'Tariffs are very beautiful!' Trump defends policy that's spurring massive stock sell-off

Donald Trump returned from a weekend of golf to defend his announced tariffs that have sent markets into a tailspin.

U.S. stock market futures dropped Sunday, signaling more losses when markets reopen Monday morning following a two-day historic stock market drop in response to the president's tariff policies, and he returned to Washington, D.C., after taking part in a golf tournament at his resort in Florida.

"We have massive Financial Deficits with China, the European Union, and many others," Trump posted on Truth Social. "The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold."

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An initial 10 percent "baseline" tariff took effect Saturday at U.S. airports, seaports and customs warehouses, while reciprocal tariffs will snap into effect Wednesday against about 60 countries that White House officials call the "worst offenders."

"The Surplus with these Countries has grown during the 'Presidency' of Sleepy Joe Biden," Trump posted. "We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!"