Wall Street reacts to President Trump's trade tariffs plan
President Donald Trump's campaign to reach fair trade deals with the international community, as expected, hit American consumers with "short-term" pain this week, as stocks measured by the S&P 500, Nasdaq and the Dow Jones Industrial Average all bumped down by a couple of points on the release of his tariff plan.Trump's extensive tariff agenda includes tariffs for foreign goods imported into the United States that align with tariffs those nations charge for American goods delivered to their citizens.
Analysts have confirmed that the short-term pain is real, but the plan is for the end result to be a better market for American products and American consumers.
Trump said, "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike. With today's action, we are finally going to be able to make America great again – greater than ever before. Jobs in factories will come roaring back into our country."
There is a 10% base tariff for all, he said, and "reciprocals" will mean a 54% tariff for China.
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5 comments:
Thank goodness it's only two years of this that we have to go through.
"Let's say it's a two-year process," Trump said when asked by a reporter on Thursday how long it will take to get the industry where he wants to see it.
Losing money means nothing. In the end, you won't miss any of it. Losing your country costs you everything. You will never get that back. I give myself to Trump and whatever he decides to do. Take my money. I don't care. Without America First policies, we become slaves.
Yesterday in Iowa whirlpool laid off over 1/3 of its employees because of tariff concerns. It is the largest employer in that county.
@10:00--Whirlpools statement: Whirlpool is set to lay off approximately 650 employees at its Amana manufacturing facility, effective June 1, 2025, due to falling demand for certain appliances. This reduction represents about one-third of the plant's workforce, which currently has around 2,000 employees.
Sorry---the last comment was not posted here...we disallow stupid statements.
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