The stock market plunged Monday, sending shockwaves through Wall Street as fears of a recession take center stage.
The Dow crashed more than 1,000 points, the Nasdaq collapsed 4.6%, and the S&P 500 sank 3.2%, wiping out all gains since Trump’s reelection.
So what’s causing the meltdown? Trump’s trade war. Investors are spooked after a week of whiplash, including tariff shifts. First, he slapped 25% duties on all Mexican and Canadian imports, then carved out last-minute exemptions for goods compliant with the United States-Mexico-Canada Agreement (USMCA).
Trump doubled down on threats against Canadian lumber and dairy, while Canada hit back with tariffs of its own.
The chaos is already rippling through the economy. Consumer confidence is slipping, inflation is climbing, and job numbers are cooling, fueling deep recession fears among economists—even Republicans are getting nervous.
Trump brushed off whether he is worried about triggering a recession, but right now investors aren’t buying it, and if the market’s freefall continues, Americans might be paying for it.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
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