As the markets prepare for the new week, steps aimed at calming the markets have started to come from the White House. In this regard, senior officials reported that more than 50 countries have reached out to the White House to negotiate following Trump's announcement of comprehensive tariffs.
According to a report by Reuters, the messages from Trump's senior economic advisors participating in political debate programs broadcast on Sunday morning drew attention as they aimed to minimize the effects of economic turmoil. Moreover, they emphasized that customs tariffs are a "smart" move that will place the U.S. in a more advantageous position in the global trade order.
"That wasn't Trump's intention"
Kevin Hassett, Director of the White House National Economic Council, stated in an interview with ABC that the claim that Trump is deliberately trying to crash the stock market is not true. Hassett said, "His goal is not to sink the market. He is trying to support American workers. This is not a strategy aimed at crashing the markets." Hassett also suggested that this move by Trump would force the Fed to significantly lower interest rates in May.
Trump's tariff decisions led to the wiping out of 6 trillion dollars from American stock markets. As uncertainty and concern emerged heading into the new week, it hit the cryptocurrency market that is open for trading over the weekend. The number one cryptocurrency, Bitcoin, fell below 79 thousand dollars in the evening hours. Ether, on the other hand, dropped to the 1500 dollar level for the first time since October 2023.
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Messages are coming from the White House aimed at calming the markets.
As the markets prepare for the new week, steps aimed at calming the markets have started to come from the White House. In this regard, senior officials reported that more than 50 countries have reached out to the White House to negotiate following Trump's announcement of comprehensive tariffs.
According to a report by Reuters, the messages from Trump's senior economic advisors participating in political debate programs broadcast on Sunday morning drew attention as they aimed to minimize the effects of economic turmoil. Moreover, they emphasized that customs tariffs are a "smart" move that will place the U.S. in a more advantageous position in the global trade order.
"That wasn't Trump's intention"
Kevin Hassett, Director of the White House National Economic Council, stated in an interview with ABC that the claim that Trump is deliberately trying to crash the stock market is not true. Hassett said, "His goal is not to sink the market. He is trying to support American workers. This is not a strategy aimed at crashing the markets." Hassett also suggested that this move by Trump would force the Fed to significantly lower interest rates in May.
Trump's tariff decisions led to the wiping out of 6 trillion dollars from American stock markets. As uncertainty and concern emerged heading into the new week, it hit the cryptocurrency market that is open for trading over the weekend. The number one cryptocurrency, Bitcoin, fell below 79 thousand dollars in the evening hours. Ether, on the other hand, dropped to the 1500 dollar level for the first time since October 2023.
Published: April 7, 2025 00:04