President Donald Trump blamed “globalists” for the recent stock market sell-off when asked about the role of his tariffs in the market’s downturn. Major stock indexes have dropped sharply this week as investors struggle to understand Trump’s trade policies. Trump’s remarks came from the Oval Office as he announced temporary tariff exemptions for many goods coming into the U.S. from Canada and Mexico.
Despite the relief efforts, indexes continued to drop, indicating ongoing investor unease. When questioned if his tariffs were the cause of the market’s turbulence, Trump pointed the finger elsewhere. “Well, a lot of them are globalist countries and companies that won’t be doing as well,” he said.
“Because we’re taking back things that have been taken from us many years ago,” he continued without elaborating on what exactly was being reclaimed. “We’ve been treated very unfairly as a country,” Trump added. “We protect everybody.
Blames globalists for market woes
We do everything for all these countries, and a lot of these are globalist in nature.” He did not specify what he meant by “globalist.”
Later in the same press event, Trump reiterated his stance, blaming globalists for the market slump. “I think it’s globalists that see how rich our country’s going to be, and they don’t like it.” His use of the term “globalist” was broad, referring to people, companies, and countries, making it difficult to pinpoint specific targets.
During his first term, Trump often criticized what he referred to as globalism, labeling some political opponents as globalists while promoting a nationalist, isolationist worldview. Critics, including the American Jewish Committee, have noted that “globalist” is sometimes used as a coded word for Jewish people, suggesting international elites conspiring to weaken ‘Western’ society. The White House did not immediately provide additional context regarding Trump’s use of the term.
The Oval Office remarks came just two days after Trump imposed 25% tariffs on imports from Canada and Mexico but subsequently issued temporary exemptions for many goods from these countries. He denied that these exemptions were in response to the market’s reaction. “Nothing to do with the market,” Trump said, adding, “I’m not even looking at the market.”
Trump acknowledged that his tariffs could cause short-term market disruptions.
“There’ll always be a little short-term interruption,” he said. “I don’t think it’s going to be big, but the countries and companies that have been ripping us aren’t particularly happy with what I’m doing.”
“Again, there’ll be disruption,” he added.
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