Stock markets around the world suffered steep losses after former U.S. President Donald Trump warned that foreign governments would need to pay “a lot of money” to have sweeping tariffs lifted. His comments triggered panic across global financial markets, pushing major indices into sharp declines.
London’s FTSE 100 dropped as much as 6.3%, hitting a one-year low, while Germany’s DAX plunged 10.4%. In Asia, Hong Kong’s Hang Seng Index collapsed nearly 13%, marking its worst single-day drop since 1997. This steep fall pushed the index into a bear market, having now fallen more than 20% from its record highs in March—when it was the world’s top-performing stock market.
Japan’s Nikkei 225 also suffered a severe blow, falling 7.8% in a single day. The index is now down over 20% from its December peak, also placing it in bear market territory.
Despite the trillions of dollars wiped from global stock values, Trump appeared unfazed. Speaking to reporters aboard Air Force One on Sunday night, he compared the tariffs to “medicine” and showed no concern over the financial turmoil his comments had triggered.