Foreign markets saw a wave of selling action on Monday morning before the introduction expected from the extensive tariff of President Donald Trump on Wednesday, measuring the President said it would have an impact “all countries.”
The Nikkei Japan index fell more than 4% and Kospi South Korea slipped 3% after opening on Monday. In Europe, FTSE 100 Britain fell 1.18%, the German DAX index fell 1.82%and CAC 40 France fell 1.76%.
The traditional gold-haven gold-gold reaching the highest record is $ 3,128 per ounce.
The US market will open Monday morning after falling at the end of last week. Dow Jones closed 1.7% on Friday, S& P 500 fell 1.97% and Nasdaq composite dropped 2.7%.
A currency trader runs with a screen that shows foreign exchange rates between the US dollar and South Korea won in the room against foreign exchange in Seoul, South Korea, on March 31, 2025.
Lee Jin-Man/AP
Trump told reporters this weekend that the tariff could affect “all countries.”
“The tariff will be much more generous than those countries for us, which means they will be better than these countries to the United States,” he said.
“For decades, they tear us like there are no countries that have never been cheated in history and we will be far better than for us, but that is a substantial money for the country,” Trump said.
The car rate of 25% is among what is expected to apply on April 3. The steps will apply to imported passenger vehicles, including cars, SUVs, Minivans, Van Kargo and Light Trucks, according to the White House statement released last week.
Analysts broadly expect tariffs to increase prices for foreign -made cars, because importers will likely convey part of the tax burden to consumers.
Cars produced in the US are also expected to undergo significant price increases because producers will bear a higher cost for imported spare parts and face increased demand because buyers look for domestic alternatives, experts told ABC News.
Trump refused concerns about car rates this weekend. “Car makers will make a lot of money,” he said. “American car makers or international car makers, if you talk about it, will be built in the United States.”
“People who will make money are people who produce cars in the United States,” he continued. “Outside the United States, it will be up to them. I don’t really care about it. But you have many companies that come to the country to produce cars.”
ABC News’ Max Zahn and Hannah Demissie contributed to this report.