Trump’s ‘Illogical and Absurd’ Tariffs Trigger Broad Market Slump, Sending U.S. Media and Tech Stocks Even Lower
variety.comTodd Spangler NY Digital Editor President Trump’s sweeping and severe new tariffs on more than 180 countries prompted a sell-off in stock markets in the U.S.
and abroad, raising investor alarm over looming trade wars and accelerating inflation as the levies threaten to increase prices for consumers.
At the open of regular U.S. trading Thursday, the S&P 500 index was down 3.4% and the tech-heavy Nasdaq Composite tumbled 4.5%, continuing the ongoing slide in financial markets since Trump took back the White House.
Trump unveiled the new “reciprocal tariff” plan after the close of U.S. markets Wednesday. The resulting stock-market carnage spanned industries, hammering tech, retail and automotive companies (including Elon Musk’s Tesla) particularly hard.
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