The Dow Jones Industrial Average closes down more than 2,000 points amid escalating fallout from Pres. Trump's tariffs.
The remarks came as U.S. stocks plummeted over an escalating trade war.
The Trump administration's tariff calculations appear on paper to be a simplified math of America's trade relationships.
U.S. stocks dropped sharply Monday - and chipmaker Nvidia lost nearly $600 billion in market value - after a surprise advancement from a Chinese artificial intelligence company, DeepSeek, threatened the aura of invincibility surrounding America's technology industry.
An interest rate cut is widely expected in the coming months.