Trump posts 'BE COOL!' and tells people 'this is a great time to buy' as his tariffs rattle world markets
Mandel Ngan/AFP/Getty Images
- President Donald Trump said, "THIS IS A GREAT TIME TO BUY!!!"
- Global markets continue to react to the president's sweeping tariffs.
- The Dow and S&P 500 went up slightly after Trump's statement.
President Donald Trump on Wednesday urged calm as global markets continue to be upended by his wide-reaching trade war.
"BE COOL! Everything is going to work out well," Trump on Truth Social minutes after the New York York Stock Exchange opened. "The USA will be bigger and better than ever before!"
He added shortly after, "THIS IS A GREAT TIME TO BUY!!! DJT"
Markets swung up in early trading not long after Trump's post. The Dow and S&P 500 hoovered up roughly 1% gains, though they've since declined. Trump's media company, Trump Media & Technology Group, which uses "DJT" as the ticker, went up over 8% after the president's post.
On Tuesday, the Dow and S&P 500 closed down for the fourth straight day. JPMorgan Chase CEO Jamie Dimon and a chorus of other financial leaders have warned that Trump's tariffs will "slow down growth" and raise the chances of a recession.
The White House has made clear the tariffs will remain. Trump has also expressed an openness to cutting deals with various countries, even as some administration officials stress that tariffs are not a negotiating tool.
He has slapped additional tariffs on Chinese goods after Beijing refused to back down on its own retaliatory measures. Chinese imports will now face 104% tariffs. On Wednesday, the European Union moved forward with its retaliatory tariffs, but there was no immediate White House reaction.
Some of the Trump administration's stock guidance has aged poorly. Commerce Secretary Howard Lutnick last month urged people to buy Tesla shares amid a backlash to CEO Elon Musk's work with the White House DOGE office.
"'It's unbelievable that this guy's stock is this cheap," Lutnick said on March 19. "It'll never be this cheap again."
Since then, Tesla has dropped below $235 a share. Early Wednesday, the automaker flirted around $233.