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Stocks plummet as Trump leans in on tariffs
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The latest in politics and policy. Direct to your inbox. Sign up for the Evening Report newsletter Subscribe *{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img div{display:none}sub,sup{font-size:75%;line-height:0} @media (max-width:620px){.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}} Presented by National Council on Aging{beacon}Trump leans in on tariffs as stocks plummet
President Trump's new tariffs on dozens of countries exporting goods to the U.S. sent markets into a massive meltdown Thursday, prompting fears of a global recession.
The Dow Jones Industrial Average closed with a loss of more than 1,680 points, falling 3.98 percent on the day. The S&P 500 index closed with a loss of nearly 5 percent, and the Nasdaq composite closed with a loss of nearly 6 percent.
Trump's tariff plan, revealed during an event at the White House on Wednesday, levies new taxes on imports from nearly every country.
Despite economic turbulence, Trump insisted Thursday that the rollout is “going really well." Trump has argued that his new tariffs will lead to more manufacturing and less foreign trade reliance for the U.S. He also has pointed to tariffs as a revenue-generator for the government.
"It was an operation, like when a patient gets operated on, and it’s a big thing. I said this would exactly be the way it is," Trump told reporters as he departed the White House to travel to Florida for the weekend. "The markets are going to boom, the stock is going to boom, the country is going to boom. And the rest of the world wants to see if there’s any way they can make a deal."
He did not elaborate on whether he is open to negotiations with trading partners to reverse some of the tariffs.
The Hill's Alex Gangitano and Sylvan Lane have highlighted five key surprises from the Trump administration's play.
OTHER COUNTRIES STRIKE BACK
Countries around the globe responded to the tariff news with either threats of retaliation or calls for negotiation.
Canada will impose 25 percent tariffs on U.S. auto imports that do not comply with the U.S.-Mexico-Canada Agreement (USMCA) on free trade, Prime Minister Mark Carney announced Thursday. He said the move was a direct response to the 25 percent tariff levied on Canadian auto imports effective Thursday.
European Commission President Ursula von der Leyen said the European Union (EU) will respond with "countermeasures" if negotiations don't produce a deal.
India’s Trade Ministry said the country is engaged in ongoing talks with the Trump administration to try to hash out an agreement and expects to "take them forward in the coming days.”
Their responses come after Treasury Secretary Scott Bessent attempted to dissuade other countries from hitting back with their own increases. He said during a Wednesday interview on Fox News’s “Special Report" that the U.S. is positioning for “long-term” economic growth.
“My advice to every country right now is: Do not retaliate. Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” Bessent said.
RIGHT, LEFT ISSUE REBUKES
Former Vice President Pence, who served alongside Trump during his first term, joined the chorus of voices criticizing Trump's economic game plan with a social media post © The Hill
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