Stocks plunged after President Trump announced sweeping « reciprocal » tariffs on countries across the world.
Stocks plunged after President Donald Trump announced that his administration will slap sweeping « reciprocal » tariffs on countries across the world.Why It Matters
Trump campaigned on a pledge to impose steep tariffs on key U.S. trading partners and repeatedly referred to himself as « tariff man » during the 2024 campaign.
The Trump administration has said the tariffs will boost U.S. revenue and expand the American manufacturing sector, though economists warn that American consumers will end up shouldering most of the cost of the tariffs.
Trump’s back-and-forth on tariff policy has also led to increased market volatility since he took office, which experts say risks sending the economy into a recession.What To Know
Trump made his tariff announcement a little after markets closed at 4 p.m. ET, sending stocks into a tailspin during after-hours trading.
The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 index, lost 2.47 percent.
