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Turmoil on financial markets deepened on Friday, as China hit back at tariffs announced by Donald Trump, raising the likelihood of an extended trade war and damage to the global economy.

All three major stock indexes in the US plunged more than 5%, with the S&P 500 ending the day almost 6% lower, as the sell-off sparked by the tariffs announcement spread.

In the UK, the FTSE 100 plunged almost 5% - its steepest fall in five years, while Asian markets also dropped and exchanges in Germany and France faced similar falls.

The global stock market has lost trillions in value over two days, a rout sparked by Trump's announcement of sweeping new 10% import taxes on goods from every country.

Analysts say the moves, some of which are due to go into effect as soon as Saturday, amount to the biggest tax increase in the US since 1968.

They expect the measures to lead to a contraction in trade, and have warned they could drive many countries into an economic recession. In a note to investors, JP Morgan said it now put the odds of a global economic recession this year at 60%

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submitted 6 days ago* (last edited 6 days ago) by btaf45@lemmy.world to c/usa@midwest.social

Stocks nosedived Thursday, sending the S&P 500 back into correction territory and toward its biggest one-day loss since 2020, after President Donald Trump unveiled sweeping tariffs, raising the risk of a global trade war that plunges the economy into a recession.

The broad market index dropped 5%, putting it on track for its worst day since June 2020. The Dow Jones Industrial Average tumbled 1,630 points, or 3.9%. The Nasdaq Composite plummeted nearly 6% for its biggest decline since March 2020. The slide across equities was broad, with decliners at the New York Stock Exchange outnumbering advancers by six to one.

Thursday’s moves sent the S&P 500 to its lowest level since before Trump’s election win in November, and also erased nearly $2 trillion from the index. The benchmark now sits about 12% from its record close touched in February.

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submitted 6 days ago by btaf45@lemmy.world to c/usa@midwest.social

The Russell 2000 benchmark entered a bear market on Thursday, down more than 20% from the index’s all-time high close in late November 2024. The index’s decline marks the first major U.S. benchmark to reach that territory following a monthlong market sell-off that was accelerated by President Donald Trump’s tariff rollout.

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[-] btaf45@lemmy.world 62 points 9 months ago

I agree no one is ever letting go of power unless they are explicitly required to do so.

George Washington did that twice. But he was the anti-Trump.

[-] btaf45@lemmy.world 65 points 10 months ago

I don't want probation I want Convicted Felon and Sex Offender Treason Trump to be held accountable for his crimes. Michael Cohen got 3 years in prison for the same crime and unlike Treason Trump he was remorseful and respectful.

[-] btaf45@lemmy.world 74 points 10 months ago

It is outrageous as hell that a Fox News exec is new CEO of the Washington Post.

[-] btaf45@lemmy.world 120 points 11 months ago

This is great news since it officially establishes that Johnson has a dependency on Democrats now. Which gives Dems more leverage because if Johnson refuses to cooperate on something in the future than Dems could bring a motion to vacate the chair.

[-] btaf45@lemmy.world 137 points 1 year ago

Imagine how long Fox would be on this sworn testimony from a woman who worked for Epstein for 7 years confirming under penalty of perjury that she witnessed Convicted Sex Offender Trump raping a 13 year old girl in Epstein's NY apartment.

https://cdn.factcheck.org/UploadedFiles/Johnson_TrumpEpstein_Lawsuit.pdf

https://youtu.be/Jpstc9r_esA

COMPLAINT FOR RAPE, SEXUAL MISCONDUCT, CRIMINAL SEXUAL ACTS, SEXUAL ABUSE, FORCIBLE TOUCHING, ASSAULT, BATTERY, INTENTIONAL AND RECKLESS INFLICTION OF EMOTIONAL DISTRESS, DURESS, FALSE IMPRISONMENT, AND DEFAMATION

Plaintiff Jane Doe, proceeding under a pseudonym, brings this action against Donald J. Trump and Jeffrey E. Epstein, and alleges that...

[-] btaf45@lemmy.world 77 points 2 years ago* (last edited 2 years ago)

I was shafted by an Ebay seller who was nasty and awful. He acted like he was too stupid to understand why his item was not at all what I ordered. He had a 99.4% approval rating. I thought how the hell was that possible? I found out when I went to leave my negative rating and Ebay would not allow me to post the negative rating.

[-] btaf45@lemmy.world 69 points 2 years ago

Convicted Sex Offender Treason Trump has already suffered huge consequences of losing his business license in NY and having his business go into receivership. In addition to the expected $250 million fine.

[-] btaf45@lemmy.world 81 points 2 years ago

The Prison Boys leader who just got 22 years in prison admitted he knew all along that Convicted Sex Offender Treason Trump did not win the election. The media needs to point out the obvious. That the Prison Boys and Oathbreakers are Tory militia groups who were trying to destroy the Founding Father's government and reestablish a dictatorship/monarchy.

[-] btaf45@lemmy.world 71 points 2 years ago* (last edited 2 years ago)

This is going to backfire.

First of all, never try to get inside a conservative's head if you are going to come out with a loser defeatism attitude. 2nd, Convicted Sex Offender Treason Trump will not have any control of the trial at all.

of likely GOP primary voters are already convinced the trial is "politically motivated"

That is the most important reason why the trial needs to be televised.

Stop pretending this is entertainment or business as usual, it's not.

Another reason why it is absolutely critical to have the trial televised. I can remember the Watergate TV hearings and the entire country was riveted by the seriousness of the proceedings. The Jan 6 House committee televised hearing were also riveting for everybody who watched them in full. It will be like that only with everyone watching. The very reason for televising the proceedings is so that everybody understands the seriousness.

[-] btaf45@lemmy.world 67 points 2 years ago

I love that lies now have consequences because conservatives are people who love to be lied to.

[-] btaf45@lemmy.world 86 points 2 years ago

He looks like a pouting and crying 5 year old who doesn't get what he wants.

LMFAO!!!

[-] btaf45@lemmy.world 182 points 2 years ago

Reminder that Roger Stone is not the only coup plot insider who confessed Trump's Start the Steal conspiracy plans to a group of Trump insiders before the election.

https://www.npr.org/2022/07/22/1112138665/jan-6-committee-hearing-transcript

…audio from Trump advisor, Steve Bannon, surfaced from October 31st, 2020, just a few days before the Presidential election.

Let’s listen. [Begin Videotape]

STEVE BANNON: And what Trump’s going to do is declare victory, right? He’s going to declare victory, but that doesn’t mean he’s a winner. He’s just gonna say he’s a winner. The Democrats — more of our people vote early that count. Theirs vote in mail. And so they’re going to have a natural disadvantage and Trump’s going to take advantage — that’s our strategy.

He’s gonna declare himself a winner. So when you wake up Wednesday morning, it’s going to be a firestorm. Also — also if Trump is — if Trump is losing by 10 or 11:00 at night, it’s going to be even crazier. Because he’s gonna sit right there and say they stole it. If Biden’s wining, Trump is going to do some crazy shit.

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btaf45

joined 2 years ago