Trump's Tariffs Stir Global Markets, Wall Street Loses $2 Trillion, And More: This Week In Economics
The past week was a rollercoaster ride for global markets, largely due to President Donald Trump’s new trade tariffs. The tariffs, aimed at reducing America’s $1.2 trillion annual trade deficit, have sparked a flurry of reactions from economists, investors, and market observers. Here’s a quick recap of the top stories that shaped the week.
Trump’s ‘Reciprocal Tariff’ Math
President Trump’s tariff calculations have raised eyebrows among experts. James Surowiecki, a writer for The Atlantic and Fast Company, questioned the credibility of the figures shared by the White House, calling them “dumb and deceptive.
Wall Street Wipes Out $2 Trillion
Trump’s new trade tariffs sent shockwaves through global markets, triggering a massive sell-off. Wall Street saw a staggering $2 trillion in market cap erased in a single day, with the U.S.'s biggest 10 companies shedding $1 trillion alone. Apple Inc. (NASDAQ:AAPL) plunged 8.7%, wiping out nearly $300 billion in value.
Trump’s ‘Liberation Day’ Tariff Label Is Orwellian Doublespeak: Dr. Doom
Economist Nouriel Roubini criticized President Trump's declaration of "Liberation Day," marking the imposition of new tariffs. Roubini described the term as "literally Orwellian doublespeak," suggesting that the tariffs would lead to "lower growth and higher inflation."
Larry Summers Warns Trump’s Tariffs Will Deliver ‘Oil Crisis-Like Shock’
Former Treasury Secretary Larry Summers warned that President Trump‘s tariffs will cause an "oil crisis-like shock" to the economy, spiking prices and unemployment while shrinking productive capacity.
Lutnick Says Markets Will Do ‘Extremely Well’ Long-Term
Commerce Secretary Howard Lutnick believes the Trump Administration's reciprocal tariffs will cause some short-term pain, but ultimately result in medium- and longer-term gain.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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