President Donald Trump said over the weekend that he had conversations with top tech executives about the recent stock market meltdown, which was triggered by his sweeping new tariffs. And according to Trump, they were surprisingly supportive.
“I talked to the biggest of them all,” Trump said aboard Air Force One.
“Many of them. But I’ve talked to four or five that I consider the biggest. You know what they said? ‘We don’t blame you.'”
Markets Spiral After Global Tariff Announcement
Trump’s latest round of tariffs impacts more than 180 countries and territories.
He said the move is necessary to fix what he described as a “$1 trillion trade deficit with China” and longstanding trade imbalances with the European Union and other countries.
“No other presidents take it on,” Trump said. “I had to take it on. The last time, we had a rigged election.”
The market reaction was swift. The S&P 500 tumbled toward bear market territory, and major tech stocks like Nvidia, Amazon and Meta lost billions in value.
Elon Musk saw his net worth drop by $20 billion in a single day. He’s down over $130 billion for the year.
Larry Ellison and Mark Zuckerberg also each lost around $10 billion. Warren Buffett lost billions too, though he’s still one of the few billionaires to post gains in 2025 after selling off a large chunk of stocks in 2024.
The Bloomberg Billionaires Index reported that the world’s 500 richest people saw their biggest two-day wealth drop ever on April 3 and 4.
Even individuals close to Trump were impacted, showing how wide-reaching the effects of the tariffs have been.
Tariffs Will Bring Jobs Back, Trump Says
Despite the chaos, Trump says the tariffs are already having a positive effect.
“Because of the tariffs, we have $7 trillion already committed to be invested in the United States,” he said, adding that new auto and chip manufacturing plants are already being built.
He mentioned factories in North Carolina, Michigan and Indiana.
“Companies are moving back like nobody has ever seen.”
When asked about whether he was trying to crash the market on purpose, Trump dismissed the idea and said some short-term pain is necessary.
“Sometimes you have to take medicine to fix something,” he said. “We’ve been treated so badly by other countries because we had stupid leadership.
They took our business, they took our money, they took our jobs.”
He said European countries have also taken advantage of the U.S. by refusing to buy American goods while flooding the U.S. with their exports.
“We take millions of cars. They take no cars,” Trump said. “They don’t take our food products. They don’t take anything. Europe has treated us badly.”
No Deals Unless the Terms Are Right
As for whether there’s a negotiation underway, Trump hinted there might be, but made it clear he won’t back down unless the terms are right.
“There’s no talk unless they pay us a lot of money on a yearly basis,” he said.
While billionaires saw record losses, the broader concern might be the ripple effects for everyday Americans.
According to Fortune, the market drop could mark one of the worst stretches for billionaire wealth in recent memory.
But the losses could feel even more serious for Americans nearing retirement or struggling with inflation and a shaky job market.
In a recent survey, nearly three-fourths of Americans said wealth inequality is a “serious national issue,” and 46% said billionaires hoarding wealth makes it harder for everyday people to reach the American Dream.
While Trump remains confident in his approach, the long-term outcome of his tariff strategy—and its impact on both Wall Street and average Americans—remains to be seen.
IMAGE CREDIT: “President Donald Trump” by Gage Skidmore, via Flickr. Licensed under CC BY-SA 2.0. Image adjusted for layout.