Trump declares tariffs are ‘going very well’ regardless of $3 trillion Wall Street rout and fears over world recession: Live
Donald Trump has declared that his sweeping global tariff agenda is “going very well” despiteabout $3.1 trillion in market value being wiped from Wall Street in its largest one-day decline since the Covid pandemic.
On a historically bad day, the Dow Jones Industrial Average had dropped 4 percent. The S&P 500 fell 4.8 percent, and the tech-focused Nasdaq had dipped 6 percent — dragged down by declines from Amazon, Apple and Nvidia.
JPMorgan’s Chief Economist Bruce Kasman said the investment bank now sees a 60 percent chance of the global economy entering recession in 2025, up from 40 percent.
If follows the president unveiled his blanket 10 percent tariffs that would be imposed on all nations — bar Russia — Wednesday afternoon. About 60 countries deemed the “worst offenders” — including China, Vietnam, and Japan — face vastly higher reciprocal levies. The baseline tariffs go into effect on Saturday, and reciprocal tariffs on Wednesday.
After being probed by a reporter at the White House about “how it’s going” amidst the market decline, Trump responded: “I think it’s going very well. It was an operation. I like when a patient gets operated on and it’s a big thing.”
BREAKING: China strikes back with 34% counter tariff on all US goods
China has struck back with 34 percent tariffs on all U.S. goods Friday matching Donald Trump’s levies on Chinese goods.
The import taxes on U.S. goods would be imposed from April 10, according to China’s Finance Ministry.
China’s Ministry of Commerce also announced that it was adding 11 American companies to its “unreliable entities” list, essentially inhibiting them from doing business in the nation.
“The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation,” the Commerce Ministry said in a statement, per Reuters.
Trump tariffs wipe $3.1tn from Wall Street
Trump’s sweeping tariffs sent shockwaves through Wall Street, wiping about $3.1 trillion in market value in its largest one-day decline since the Covid pandemic.
The Dow Jones Industrial Average dropped 4 percent. The S&P 500 fell 4.8 percent.
And the tech-focused Nasdaq was down 6 percent — fuelled by declines from Apple, Nvidia and Amazon.
JPMorgan increases chances of global recession in 2025 to 60%
Donald Trump’s new batch of global tariffs have triggered a wave of economic uncertainty.
JPMorgan’s Chief Economist Bruce Kasman said the investment bank now sees a 60 percent chance of the global economy entering recession in 2025, up from 40 percent.
“Disruptive U.S. policies has been recognized as the biggest risk to the global outlook all year,” Kasman wrote in a research note Thursday. “The effect of this tax hike is likely to be magnified — through retaliation, a slide in U.S. business sentiment, and supply chain disruptions.”
JPMorgan economists describe tariffs “at a basic level” as a functional tax increase on U.S. household and business purchases of foreign goods. They “view the full implementation of announced policies as a substantial macroeconomic shock,” per the note.
At a domestic level, investment banking firm Goldman Sachs has echoed JPMorgan’s concerns, earlier this week raising its U.S. recession probability in 2025 to 35 percent, from 20 percent.
“The increase in our recession probability reflects the sharp deterioration in household and business confidence in the outlook over the last month,” its report stated.
Other Wall Street brokerages — including Barclays and Deutsche Bank — also warned of an enhanced risk that the U.S. economy could slip into a recession this year.
Report: Trump fires National Security Council staff after Laura Loomer urged him to cut people she saw as disloyal
Trump fired several members of the National Security Council, including senior directors, after the meeting, Axios reports. One U.S. official told the outlet the firings are shaping up to be a “bloodbath.” The New York Times added that “at least three” senior NSC officials have been fired.
Andrew Feinberg and Katie Hawkinson report from Washington, D.C.
Source: independent.co.uk
