Investors flee U.S. stocks as markets react sharply to Trump's tariff plan
Investors flee U.S. stocks as markets react sharply to Trump's tariff plan
Initial market indications early Wednesday evening were that many investors had expected Trump’s tariffs to be far less expansive.
Summary
Markets tumbled after Trump’s sweeping tariff announcement, with S&P 500 futures dropping 3.5%, Nasdaq 100 down over 4.3%, and Dow futures falling 1,000 points.
Analysts called the tariffs "worse than the worst case scenario." Major companies like Apple, Amazon, and Nike saw stock declines up to 7%.
Retailers reliant on imports, like Five Below and Dollar Tree, plunged more than 11%.
Goldman Sachs warned tariffs could raise foreign car prices by $15,000. Treasury Secretary Scott Bessent dismissed after-hours moves, blaming volatility over policy concerns.
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Who would have known?