Global markets continued to plunge Monday as investors reacted to President Trump’s sweeping new tariff policy, which has triggered widespread sell-offs in the U.S. and abroad. The Dow Jones Industrial Average has lost nearly 4,000 points since Thursday, while Middle East and Asian stock exchanges reported steep losses amid collapsing oil prices and fears of a global economic downturn.
Benchmark Brent crude dropped nearly 15% over the last five trading days, falling to just over $63 per barrel—well below the break-even point for many oil-exporting nations. Stock markets in Dubai, Abu Dhabi, Saudi Arabia, Qatar, and Pakistan posted multi-day declines. Aramco, Saudi Arabia’s state-owned oil giant, lost billions in value.
Despite the turmoil, Trump defended his tariff plan on Sunday aboard Air Force One: “I don’t want anything to go down. But sometimes you have to take medicine to fix something.” He denied intentionally triggering a market crash and insisted the tariffs will fuel an “economic revolution,” claiming over $5 trillion in new investment.
Administration officials echoed the president’s stance, with Commerce Secretary Howard Lutnick saying, “There is no postponing,” and Treasury Secretary Scott Bessent calling the tariffs a “one-time price adjustment.” They dismissed investor anxiety and indicated no relief is forthcoming.
However, major investors like Bill Ackman warned of an “economic nuclear winter.” He criticized the tariffs as “massively in excess” and urged Trump to call a 90-day timeout to negotiate. “We are in the process of destroying confidence in our country,” Ackman wrote.
Sources
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