Lagos (March 7, 2025)

Major stock indices plunged sharply this week as investors grappled with uncertainty stemming from President Donald Trump’s fluctuating tariff policies. However, when questioned about whether his tariffs were responsible for market volatility, Trump pointed the finger elsewhere.

“Well, a lot of them are globalist countries and companies that won’t be doing as well,” Trump said in the Oval Office on Thursday. “Because we’re taking back things that have been taken from us many years ago.”

Trump did not specify what exactly had been taken or by whom.

“We’ve been treated very unfairly as a country,” he continued. “We protect everybody. We do everything for all these countries, and a lot of these are globalist in nature.”

It remained unclear what Trump meant by “globalist in nature,” though NBC reported that his administration was considering revising its approach toward NATO allies.

Later in the press event, Trump doubled down on his claim, asserting that “globalists” were behind the market downturn. “I think it’s globalists that see how rich our country’s going to be, and they don’t like it,” he said.

Throughout the briefing, Trump used the term “globalist” to describe people, companies, and countries, making it difficult to determine precisely whom he was referring to. During his first term, Trump often decried “globalism,” portraying it as a threat to American sovereignty and economic interests. He also frequently labeled political opponents as “globalists,” in line with his nationalist, isolationist stance.

The term “globalist” has drawn criticism from groups who argue it carries antisemitic connotations. The American Jewish Committee notes that the word is often used as “a coded reference to Jews who are seen as international elites conspiring to weaken or dismantle ‘Western’ society using their international connections and control over big corporations.”

Trump’s use of the term in relation to daily stock market movements was unusual. The White House did not immediately respond to requests for clarification on his comments.

The remarks came as Trump, just two days after imposing 25% tariffs on Canada and Mexico, announced temporary exemptions for certain goods entering the U.S. from those countries. He denied that these exemptions were a reaction to the market decline.

“Nothing to do with the market,” Trump insisted. “I’m not even looking at the market.”

Even as he rejected the idea that his tariffs were driving the sell-off, he acknowledged that tariffs could cause temporary disruptions. “There’ll always be a little short-term interruption,” he said. “I don’t think it’s going to be big, but the countries and companies that have been ripping us off aren’t particularly happy with what I’m doing.”

He concluded, “Again, there’ll be disruption.”