Tariff repercussions send US stock market tumbling
On Thursday, the US stock market experienced an unprecedented decline, with all three major indices posting their steepest single-day losses in nearly five years. This downturn has been driven by rising concerns regarding the economic ramifications...
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On Thursday, the US stock market experienced an unprecedented decline, with all three major indices posting their steepest single-day losses in nearly five years.
This downturn has been driven by rising concerns regarding the economic ramifications of the US government's tariff policies, which have prompted significant alarm and criticism from both domestic and international observers.
The Nasdaq Composite fell by 5.97 percent, the S&P 500 dropped 4.84 percent, and the Dow Jones Industrial Average decreased by 3.98 percent.
Economic Burden on American Families
US Senate Minority Leader Chuck Schumer pointed out the financial strain these tariffs place on American households. "It is estimated that the average American family will pay more than $5,000 out of their pocket to pay for these tariffs," Schumer noted, highlighting the challenges imposed by Trump's trade policies.
Australian Prime Minister Anthony Albanese expressed concern over the broader economic uncertainty created by these trade measures, stating that they would increase costs for American households. "It is the American people who will pay the biggest price for these unjustified tariffs," Albanese remarked.
French Prime Minister Gabriel Attal also criticized the US tariff policy, describing it as detrimental to Europe, the US, and the global economy. He underscored that such actions jeopardize international economic stability and trade relationships.
Countries Prepare Countermeasures
In response to the tariffs, several nations and economic groups, including important US allies, are formulating counteractions.
"Uncertainty will spiral and trigger the rise of further protectionism," warned Ursula von der Leyen, President of the European Commission, stating that the European Union is poised to implement additional countermeasures if negotiations with the US do not succeed, in order to protect European business interests.
Japanese Prime Minister Shigeru Ishiba called for a thorough impact assessment to explore all possible counterstrategies, while Brazil is considering various response options to shield its local producers.
In a similar vein, Thai Prime Minister Paetongtarn Shinawatra announced that Thailand has finalized an impact assessment and developed measures to alleviate the effects of US tariffs. Additionally, Vietnam is assembling a rapid response task force to proactively tackle potential tariff increases on its exports to the US.
Allen M Lee for TROIB News
This downturn has been driven by rising concerns regarding the economic ramifications of the US government's tariff policies, which have prompted significant alarm and criticism from both domestic and international observers.
The Nasdaq Composite fell by 5.97 percent, the S&P 500 dropped 4.84 percent, and the Dow Jones Industrial Average decreased by 3.98 percent.
Economic Burden on American Families
US Senate Minority Leader Chuck Schumer pointed out the financial strain these tariffs place on American households. "It is estimated that the average American family will pay more than $5,000 out of their pocket to pay for these tariffs," Schumer noted, highlighting the challenges imposed by Trump's trade policies.
Australian Prime Minister Anthony Albanese expressed concern over the broader economic uncertainty created by these trade measures, stating that they would increase costs for American households. "It is the American people who will pay the biggest price for these unjustified tariffs," Albanese remarked.
French Prime Minister Gabriel Attal also criticized the US tariff policy, describing it as detrimental to Europe, the US, and the global economy. He underscored that such actions jeopardize international economic stability and trade relationships.
Countries Prepare Countermeasures
In response to the tariffs, several nations and economic groups, including important US allies, are formulating counteractions.
"Uncertainty will spiral and trigger the rise of further protectionism," warned Ursula von der Leyen, President of the European Commission, stating that the European Union is poised to implement additional countermeasures if negotiations with the US do not succeed, in order to protect European business interests.
Japanese Prime Minister Shigeru Ishiba called for a thorough impact assessment to explore all possible counterstrategies, while Brazil is considering various response options to shield its local producers.
In a similar vein, Thai Prime Minister Paetongtarn Shinawatra announced that Thailand has finalized an impact assessment and developed measures to alleviate the effects of US tariffs. Additionally, Vietnam is assembling a rapid response task force to proactively tackle potential tariff increases on its exports to the US.
Allen M Lee for TROIB News
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