‘Don’t be stupid,’ says Donald Trump as he ‘shoots himself in foot’ with tariffs global markets meltdown

Donald Trump said “don’t be stupid” as he was accused of “shooting himself in the foot” with his tariffs trade war wiping trillions off global markets.

The US president was facing a fast-spiralling backlash as the American and other economies were left reeling by his wave of US import levies.

He was already being compared to Liz Truss, whose disastrous “mini Budget” in September 2022 collided with reality sparking economic meltdown, forcing her to resign swiftly as Prime Minister.

A Black Monday markets meltdown saw London’s FTSE 100 plunge to a one-year low.

The index, which tracks the country’s top 100 listed firms, dropped by about 5% in early trading on Monday before recovering some losses.

In America, after trading opened, the S&P 500 fell 3.4%, the Dow Jones was 3.1% lower, and the Nasdaq dropped 4.1%.

On a rollercoaster day, the Dow and S&P later recovered their losses and went into positive territory, at least briefly.

Stock markets across Europe and in Asia had fallen earlier, with Germany’s Dax down nearly ten per cent before recovering.

A defiant Trump posted on Truth Social: “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!”

But political leaders, Wall Street bank chiefs and millions of citizens around the world were lining up to slam his tariffs amid fears of a full blown trade war after China hit back with both countries slapping an additional 34 per cent tariffs on each others’ goods.

In Britain, where Trump has imposed a ten per cent blanket tariffs, as well as 25 per cent on cars, the Government has not retaliated, instead trying to strike a trade deal to ease the levies.

Lord Lamont, who was Chancellor on Black Wednesday in September 1992 when Britain crashed out of the Exchange Rate Mechanism, said: “What the Government have done so far is right.

“If president Trump chooses to shoot himself in the foot it’s not a reason for us to shoot ourselves in our feet.”

JPMorgan Chase chief executive Jamie Dimon warned tariffs could have lasting negative consequences, while billionaire fund manager Bill Ackman, who backed Trump for president, said they could lead to an “economic nuclear winter.”

JPMorgan’s economists raised the risk of a U.S. and global recession this year to 60% from 40% after Trump unveiled the steepest trade barriers in more than 100 years last week. When asked on Sunday about falling markets, Trump said sometimes it is necessary to take “medicine” to fix something.

In Britain, the Government was racing to shore up the hard-hit car industry.

Transport Secretary Heidi Alexander said the levies were “bad for demand, prices and consumers”.

Liberal Democrat leader Sir Ed Davey said: “Donald Trump’s tariffs are such a needless act of economic self-destruction it makes you wonder if he’s hired Liz Truss as his economic adviser.”