The stock exchanges on Wall Street as well as the interest rate and currency markets have been shaken severely by the Trump administration's sudden shift in tariffs this week - including those on neighboring countries Canada and Mexico.
The pause in tariffs on neighboring countries until early April, announced by Donald Trump on Thursday, was not enough to calm the market.
"We're taking back things"
When Trump was asked at a press conference at the White House on Thursday whether he believed the tariff policy had scared the market, he quickly shifted the blame.
So, it's many of those globalists, countries and companies, that won't do well. Because we're taking back things that have been stolen from us for many years, he replied according to TV channel CNBC.
He did not specify what had been stolen.
We're doing everything for all these countries and many of them are globalists, he added.
A little later at the same press conference, he explained the market downturn with:
I think it's the globalists who see how rich our country is going to be and they don't like it.
The downturn gained momentum this week
Exactly who Trump referred to when he used the term "globalists" was not clear. But during his first term, Trump repeatedly rejected ideas of "globalism" and labeled political opponents as "globalists", according to CNBC.
The civil rights movement American Jewish Committee notes that the term is now used as a code word by extreme right-wing groups when they present conspiracy theories about a Jewish elite trying to take control of the world.
The broad stock market downturn on Wall Street has gained momentum this week after the 25 percent tariffs against Canada and Mexico were first introduced and then paused on Thursday - again.
The dollar has also taken a severe beating against other currencies. At the same time, American market interest rates have been pushed down, while long-term interest rates have risen sharply in Europe, among other places.
Before the presidential election on November 5 last year, many on the market looked forward to tax cuts and deregulation with Donald Trump in the White House. The goal was set on a 2025 with continued stock market upswings and a strong US economy.
Strong price increases were seen, not least in Trump Media, electric car manufacturer Tesla - with Trump supporter and the world's richest man Elon Musk as founder, major shareholder, and CEO.
But after Trump's inauguration on January 20, the market has been shaken by Trump's tariff policy and sudden geopolitical shifts. The upswings have quickly turned into a broad downturn.
Some notations since the turn of the year:
Tesla: -30.5%
Trump Media: -35.5%
Bitcoin: -5.7%
S&P500-index: -2.2%
Nasdaq's composite index: -6.3%
CNBC Magnificent 7-index: -10.6%
The dollar (against the euro): -4 US cents
USA's 10-year market interest rate: -0.31 percentage points
