Stock market plummets as Trump announces new tariff war (newrepublic.com)

submitted 5 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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Summary

Donald Trump announced new tariffs against China, Mexico, and Canada, sparking market turmoil as the measures were set to begin this weekend.

Following the announcement, major indices plunged, with the Dow Jones, NASDAQ, and S&P 500 suffering significant losses, reflecting investor anxiety across global markets.

Canada, Mexico, and China vowed retaliatory tariffs, with officials warning that these measures could escalate trade conflicts and significantly harm economic stability.

Critics argue the tariffs will harm consumers and businesses, creating global trade uncertainty and risking prolonged economic challenges in the United States.

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[-] MapleEngineer@lemmy.world 5 points 5 months ago

Here are some numbers to consider.

The US sold $441 billion worth of goods and services to Canada in 2024.

Canada sold $482 billion worth of goods and services to the US in 2024.

The US has a populating of 334.9 million people.

Canada has a population of 40.1 million people.

Per capita, every American man, woman, and child spent $1,316.81 on Canadian goods and services.

Candians spent $12,019. 95 on American good and services.

Who isn't pulling their weight in this trading relationship?

This isn't about illegal immigration and it isn't about the 20 lbs of fentanyl that tried to cross the border from Canada.

This is about the billionaire class raising taxes on the poor and raising prices for Americans.

[-] Furbag@lemmy.world 5 points 5 months ago

Could this finally be the term that Trump speedruns the economy crash so the Republicans can be properly blamed for it happening due to their policies and leadership, rather than the Dems always inheriting a timebomb and wasting a whole ass term fixing it?

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[-] hildegarde@lemmy.blahaj.zone 5 points 5 months ago

The listed indices dropped an amount within the standard range that they regularly fluctuate. The dow is still up from where it was on january 1st. The same can be said for nasdaq and the s&p. Stocks are continuing to trend upward unabated, but they do wiggle as they do so.

Don't ever trust the news when they say the market "plummets." They use that term incredibly misleadingly. The lines on the charts wiggle constantly. When something bad happens some hack news sites will find a minor downward wiggle near the same time and they'll claim causation and pretend that something significant happened to the markets, to drive clicks to their website.

The fact that most of the comments are taking the headline at face value is not a good sign.

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[-] korendian@lemmy.world 3 points 5 months ago

I'm looking at both the dow and the nasdaq, and they look fine. Where is this "plummet" the article is referring to? Not that I think the tariffs are good, but let's be truthful.

[-] Blackmist@feddit.uk 3 points 5 months ago

0.01% drop = plummet

0.01% rise = soar

It's the law of finance headline writing

[-] GissaMittJobb@lemmy.ml 2 points 5 months ago

Not exactly what I would classify as a plummet, but we were seeing green numbers for the day and then they subsequently turned down once this was announced.

Still too early to say whether we're going to be looking at any form of sharp downturn.

[-] ryrybang@lemmy.world 2 points 5 months ago

Right? -0.5% yesterday, -1.0% for the week. Totally normal and not deserving of any kind of adjective.

Certainly not saying Lady Trump's actions won't kill the stock market, but this ain't it yet.

[-] Monument@lemmy.sdf.org 1 points 5 months ago

Press: ryrybang slams New Republic article!

[-] 13esq@lemmy.world 1 points 5 months ago

Right. The S and P 500 went down 0.5% yesterday, it's a pretty typical trading day and still up over the last five days, month, six months and the year.

Trumps a lunatic, but one thing he does understand is business.

[-] CharlesDarwin@lemmy.world 1 points 5 months ago

Starting just after 11 AM EST, the S&P went down over 1%. It's not a steep plunge; that kind of swing happened on Monday for AI, too, IIRC.

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[-] SnotFlickerman@lemmy.blahaj.zone 3 points 5 months ago* (last edited 5 months ago)

Critics argue the tariffs will harm consumers and businesses, creating global trade uncertainty and risking prolonged economic challenges in the United States.

God damn it media, can't we just call a fucking spade a spade. Anyone with a fucking functional brain knows these tariffs will harm consumers and businesses. "Critics," my ass. Informed people, more like.

It's this kind of shit that allowed us to get here to begin with, an unwillingness to just say the painful, obvious truth and speak it to power.

[-] Karyoplasma@discuss.tchncs.de 3 points 5 months ago

It will harm consumers and small businesses way more than it will harm the big corporations. And that's exactly the goal: consolidate the government by crippling their biggest enemy in the middle-class. It's how fascism operates: make sure only your supporters survive.

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[-] werefreeatlast@lemmy.world 2 points 5 months ago

If you're protesting soon, go here for a safe communication app: https://briarproject.org/

[-] ricketyrackets@lemmy.ml 2 points 5 months ago

Donald Trump is such a fucking loser. An absolute grifter and would be better in the ground than breathing.

Fuck Donald Trump and his band of loser magas.

[-] LodeMike@lemmy.today 2 points 5 months ago

It didn't "plummet" lol its less than a 1% change

[-] Shardikprime@lemmy.world 2 points 5 months ago

Literally this, it's hard to take this messaging seriously with these kind of declarations

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[-] dx1@lemmy.world 1 points 5 months ago* (last edited 5 months ago)

Tariffs are the opposite of a "free market" measure and absolutely choke an interconnected economy. Look at the damage done to Cuba or North Korea by sanctions, it's the same principle. Getting to the real meat of why this is happening is like a forensic case study. Doesn't even benefit Trump unless he basically immediately reverses it and gives the old "see they capitulated to my demands" based on whatever random thing he dredges up.

[-] Sculptor9157@sh.itjust.works 1 points 5 months ago

It helps folks who are positioned to buy the dip.

[-] dx1@lemmy.world 2 points 5 months ago* (last edited 5 months ago)

As long as the stock/asset/etc. actually goes back up, yeah. And yeah, you can short a decline as well.

[-] makyo@lemmy.world 1 points 5 months ago

'Significant losses' being 30 points?

[-] Shardikprime@lemmy.world 1 points 5 months ago

Yeah these people know jack shit about market variations.

[-] Sam_Bass@lemmy.world 1 points 5 months ago

And yet he is left alone to do it all. The world has truly given up on itself when such obvious shit is allowed to run unchecked.

[-] Rhoeri@lemmy.world 1 points 5 months ago

MAGA must be beside themselves with all this…. winning.

[-] werefreeatlast@lemmy.world 1 points 5 months ago

https://m.facebook.com/story.php?story_fbid=2069436850145993

50 States, 50 Protests, 1day

Feb 5 @ your downtown.

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[-] Chivera@lemmy.world 1 points 5 months ago

Are egg prices plummeting?

[-] Sho@lemmy.world 1 points 5 months ago

Where are all of the "I'm worried about the economy" voters at? Come on be loud and proud!

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this post was submitted on 01 Feb 2025

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