Saudi Stocks Reel After Trump Threatens 'Severe Punishment'

President Trump went after Saudi Arabia over the disappearance of journalist Jamal Khashoggi in an interview airing Sunday, telling 60 Minutes that "we're going to get to the bottom of it, and there will be severe punishment" if US officials find that Riyadh ordered Khashoggi's murder. "It’s being investigated, it’s being looked at very, very strongly," he said, via the Washington Post. "And we would be very upset and angry if that were the case. As of this moment, they deny it, and they deny it vehemently. Could it be them? Yes." Saudi Arabia's stock market was reeling in response on Sunday, down more than 6% as other markets in the region saw "far less volatility," per the AP.

One punishment the Saudis won't face, according to Trump: The cancellation of an $110 billion arms deal. "I actually think we’d be punishing ourselves if we did that," Trump said. "There are other things we could do that are very, very powerful, very strong, and we’ll do that." He declined to specify further. The president planned to call Saudi King Salman later Saturday or early Sunday to discuss Khashoggi, notes the Post. (More Jamal Khashoggi stories.)