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.
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United States President Donald Trump speaks after signing two Executive Orders in the Oval Office at the White House on February 14, 2025 in Washington, D.C. The Executive Orders signed today were on federal funding going to schools and universities related to the coronavirus pandemic as well as energy production.
Featuring: Donald J Trump
Where: Washington, District of Columbia, United States
When: 14 Feb 2025
Credit: POOL via CNP/INSTARimages.com
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Singer Kid Rock, left, and US President Donald Trump during an executive order signing in the Oval Office of the White House in Washington, DC, US, on Monday, March 31, 2025. The order directs the Federal Trade Commission to work with the Department of Justice to ensure that competition laws are enforced in the concert and entertainment industry, and pushes state consumer protection authorities on enforcement.
Featuring: Donald J Trump, Kid Rock
Where: Washington, District of Columbia, United States
When: 31 Mar 2025
Credit: Al Drago/POOL via CNP/INSTARimages.com
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US President Donald Trump arrives to announce reciprocal tariffs against US trading partners in the Rose Garden of the White House in Washington, DC, USA, 02 April 2025.
Trump has branded the day ‘Liberation Day’, though most economists expect US consumers to foot the costs
Featuring: Donald J Trump
Where: Washington, District of Columbia, United States
When: 02 Apr 2025
Credit: POOL via CNP/INSTARimages.com
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US President Donald Trump arrives to announce reciprocal tariffs against US trading partners in the Rose Garden of the White House in Washington, DC, USA, 02 April 2025.
Trump has branded the day ‘Liberation Day’, though most economists expect US consumers to foot the costs
Featuring: Donald J Trump
Where: Washington, District of Columbia, United States
When: 02 Apr 2025
Credit: POOL via CNP/INSTARimages.com
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US President Donald Trump arrives to announce reciprocal tariffs against US trading partners in the Rose Garden of the White House in Washington, DC, USA, 02 April 2025.
Trump has branded the day ‘Liberation Day’, though most economists expect US consumers to foot the costs
Featuring: Donald J Trump
Where: Washington, District of Columbia, United States
When: 02 Apr 2025
Credit: POOL via CNP/INSTARimages.com
