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Never underestimate Donald Trump’s ability to ruin something very quickly. Trump apparently views his national address before a joint session of Congress as his big theater moment, so on Monday he told reporters that tariffs on Mexico and Canada would begin on Tuesday.
Trump said at the White House, “Tomorrow — tariffs 25% on Canada and 25% on Mexico. And that’ll start. They’re going to have to have a tariff.”
The president said that there was no room for delay, and his comments took what had been a positive stock market day and pushed it deeply into the negative.
CNBC reported:
The S&P 500 fell 2.1%, bringing its year-to-date performance to a loss of nearly 1%. The Dow Jones Industrial Average dropped 789 points, or 1.8%. The Nasdaq Composite slid 3%, weighed down by Nvidia’s decline of more than 9%.
All three indexes traded higher earlier in the session, with the Dow at one point up nearly 200 points. Stocks took a notable leg down in afternoon trading following Trump’s reiteration that 25% levies on imports from Mexico and Canada would go into effect on Tuesday, dashing investors’ hopes of a last-minute deal to avert the full tariffs on the two U.S. allies.
The Dow closed down more than 648 points after Trump’s comments, and bigger losses could be expected on Tuesday if the tariffs go into place.
There is no doubt that Donald Trump’s comments and his dumb tariff plan caused the market to fall.
Trump is going to stand before the nation and the world and claim that things are great while the economy is struggling, the stock market is dropping, and America is losing its place in the world.
The stock market crash before Trump addresses the country fits this train wreck presidency.
What do you think about Trump crashing the stock market? Share your opinion in the comments below.
