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Trump's Tariffs Wipe $2.4 Trillion from Markets, Risk Recession

4/5/2025

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Summary

Story summary

President Donald Trump's sweeping tariffs on more than 60 countries, notably China, have sent shockwaves through the stock market, wiping out a staggering $2.4 trillion in value. Former Vice President Kamala Harris has voiced concerns over the potential economic fallout, while economists warn that these measures could spark a recession and drive up prices, hitting low-income families the hardest.

History

Historical Context

President Trump's tariffs on over 60 countries, particularly China, echo the Smoot-Hawley Tariff Act of 1930, which raised tariffs significantly and contributed to the Great Depression. Economists warn that these tariffs could trigger a recession and increase costs for low-income families, similar to past economic downturns where protectionist policies led to global trade tensions and market instability.

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Story summary

President Donald Trump's sweeping tariffs on more than 60 countries, notably China, have sent shockwaves through the stock market, wiping out a staggering $2.4 trillion in value. Former Vice President Kamala Harris has voiced concerns over the potential economic fallout, while economists warn that these measures could spark a recession and drive up prices, hitting low-income families the hardest.

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