The president unveiled his economic agenda on Wednesday, revealing steep tariff hikes on practically every country in the world—regardless of whether or not the U.S. is running a trade deficit or surplus there.
“THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING,” Trump posted on Truth Social. “THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!”
In reality, American businesses were seriously disturbed. The blue chip Dow Jones Industrial Average plunged by 1,500 points, about 3.5 percent, while the S&P 500 sank by 3.9 percent, setting both on pace for their worst day since the 2022 inflation crisis. The Nasdaq Composite tanked by more than five percent—bringing it down by 17 percent from its all-time high and down 13 percent year-to-date, the index’s worst performance since March 2020.
Overnight, some of the country’s most competitive companies lost hundreds of billions of dollars. Nike and Lululemon, whose business models rely on international manufacturing deals in China and Vietnam, each lost more than 10 percent. Big box stores also saw prominent losses: Best Buy, Target, and Home Depot lost five percent.
Stores that rely heavily on imported goods saw their stocks tank, too. Five Below lost 29 percent, Dollar Tree fell by eight percent, and the Gap suffered a 22 percent loss.
In a note to investors, JP Morgan said that Trump’s tariffs had a 40 percent chance of slingshotting the U.S. economy into a recession. JP Morgan underscored that the tariffs would cause a price surge—adding two percent to the Consumer Price Index—and additionally raise taxes on Americans by $660 billion a year, “the largest tax increase in recent memory by a longshot,” reported CNN.
“The impact on inflation will be substantial,” the analysts said, according to CNN. “We view the full implementation of these policies as a substantial macro economic shock.”
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