New tariffs enacted by former President Donald Trump have sent shockwaves through the U.S. stock market, causing the steepest decline since 2020. The tariffs, aimed at several key trading partners, immediately impacted major American corporations. Nike and Apple, heavily reliant on international trade and manufacturing, were among the companies hardest hit by the market reaction.
The economic implications of the tariffs are now being debated. Critics argue that these trade barriers will increase costs for consumers, disrupt supply chains, and ultimately harm American businesses. Supporters, however, believe the tariffs will encourage domestic production and protect American jobs. Trump himself has repeatedly stated that the U.S. economy will ultimately "boom" as a result of his trade policies.
China and the European Union have both voiced strong opposition to the tariffs and have vowed to implement retaliatory measures. This escalating trade conflict raises concerns about a potential global trade war, which could have far-reaching consequences for the world economy. The situation is being closely monitored by economists and policymakers worldwide as they assess the potential impact on global growth and stability.
Trump Tariffs Cause Stock Market Plunge; China, EU Respond
New tariffs imposed by former President Trump led to a significant drop in U.S. stock prices, the largest since 2020. Major companies like Nike and Apple experienced substantial losses as a result. China and the European Union have both announced plans to retaliate against the tariffs. Despite the market downturn, Trump remains optimistic about the long-term health of the American economy.
Source: Read the original article at BBC