U.S. markets took a significant plunge on Thursday, one day after President Donald Trump announced sweeping tariffs, leading to fears of a global recession and prompting international responses.The S&P 500 had its worst day since the COVID-19 pandemic in 2020, falling 4.8%.”The tariffs the administration is imposing are much more severe than had been expected,” said Mark Hamrick, senior economic analyst at Bankrate.com.The latest import taxes range from 10% to 49% on goods from countries all across the globe. As the impacts take shape, recession fears are on the rise.”In the last number of hours, we’ve had the risk for recession rise, the prospect for higher prices increase at a higher rate, and the worry about the impacts on hiring and consumer spending only become magnified,” Hamrick said.President Trump is standing firm. He thinks things are going well, comparing the country to a patient recovering from an operation.”The market’s going boom, the stocks are going to boom, the country’s going to boom. And the rest of the world wants to see is there any way they can make a deal. They’ve taken advantage of us for many, many years,” President Trump said.Canada responded to a 25% tax on auto imports that took effect Thursday, calling all of the tariffs “misguided.””Today I’m announcing that the government of Canada will be responding by matching the U.S. approach — by matching the U.S. approach — with 25% tariffs on all vehicles imported from the United States,” said Mark Carney, prime minister of Canada.France’s president is suggesting European industries suspend U.S. investments.”We need collective solidarity,” said Emmanuel Macron, president of France.At home, Democrats are urging the president to rescind the tariffs, calling it the largest tax hike since World War II.”Donald Trump has single-handedly created a financial forest fire,” said Sen. Chuck Schumer, Senate minority leader. Economic analysts expect prices to go up and advise consumers to prioritize saving money.
U.S. markets took a significant plunge on Thursday, one day after President Donald Trump announced sweeping tariffs, leading to fears of a global recession and prompting international responses.
The S&P 500 had its worst day since the COVID-19 pandemic in 2020, falling 4.8%.
“The tariffs the administration is imposing are much more severe than had been expected,” said Mark Hamrick, senior economic analyst at Bankrate.com.
The latest import taxes range from 10% to 49% on goods from countries all across the globe. As the impacts take shape, recession fears are on the rise.
“In the last number of hours, we’ve had the risk for recession rise, the prospect for higher prices increase at a higher rate, and the worry about the impacts on hiring and consumer spending only become magnified,” Hamrick said.
President Trump is standing firm. He thinks things are going well, comparing the country to a patient recovering from an operation.
“The market’s going boom, the stocks are going to boom, the country’s going to boom. And the rest of the world wants to see is there any way they can make a deal. They’ve taken advantage of us for many, many years,” President Trump said.
Canada responded to a 25% tax on auto imports that took effect Thursday, calling all of the tariffs “misguided.”
“Today I’m announcing that the government of Canada will be responding by matching the U.S. approach — by matching the U.S. approach — with 25% tariffs on all vehicles imported from the United States,” said Mark Carney, prime minister of Canada.
France’s president is suggesting European industries suspend U.S. investments.
“We need collective solidarity,” said Emmanuel Macron, president of France.
At home, Democrats are urging the president to rescind the tariffs, calling it the largest tax hike since World War II.
“Donald Trump has single-handedly created a financial forest fire,” said Sen. Chuck Schumer, Senate minority leader.
Economic analysts expect prices to go up and advise consumers to prioritize saving money.
