Trump Defends Tariffs Amid Market Turmoil: Says Manufacturing Revival Will Take Time
President Trump claims tariffs will lead to a manufacturing renaissance, despite immediate market downturn and inflation concerns.
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Despite Trump’s reassurances, not all Republicans are sold on the scheme.
"Going very well": Amid stock market freefall, Trump touts tariff "boom"
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Thursday's sell-off hit megacap technology stocks especially hard, with CNBC's Magnificent Seven index sliding more than 6%.
Dow futures fall after tariffs push market to biggest losses since 2020: Live updates
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While the scale of the day’s losses is partly due to the stock market’s rapid growth since 2020, Thursday marked a new low for Wall Street after months of growing concern about Trump’s trade agenda.
Trump’s tariffs spur stock meltdown
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The scale of the sell-off, wiping trillions of dollars off the value of US companies, highlights just how alarmed investors are by the tariffs, and the fears they could lead to a recession.
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The Dow Jones Industrial Average dropped more than 1,600 points on Thursday as U.S. stocks led a worldwide selloff after the Republican president’s announcement of tariffs against much of the world ignited a shock like none seen since the COVID-19 pandemic.
WATCH: Trump says market plunge 'expected' a day after announcing broad tariffs
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If Trump follows through on his tariffs, stock prices may need to fall much more than 10% from their all-time high in order to reflect the recession that could follow, along with the hit to profits that U.S. companies could take.
Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock
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Energy, technology, and consumer discretionary sectors took the hardest hits, with losses around 7 percent.
US Stocks Tumble After Trump Reveals Tougher-Than-Expected Global Tariffs
Epoch Times·16d·Mixed ReliableThis source has a mixed track record—sometimes accurate but also prone to bias, sensationalism, or incomplete reporting.RightThis outlet favors right-wing views.The announcement jolted markets worldwide, but Trump said that was to be expected.
Trump says things are 'going very well' after worst stock market drop in years over tariffs
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The market as a whole is down almost 10% since Trump took office, marking the worst 10-week start under a new president in 24 years.
After ‘Liberation Day’ Comes ‘Obliteration Day’
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However, banks could be impacted by tariffs more than you might think.
Bank stocks plunge as tariffs hit: Signals from JPMorgan, Wells Fargo and Citigroup
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Trump's policies are steep in 'magical economic thinking' and ignore 80 years of proven global trade practices.
Potential American recession gets new timeline from analyst
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The announcement a day earlier of near-universal tariffs, and particularly steep levies against some Asian countries, shocked investors out of any complacency they may still have held regarding the new administration’s trade policies.
What America’s stockmarket plunge means
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Rising food prices are politically toxic.
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President Trump is taking this economy in a different direction.
Trump says ‘it’s going very well’ after tariffs roil markets
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Summary
Following his announcement of sweeping tariffs averaging 10% on imports, President Trump insisted the economy will 'boom' despite a historic market plunge. While retailers like Nike and Apple saw significant stock declines (Nike down 13%, Apple down 20%), Trump stated that it would take about two years for American manufacturing to rebound. Economists warn the tariffs could inflate consumer costs by 2.3%, impacting households by approximately $3,800 annually. Despite backlash from foreign leaders and market analysts, Trump remains optimistic about negotiations, describing the situation as a necessary 'operation' for the economy.
Perspectives
US tariffs announced by President Trump threaten to plunge both the US and global economies into recession, with deep consequences for international trade relationships and economic stability.
While the extreme version of the tariffs might lead to a significant economic downturn, it is likely that the government will implement exceptions and carveouts to mitigate the worst effects.
Inflation is expected to rise due to these tariffs, impacting consumer spending and overall economic growth.
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