"This marks the worst week for the stock market since 2020, and only the fourth time in history that the Dow lost 2,000 points in a single day."

#Trump #tariffs #StockMarket #Dow #economy #recession #inflation #stupidity #incompetence #destruction
/22

"Stock market closes week in bloodbath as Trump’s tariffs cause historic two-day drop and wipe out $6 trillion.

The stock market closed with a bloodbath on Friday as the Dow Jones lost 2,231 points and the S&P 500 dropped 6 percent as investors are spooked about the impact of President Donald Trump’s tariff plan."

#Trump #tariffs #StockMarket #Dow #S&P #economy #recession #inflation #stupidity #incompetence #destruction
/21

~ Katie Hawkinson

https://www.independent.co.uk/news/world/americas/us-politics/stock-market-today-trump-tariffs-china-b2727712.html

Q & A:

#FederalReserve chair #JeromePowell was asked about recent #Trump comments on the #economy. He said he would not comment.

He also said:

#Unhappiness with economy seems rooted in inflation persisting.

#Prices aren’t going down, people know they are paying more & are right not to be happy about it.

"The new administration is in the process of implementing substantial policy changes in four distinct areas #trade, #immigration, fiscal policy & regulation [#deregulation]," #FederalReserve chair #JeromePowell said.

"Our monetary policy stance is well positioned to deal with the risks & uncertainties we face as we gain a better understanding of the policy changes & their likely [adverse] effects on the #economy. It is not our role to comment on those policies."

"The sweeping package of tariffs unveiled by Donald Trump on Wednesday includes an exemption for the energy sector, which is a clear sign of the president’s fealty to his big oil donors over the American people, advocates say."

~ Dharna Noor

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction #BigOil #OilandGas #oligarchy #billionaires
/20

https://www.theguardian.com/us-news/2025/apr/04/trump-exempts-big-oil-donors-from-tariffs

"Looking ahead, higher #tariffs will be working their way through our #economy & are likely to raise #inflation in coming quarters," #JeromePowell said.

"While #uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected, & the same is likely to be true of the economic effects, which will include higher inflation & slower growth."

US #Stock indexes extend losses after #FederalReserve chair Powell remarks were released.

As Edward Helmore reports, New York shopkeepers featuring imported goods are announcing that they will have to hike prices "astronomically" due to Trump's "liberation" tariffs.

Jennifer Pulidore of Myers of Keswick, a shop selling British groceries, says, 'The price of chocolate has gone up astronomically.'"

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/19

https://www.theguardian.com/us-news/2025/apr/04/trump-tariffs-small-business-nyc-prices

"The Chinese Ministry of Finance, calling @POTUS new tariffs on Chinese imports a 'typical act of unilateral bullying,' responds overnight with a 34% tariff on all goods imported from America. And so the President's trade war escalates."

~ Garrett Haake quoted by Greg Dworkin

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/18

https://www.dailykos.com/stories/2025/4/4/2314347/-Abbreviated-Pundit-Roundup-Trump-deliberately-tanks-the-economy-as-Republicans-sit-back-do-nothing

"The US dollar experienced its largest single-day decline on record, dropping by 2.1% against major currencies."

~ CNBC

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/17

https://www.cnbctv18.com/world/us-markets-live-today-dow-jones-djia-nasdaq-futures-trump-liberation-day-tariffs-liveblog-19583858.htm

Acc/to Olu Sonola, an economist at Fitch Ratings, the average #US #tariff rate on all imports will be ~22%, a rate last seen around 1910 [you, know what led up to the #GreatDepression]. “This is a game changer, not only for the US economy but for the global #economy,” Sonola said in a statement. “Many countries will likely end up in a #recession.”

…The levies #Trump announced on Wed are separate from the ones he has already imposed on #steel, #aluminum, & foreign-made #cars & parts. Taken as a whole, his tariffs represent a dramatic expansion from the more narrowly targeted duties he imposed in his first term—some of which the Biden Admin retained—& a final nail in the coffin for the open #trading environment that reigned before 2016.

After delivering a potted #economic history of the country in which he bizarrely claimed that the #GreatDepression would have been avoided if high tariffs had been in place, #Trump announced that “reciprocal tariffs” would go into effect on April 9th, w/rates of 34% on goods imported from #China, 24% on #Japan, & 20% on the #EU. Some of the highest rates were reserved for export-led developing countries in #Asia: 46% on #Vietnam, 48% on #Laos, & 49% on #Cambodia.
#economy #recession #geopolitics

After weeks of nervous anticipation in the #financial #markets & in the capitals of America’s #trading partners, #Trump’s “Liberation Day” #tariffs have arrived, &, even by his standards, they are shockingly high & wide-ranging. “For decades our country has been looted, pillaged, raped, & plundered by nations near & far,” Trump said on Wed to a crowd at the WH that included members of #UAW, & also elected #Republicans.

"Experts said Trump’s sweeping border taxes of between 10% and 50% on the US’s traditional allies and enemies alike had dramatically added to the risk of a steep global downturn and a recession in the world’s biggest economy."

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/16

"As world leaders reacted to the US president’s 'liberation day' tariff policies demolishing the international trading order, about $2.5tn (£1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe."

~ Richard Partington

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #destruction
/15

https://www.theguardian.com/business/2025/apr/03/global-markets-turmoil-trump-tariffs-wall-street-downturn

"The pure insanity of Trump’s tariffs is best (ahem) personified by his inclusion of Heard and McDonald Islands, which are inhabited largely by penguins."

~ Marcy Wheeler

#Trump #tariffs #StockMarket #economy #recession #inflation #stupidity #incompetence #jobs
/14

https://www.emptywheel.net/2025/04/04/magats-confess-they-cannot-compete-with-penguins-on-level-playing-glacier/

"Business still hasn’t grasped how bad things are. For while tariffs are dominating the news right now, they’re part of a broader pattern of malignant stupidity. It may take a while before we see the effects of DOGE’s destruction of the government’s administrative capacity, or RFK Jr.’s destruction of health policy, but we will see those effects eventually."

~ Paul Krugman

#Trump #tariffs #StockMarket #economy #crash #recession #inflation #stupidity #incompetence
/13

https://paulkrugman.substack.com/p/how-a-con-man-president-is-destroying