Wall Street has stocks have plummeted and businesses are extremely concerned by the US President’s moves with seeping global tariffs.
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As Wall Street opened the stock market saw large declines and the Nasdaq plummeted by over 4%.6, the Dow Jones tumbled by 2.6% and the S&P 500 saw declines of 3.4%.
It remains uncertain what Donald Trump’s tariffs war will have on the wider American economy and the fallout will remain for some time.
The White House press secretary Karoline Leavitt told CNN, “To anyone on Wall Street this morning, I would say trust in President Trump.
“This is a president who is doubling down on his proven economic formula from his first term… this is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Chief economist at Vanguard Asset Management Jumana Saleheen told MPs on Tuesday, “The situation which is much more worrying is if it would expand into more of a trade war, and then everybody is doing tit-for-tat strategies, then that could escalate and lead to a downturn, a recession in major economies, it could lead to a global recession.
“That is an extreme scenario. Everyone is aware of that [risk] and they don’t really want it.”
Managing director of investment strategy at OCBC Vasu Menon said: “Trump has called April 2 ‘Liberation Day’ but it is unlikely that investors will truly be liberated from tariff uncertainties.
“If countries retaliate, Trump could up the ante – this possibility will probably continue to keep investors nervous.”
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