After ‘Liberation Day’ Comes ‘Obliteration Day’
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Newsmax employees rang the opening bell on the floor of the New York Stock Exchange Thursday. The company’s shares shed more than three-quarters of their value on Wednesday. On Thursday, the market as a whole dived following President Donald Trump’s announcement of new tariffs.
Photographer: Michael Nagle/BloombergPresident Donald Trump touted Wednesday as a landmark in US history, saying his onslaught of tariffs against much of the world would “make America wealthy again.” Instead, the announcement of the steepest levies in a century sparked a rapid selloff in risk assets, culminating Thursday with a 4.8% rout in the S&P 500.
Wall Street economists said the tariff maelstrom set off by Trump has escalated the already-growing risk of a US recession this year. Meanwhile inflation, which like the economy in general was closing in on a soft landing when he took office, could spike to pandemic levels. Trump, 78, who was elected by a margin of 1.5% in the popular vote, had promised he would speed the decline in consumer prices. A new Reuters poll show’s his approval rating sinking to 43%.