Trump Predicts 'Amazing' Turnaround as Wall Street Drives Market Downturn

The stock market turmoil on Wall Street Thursday triggered a global market collapse as multiple nations struggled with President Donald Trump's trade war and the White House maintained confidence in America's economic future.

International markets suffered shockwaves throughout Asia and Europe after Trump tariff announcement on Wednesday and while foreign leaders both exhibited negotiation readiness and counter-tariff threats.

The president implemented a 10 per cent import tax on all nations while imposing substantially higher charges on imports from multiple specific countries including major trade partners China and the European Union.

A 25 per cent Trump tariffs global economy-made cars took effect and Canada immediately countered with an equivalent tax on American imports.

The vehicle company Stellantis which owns Jeep Chrysler and Fiat suspended operations at its assembly plants in Canada and Mexico.

Trump told reporters he predicted stock market growth as he departed for his Florida golf resorts during the weekend.

'Trust Donald Trump'

The president at 78 years old wants to rid the United States from dependence on foreign manufacturers through an extensive economic restructuring he compared to surgery.

He described the market reaction as an anticipated development. "The patient was very sick. The economy had a lot of problems."

"It went through an operation. It's going to be a booming economy. It's going to be amazing."

Commerce Secretary Howard Lutnick called for patience despite facing protests from international leaders and dissent within Donald Trump on Tariff Republican party.

China required an immediate removal of the tariffs and declared it would take retaliatory actions and France together with Germany warned that European states might target American technology corporations with their own counteractions.