The main US stock market indexes have dropped sharply within minutes of tradings starting on Wall Street as Donald Trump’s tariffs continue to have a disastrous effect on the global economy.
On Monday, markets in Asia and Europe plunged, and the trend was predicted to continue when Wall Street opened later in the day.
This is exactly what happened, with the S&P 500 is down 3.4%, the Dow Jones is 3.1% lower, and the Nasdaq has fallen 4.1% when the bell rung on Wall Street.
But it wasn’t long before things got even worse, with the Dow Jones is sliding down to 4.4%, the S&P 500 losing 4.7% and the Nasdaq falling by 5%.
Shortly before the markets opened on the New York Stock Exchange, Trump took to Truth Social to seemingly try and call for calm by coining a new term – PANICAN, which he said was a “new party based on weak and stupid people.”
In the post, the president wrote: “The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
Related: Emily Thornberry sums up the insanity of Donald Trump’s power