US President Donald Trump said foreign governments must pay “a lot of money” to lift new tariffs, which he called “medicine” for the economy. His comments came after a major drop in global markets.

Asian stocks and US futures fell sharply, with investors fearing the tariffs, up to 50%, could raise prices, reduce demand, and spark a global recession.

Trump, speaking to reporters on a flight from Florida, showed little concern for the market losses. He said he had spoken with European and Asian leaders, but warned there would be “no talk unless they pay us a lot of money on a yearly basis.”

The tariffs, which started at 10% on Apr. 5, will rise to 11%–50% on Apr. 9. Countries like Taiwan, Israel, and India are seeking negotiations, while others, like Italy, are preparing protective measures.