On Monday, global stock exchanges witnessed a sharp decline in share values, with Japanese, Gulf, and European markets experiencing significant drops.

The Nikkei index in Japan fell by 8 percent, the Dubai Financial Market index decreased by 5.01 percent, and the European Stoxx index dropped by 6 percent.

U.S. markets were also affected, with futures for the S&P 500 index declining by 3.8 percent.

This downturn comes amid expectations of the Federal Reserve cutting interest rates in May, alongside the impact of new U.S. tariffs on Gulf Cooperation Council countries.

When asked about the market crash, which could have a devastating impact on the global economy, Trump maintained his stance, stating, “Sometimes you have to take medicine to recover. ”

He also emphasized that the U.S. has become “much stronger” since announcing these measures and asserted that the market decline was not a deliberate decision on his part. Trump announced a general 10 percent tariff on all U.S. imports starting Saturday, accusing the U.S.’s economic partners of “pillaging” the country.

The pressure on global trade is expected to intensify on Wednesday with the imposition of additional tariffs on a long list of countries that export more to the U.S. than they import, particularly a 34 percent tariff on China and a 20 percent tariff on the European Union.