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Trump on tariffs: 'I know what the hell I'm doing'
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Asian shares sank again on Wednesday as the latest set of U.S. tariffs, including a 104% levy on Chinese imports, went into effect.
The sharply higher tariffs kicked in after midnight Eastern time in the U.S., even as investors have no idea what to make of President Donald Trump’s trade war.
On Tuesday, the S&P 500 dropped 1.6% after wiping out an early gain of 4.1%. That took it nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 0.8%, while the Nasdaq composite lost 2.1%. Uncertainty is still high about what President Donald Trump will do with his trade war.
More swings up and down for financial markets are excepted given the uncertainty over how long Trump will keep the stiff tariffs on imports, which will raise prices for U.S. shoppers and slow the economy. If they last a long time, economists and investors expect them to cause a recession. If Trump lowers them through negotiations relatively quickly, the worst-case scenario might be avoided.
The sharply higher tariffs kicked in after midnight Eastern time in the U.S., even as investors have no idea what to make of President Donald Trump’s trade war.
On Tuesday, the S&P 500 dropped 1.6% after wiping out an early gain of 4.1%. That took it nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 0.8%, while the Nasdaq composite lost 2.1%. Uncertainty is still high about what President Donald Trump will do with his trade war.
More swings up and down for financial markets are excepted given the uncertainty over how long Trump will keep the stiff tariffs on imports, which will raise prices for U.S. shoppers and slow the economy. If they last a long time, economists and investors expect them to cause a recession. If Trump lowers them through negotiations relatively quickly, the worst-case scenario might be avoided.
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