Investing.com-- U.S. President Donald Trump said on Sunday that his recently imposed trade tariffs were the only means to “cure” massive financial deficits with China and the European Union, and that his trade duties were here to stay.

Trump said in a social media post that the U.S. “surplus with these countries” had grown during the Biden administration, and that he was going to quickly reverse this trend.

Trump called his tariffs a “beautiful thing” for the U.S.

Trump’s social media post came after he told reporters that unless the U.S. “solved” its trade deficit with China, he was not considering a deal with Beijing.

Trump also said that he had not intentionally intended a market selloff, and that the tariffs were “medicine” for markets.

Concerns over Trump’s tariffs on major economies- which took effect last week and were much harsher than expected- wiped out trillions of dollars in market capitalization over the past two sessions. U.S. stock futures slumped on Sunday evening, pointing to a potential “Black Monday” scenario for global markets, which could entail even deeper losses.

Trump’s tariffs wiped out about $4 trillion in global stock market value since last Wednesday.

China- which was by far the worst hit by Trump’s tariffs- retaliated against the measures over the weekend, while EU leaders were seen preparing retaliatory measures.