Turbulent day on Wall Street highlights tariff war whirlwind
NEW YORK (Gray Media) -
After a weekend to digest President Donald Trump’s sweeping tariff plan against trading partners, the U.S. stock market tumbled down further to start the week.
It was a dark, dreary Monday on Wall Street with traders seeing red. After President Trump’s tariff announcement last week the markets saw a dramatic downward spiral. Those losses only worsened Monday with the Dow Jones, S&P 500 and NASDAQ all nosediving as the bell rang in the trading day.
Some economists see a recession as increasingly likely with growth expectations dwindling and consumer prices expected to rise.
Rita McGrath, a strategic management expert at Columbia University says the uncertainty is doing damage to businesses that will be difficult to reverse.
“You’re going to try to you know, belt and suspenders and just try to summon enough resources to make to make it through whatever this brings,” said McGrath. “So, you know, I think we can expect to see a real pull down on spending. I think companies are going to be exercising an excess of caution. I just think it’s going to be a wild ride for a while.”
President Trump is not backing down from his strategy, even pledging 50% more tariffs on China that are set to go into effect on Tuesday. The White House says some trading partners are dropping levies they have on the U.S. as they try to set up meetings to negotiate new trade deals.
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