Story perspectives
Tariffs Trigger $70 Billion Loss for Wealthiest Americans
10/15/2025
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Story summary
- On October 13, 2025, the wealthiest ten lost nearly $70 billion.
- President Donald J. Trump announced a 100% tariff on Chinese imports effective November 1.
- China imposed export controls on rare earth elements, and analysts warn of volatility.
- Tesla CEO Elon Musk lost about $16 billion as shares fell 5 percent.
- Jeff Bezos and Mark Zuckerberg each lost about $10 billion, and the ten richest still exceed $2.9 trillion.
