Markets Plunge Amid Trade War Escalation: We’re coming on the air with breaking news about the economy and another brutal day on Wall Street. The markets tanking right now ahead of the closing bell, just seconds away from the sell-off we’re watching here – the worst in years.
Driven by President Trump’s announcement Wednesday to slap retaliatory tariffs on our global trading partners. You hear the final bell there ringing now at Wall Street.
China hitting back today with huge tariffs of its own on goods imported from the U.S. Senior business correspondent Christine Romans is with me. Christine, this impact continues to drive stocks downward.
Absolutely. And you might take a couple of minutes to actually settle out on these closing numbers, because there was such selling into the closing bell. Really no letup – closing near the lows of the day.
That selling is because there’s just so much concern and anxiety about what these tariffs and these reciprocal tariffs from the president, and then the retaliation from China and other countries will do to all of these businesses.
You’ve also seen the number of people forecasting a recession. Goldman, JP Morgan saying that the risk of a global recession is now something like 60% if the president continues along these lines.
Any kind of company that imports for its business saw huge losses over the past couple of days. And for some context here, Lester, these two days of very, very heavy selling – these are the worst couple of days in the market since March 2020.
But what we’re seeing here is the power of a choice. Whereas when you go back to obviously COVID, there were other factors at work.
Source: raialkhalij + aljazeera