The US economy is feeling the effects of President Donald Trump’s trade policies, with several major corporations warning of declining sales due to tariffs and sliding consumer sentiment. Nike reported a 1.6% drop in stock value after cautioning that its current quarter sales will plummet due to increased tariffs, while Accenture warned of reduced government contracts, leading to a 7.3% decline in its shares.
The European Union has postponed its implementation of tariffs on US goods until mid-April, as it seeks to negotiate a new deal with Trump and shield its economy from the impact of corporate America’s struggles. This move comes as Asian stocks also fell, with Hong Kong’s Hang Seng Index plummeting nearly 2% due to healthcare and consumer cyclical stocks.
Meanwhile, Japan’s inflation rate eased in February, rising 3.7% year-over-year, while China’s property market is expected to stabilize soon, according to UBS analysts. However, economists warn that Beijing’s economy is not undergoing reflation, despite rising government bond yields.
The delay in the EU’s tariffs also comes as US markets continue to struggle, with the S&P 500 losing 0.22% and the Nasdaq Composite retreating 0.33%. AMD CEO Lisa Su has set her sights on Nvidia, aiming to increase the company’s share of the AI market to have a serious role in technology’s future.
Source: https://www.cnbc.com/2025/03/21/cnbc-daily-open-damage-from-tariffs-and-doge-cuts-is-growing-visible.html