Yesterday, Donald Trump announced massive and widespread tariffs on nearly every country (except Russia and North Korea). He even announced tariffs on islands only inhabited by penguins. This announcement came after the markets closed on Wednesday, but the futures markets went berserk, losing more than a trillion dollars within hours. Well, the Dow opened this morning and it’s a complete f–king catastrophe.
Roughly $1.7 trillion was erased from the S&P 500 Index at the start of trading on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.
The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, was down about 8% after the open. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were down around 10%. Walmart Inc. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, were trading lower by about 2% and around 11%, respectively.
The S&P 500 dropped 3.6%. The Dow Jones Industrial Average has dropped 1,300 points. It’s not even noon as I write this. A month ago, during one of Trump’s now monthly tariff catastrophes, I said that while I have no faith in him or his cult, I do have some faith in the self-interest of the business class and wealthy Republican donors. How long can this continue for THEM? I know they don’t care about us, the little people, but they care about their own bottom line. Trump is just a demented old man who is breaking everything for no reason. It’s insane.
Photos courtesy of Cover Images.
