Trump reside updates: New tariffs trigger international inventory markets to plunge with U.S. allies anticipated to retaliate
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Markets plunged as Wall Street opened on Thursday morning after Donald Trump unveiled his latest wave of tariffs on what the president called “Liberation Day.”
Trump’s announcement sent shockwaves through markets around the globe, and shortly after the bell rang at the New York Stock Exchange, the Dow Jones Industrial Average fell 1,150 points or 2.7%. The S&P 500 dropped more than 3%, and the tech-focused Nasdaq more than 4.2%.
The president announced that blanket 10 percent tariffs will be imposed on all nations in a speech at a “Make America Wealthy Again” event in the White House Rose Garden shortly after regular trading hours closed in the U.S.
About 60 countries deemed the “worst offenders” – including China where a majority of Apple’s devices are manufactured – face higher reciprocal levies nearing, in some cases, 50 percent leaving world leaders reeling. The baseline tariffs go into effect on Saturday and reciprocal tariffs on Wednesday.
Meanwhile, four Republican senators joined every Democratic senator in a resolution to oppose Trump’s tariffs against Canada. The Senate passed the resolution crafted by Kentucky Senator Rand Paul 51-48 on Wednesday after Trump’s announcement.
Watch: CNBC host wonders what Trump administration’s pain threshold might be
During softball Fox News interview, Vance boasts about ‘enthusiasm’ over ‘Liberation Day’ tariffs
Outside of Vance’s Fox & Friends appearance, other senior members of the Trump administration made the rounds on cable news to spin the crippling global trade war that Trump had unleashed.
Justin Baragona reports.
U.S. markets continue to fall
Some 90 minutes after markets opened on Wall Street and the Dow Jones Industrial Average is now down 1,571 points (3.72%); the S&P 500 is down 246 points (4.35%); and the tech-focused Nasdaq has lost 987 points (5.62%).
Watch: Former Treasury secretary Mnuchin appears concerned by bluntness of tariff plan
About those auto tariffs…
According to at least one Goldman Sachs analyst, the trucks are, therefore, expected to see between a $5,000 to $15,000 price hike.
Steffie Banatvala reports.
Trump tariffs possibly ‘single most inflationary action of any president’, says CNBC reporter
Eamon Javers, senior Washington correspondent for CNBC, says that the Trump tariffs “may be the single most inflationary action of any president,” noting that it’s ironic given he campaigned on inflation under Biden and bringing prices down.
Wall Street has been open for an hour and it’s not looking good…
It’s 10:30 a.m. in New York and the Dow Jones Industrial Average is down 1,480 points (3.52%); the S&P 500 is down 218 points (3.81%); and the Nasdaq is down 838 points (4.74%).
Watch: Agriculture secretary ‘really excited’ by tariffs as market plunges
Recap: Stock market falls at opening as Wall Street hit by Trump’s tariffs fallout
Thirty minutes after opening Thursday, the Dow Jones Industrial Average dropped 1,373 points, or 3.25 percent, while the Nasdaq Composite plunged 793 points or 4.51 percent, and the S&P 500 dipped 202 points or 3.60 percent.
Kelly Rissman reports from New York.
How much will Americans pay for Trump’s tariffs?
Steve Rattner, economist and former head of the Obama Administration auto task force in the Great Recession and now a contributor to The New York Times and Morning Joe, has an updated chart on how much more Americans will pay under President Donald Trump’s tariffs hike.
The average household will pay $3,000-$3,500 per year after tax, and the poorest Americans will lose 4% of their income.
Source: independent.co.uk
