Money / stock market 'You Have to Take Medicine,' Says Trump as Markets Plunge Benchmark US index poised to enter bear market on Monday By Evann Gastaldo Posted Apr 7, 2025 12:00 AM CDT Updated Apr 7, 2025 5:34 AM CDT Copied US President Trump appears on a television screen at the stock market in Frankfurt, Germany, Wednesday, April 2, 2025. (AP Photo/Michael Probst) US stock futures dropped further Sunday night and Monday morning, indicating Monday will continue the two-day worldwide sell-off for financial markets that started with President Trump's "Liberation Day" tariff announcement last week. Dow futures were down more than 1,110 points, just above 3%, early Monday; S&P 500 and Nasdaq futures also were down more than 3%, CNBC News reports. That puts the benchmark S&P on track to enter a bear market during the trading day. Asian markets also "nosedived" Monday, the AP reports. Hong Kong's main index fell 13%, while indexes in Tokyo, Taipei, and Shanghai fell in the range of 7% to 10%, per the Wall Street Journal. The Stoxx Europe 600 index fell 5%, while bitcoin and other cryptocurrencies also sank. The weekend saw the Trump administration standing firm on tariffs, with no announcement of successful negotiations with trading partners or a delay in implementing the tariffs, though Trump aides said more than 50 countries have reached out regarding negotiations to remove the tariffs, the AP reports. Still, Trump himself said Sunday he has no plans to back down. "I spoke to a lot of leaders, European, Asian, from all over the world," he told reporters aboard Air Force One. "They're dying to make a deal. And I said, 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 breaking even." He specifically called out China, Fox News reports. "We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I'm not going to make a deal," he said. Of the market sell-off, he added, "Sometimes you have to take medicine to fix something." A conservative think tank says the tariffs are based on a big error; Axios explains here. (More stock market stories.) Report an error