Forbes Daily: Tariff ‘Liberation Day’ Sinks Stocks As China Retaliates [Forbes]
RH (RH)
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Source: Forbes
President Donald Trump's tariff “Liberation Day” turned into a Wall Street bloodbath. The tariffs on nearly all foreign nations are widely expected to raise prices for American consumers. And despite the White House's insistence that they would not cause “pain,” . The S&P 500 plunged 4.8%, and the Nasdaq cratered 6%—their steepest daily percentage losses since 2020. The “Magnificent Seven” tech companies that drove much of the gains in recent years were the biggest losers from the tariff losses, but retail also struggled, as many firms manufacture their goods abroad. FIRST UP Jamel Toppin for Forbes Wall Street is souring on President Donald Trump. A shows that many who supported the Trump campaign's economic promises before he took office have abandoned him, with a vast majority now disapproving of the president's economic policies . More than half of our respondents supported Trump's economic plan as he reentered the White House in January, but 72% now say the Trump team'
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