US markets are reeling from President Trump’s reciprocal tariffs, which have sparked fears of global recession. The Dow Jones dropped by 5.5%, while the S&P 500 plummeted 5.97% on Friday. The losses amount to an estimated $6 trillion, affecting American investments and retirement portfolios.
President Trump remains determined to stand by his tariffs decision, claiming it’s a “great time to get rich.” He believes his policies will never change and that big businesses are focused on the “BIG, BEAUTIFUL DEAL” which will “supercharge” the US economy. However, this seems like a long shot.
China has retaliated with a 34% duty on US goods, threatening to sue at the World Trade Organization. China also restricted exports of rare earth elements, putting several US industries at risk. The US heavily relies on China for these critical materials.
The IMF defines recession as a period of decline in economic activity. While there’s no official definition, two consecutive quarters of decline in real GDP are commonly used as a benchmark. As markets continue to shake, the future of global economies remains uncertain.
Source: https://www.hindustantimes.com/world-news/us-news/donald-trump-time-to-get-rich-dow-jones-crash-recession-fears-us-market-wall-street-crash-101743820709690.html