India, March 17 -- Entrepreneur Jordan Belfort, also known as the "Wolf of Wall Street," said there's no reason to panic about US President Donald Trump's latest tariff hikes on key trade partners.

This is because "everyone's taking advantage of us," Belfort said on "Fox & Friends," an American daily morning Fox News programme.

Belfort claimed that the tariffs will ultimately end up strengthening American manufacturing though "there's going to be corrections in markets."

The US stock market had entered correction territory last Thursday, as concerns of a potential trade war continued.

However, Trump told White House reporters that he's "not going to bend at all" on the tariffs which include a 25% levy on steel and aluminum imports, al...