this post was submitted on 01 Feb 2025

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598

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

submitted 2 weeks ago by [email protected] to c/[email protected]

115 comments fedilink hide all child comments

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.

(page 3) 21 comments

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[–] [email protected] 34 points 2 weeks ago

One of the funniest things I read was a WSJ article on tariffs, in the comment section. Along with a lot of copium about how they, personally, don't buy such items, some dumbass bitching that WSJ - that's right, the Wall Street Journal - is showing their bias against donvict.

https://archive.is/wbet5

The ONLY gloom and doom articles I saw in WSJ during Biden's high inflation term were in the opinion section. Your bias is clearly showing ...

Apparently, reporting on items likely to be affected by the donvict taxes on goods is "bias". That WSJ, always known for their extremist progressive WOKE agenda and their "TDS". LOL

[–] [email protected] 60 points 2 weeks ago (10 children)

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.

[–] [email protected] 12 points 2 weeks 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.

[–] [email protected] 50 points 2 weeks ago

0.01% drop = plummet

0.01% rise = soar

It's the law of finance headline writing

[–] [email protected] 3 points 2 weeks ago (2 children)

What do you mean? It did fall and the article links to each respective stock. As of writing this comment, DJI fell 337 points, NASDAQ fell 54, S&P 500 fell 30 points.

They are being truthful.

[–] [email protected] 30 points 2 weeks ago (1 children)

Going down less than one percent is the opposite of a 'plummet.' It is literally indistinguishable from a normal daily fluctuation.

Furthermore, the market has overall gone up since.

[–] [email protected] 3 points 2 weeks ago (1 children)

OK but they did fall rapidly, and one can only surmise it's because of the announcement of more tariffs.

[–] [email protected] 11 points 2 weeks ago (3 children)

The market is driven by emotion, which is why doing anything other than long term investing is risky. I'm sure the fluctuation was connected to his tariff announcements. You want to see a real fall? Wait until the tariffs become a thing and people realize he's screwed up a functional system. I wonder how fast one can backtrack such things? If it wasn't for the harm done to so many people, I'd love to see if it's a Brexit level mess, or just a temporary hiccup once they reverse course.

[–] [email protected] 1 points 2 weeks ago (6 children)

Right, absolutely. I'm not saying that Herr Drumpf just kickstarted a recession and neither do I think that's the claim that the article is trying to make. The market, however, had a very clear reaction to just the MENTION of tariffs. What happens when the details to these tariffs are released? What happens when they are actually implemented?

[–] [email protected] 2 points 2 weeks ago (1 children)

It will react with more details similarly. Like I said, it's putting them into place that's the real hit, and it will be much more than a stock market drop. I suppose tariffs do have a place in some circumstances, but he's throwing darts, and none of them are stuck in the target.

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[–] [email protected] 9 points 2 weeks ago

Not sure what the article is talking about. I'm sure once tariffs are announced it will drop tho. But that's a problem for monday.

[–] [email protected] 0 points 2 weeks ago (2 children)

Hold on now, that was a NASDAQ loss of nearly 0.75%. If the Americans do that 134 times in a row, all their money will be gone! How would they buy their eggs? /s

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[–] [email protected] 13 points 2 weeks ago (1 children)

'Significant losses' being 30 points?

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[–] [email protected] 28 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

And hedge funds keep betting against the fucking economy. 401ks, savings, and pensions will all be effected. They want to steal your money.

[–] [email protected] 28 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

All I hope is that Americans grow the balls for a general strike.

There were plans for May 1st 2028 since three major unions are renegotiating at that time.

I'm not sure it can wait four years.

[–] [email protected] 2 points 2 weeks ago (3 children)

Trump or someone exactly like him will be re-elected in 4 years.

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[–] [email protected] 168 points 2 weeks ago* (last edited 2 weeks ago) (4 children)

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.

[–] [email protected] 59 points 2 weeks ago (3 children)

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.

[–] [email protected] 22 points 2 weeks ago

The big corporations already planned their loopholes into the order. For them, this helps them consolidate power by driving smaller businesses out, or to where they're forced to sell.

Hanlon's Razor does not apply to this administration. It is malice. They know exactly what they're doing.

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