Wall Street endures worst day since pandemic in response to Trump’s tariffs
Wall Street endured its worst day since the depths of the pandemic, with a major market selloff in response to President Trump’s new sweeping tariffs. Despite the turmoil, President Trump downplayed the economic reaction, comparing the U.S. economy to a sick patient now in recovery. “The operation is over, and now we let it settle in,” Trump said, framing the economic disruption as part of a broader plan.
However, the global trade war may only be intensifying, with trading partners from the European Union to the U.K. and Canada preparing retaliation measures. Canadian Prime Minister Mark Carney warned, “It’s intended and will cause maximum impact in the United States.” Trump has suggested the tariffs could be adjusted, positioning them as a tool for future negotiations with other nations. “We’re taking it to a whole new level because it’s a worldwide situation,” he said.
The administration’s tariffs have rocked many small businesses, particularly those like Roda Auto Repair, which rely on a global supply chain for parts. CEO Rachel Lubin noted, “It’s steel and aluminum that goes into those parts. It’s where those parts come from, where they’re sourced, and where they’re manufactured.” Rising costs from these tariffs are expected to drive up prices, and Democrats are criticizing the financial impact on American families. Rep. Jake Auchincloss (D-Mass.) pointed to projections from the Yale Budget Office, which estimate an additional $3,800 in costs for the average family this year.
As economic forecasts like those from JPMorgan predict a higher likelihood of a global recession, administration officials are working hard to reassure the public. Vice President JD Vance confidently stated, “We’re going to have a booming stock market for a long time because we’re reinvesting in the United States of America.”
By: Keenan Gibson
Source: 41 WMGT