would drop from the previous 1.3% to -0.3%.

While the New York Stock Exchange is in panic, President Trump, who triggered this situation, is showing a relaxed attitude, enjoying golf near his residence in Florida from the 3rd. On Truth Social, he stated, "This is an economic revolution, and we will win," and "Hold on. It won't be easy, but the final result will be historic," emphasizing that he will not back down from the trade war. He particularly targeted China, claiming that "China has been hit much harder than the U.S."

On the 2nd, President Trump announced that a basic tariff of 10% would be imposed on all imports from the 5th, and reciprocal tariffs would be applied from the 9th to countries like China (34%) and Korea (25%).

New York = Park Shin-young, Correspondent nyusos@hankyung.com