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Fortune
Fortune
Nicholas Gordon

Asian markets go into a 2008-style freefall, after Trump calls his tariffs needed ‘medicine’ for the U.S.

(Credit: Mandel Ngan—AFP via Getty Images)

Asia spent Monday searching for comparisons to a historic market drop, after President Donald Trump affirmed that the U.S. needed “medicine” to fix its persistent trade deficit, even as his "Liberation Day" tariffs send markets off a cliff. 

Is Monday's market plunge the worst since the onset of the COVID pandemic? The worst since the Great Financial Crisis of 2008? Or, for some markets, is it the worst…ever?

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