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Story summary
- The market fell 4,600 points, 11% drop, after Donald Trump imposed tariffs on April 2, 2025.
- The administration, the court and Trump acted, rolling back, reinstating and ruling the tariffs illegal, voiding Emergency Economic Powers Act (IEEPA) tariffs, and reimposing Section 232.
- The Tax Foundation said Section 232 tariffs will cut GDP by 0.2% and eliminate 154,000 jobs, while Moody's Mark Zandi warned Iran-war energy price spikes could deepen stagflation and raise food prices.
