Market in Turmoil Due to Tariff Shock…Trump Calls It "Beautiful"

Trump: "Tariffs Bring Billions to the U.S.…A Beautiful Sight"

Enjoys Golf in Florida Amid Stock Market Plunge

U.S. Commerce: "No Delay in Reciprocal Tariffs"

U.S. Treasury: "Economy is Moving Forward"

Despite the collapse of global stock markets due to the Trump administration's high tariffs, President Donald Trump, who sparked the trade war, remarked that it was "a truly beautiful sight."

On the 6th (local time), President Trump stated on Truth Social, "Tariffs are now bringing billions of dollars to the U.S.," and emphasized this point. He also criticized that "during Sleepy Joe Biden's presidency, these countries (major trading partners) have increased their surplus with the U.S.," adding, "We will reverse this trend, and someday people will realize how beautiful tariffs are for the U.S."

Even after the announcement of reciprocal tariffs on the 2nd, which led to a plunge in global stock markets including the New York Stock Exchange, President Trump continued to display a relaxed demeanor. He spent time at the Trump International Golf Club in West Palm Beach, Florida, from the 4th, despite the New York Stock Exchange losing about $6.6 trillion in market capitalization over two days of declines. Senate Minority Leader Chuck Schumer, a Democrat, criticized this, saying it clearly shows the disconnect between the president and the reality faced by the people.

President Trump's economic team also continues to show determination to enforce tariffs despite concerns about a recession. U.S. Commerce Secretary Howard Rutnick stated on the 6th (local time) that there is no possibility of delaying or postponing the imposition of reciprocal tariffs on U.S. trade partners, scheduled for the 9th, for negotiations. In an interview with CBS, Secretary Rutnick was asked if the president is considering delaying the implementation of reciprocal tariffs for negotiations, to which he replied, "There is no delay. It will remain as is for days or weeks. That is clear." He further stated, "The president needs a global trade restructuring where everyone sees a surplus and we see a deficit," adding, "Countries around the world are exploiting us, and this must end."

Secretary Rutnick responded to the host's comment that over 50 countries have attempted to contact President Trump to initiate negotiations, saying, "This shows that all these countries know they have been deceiving us," and added, "Now is the time to end that."

U.S. Treasury Secretary Scott Besent also appeared on NBC News the same day, stating, "When President Trump was elected in 2016, the market crashed, but eventually, President Trump became the most pro-business president in the last 100 years, if not in U.S. history," and explained, "The real yield of (corporate) profits was very high over the next four years." He also stated, "The economy is moving forward," and "There is no reason to reflect the possibility of a recession in policy."

He reaffirmed the need to improve the current trade structure, stating, "The U.S. trade system has been an abnormal structure that has persisted for years and is also a national security issue." When asked if tariffs are permanent or a tactic for negotiations, he replied, "That's for the president to decide, but it's true that he now has the greatest negotiating power."

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