this post was submitted on 01 Feb 2025
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politics

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Summary

Donald Trump announced new tariffs against China, Mexico, and Canada, sparking market turmoil as the measures were set to begin this weekend.

Following the announcement, major indices plunged, with the Dow Jones, NASDAQ, and S&P 500 suffering significant losses, reflecting investor anxiety across global markets.

Canada, Mexico, and China vowed retaliatory tariffs, with officials warning that these measures could escalate trade conflicts and significantly harm economic stability.

Critics argue the tariffs will harm consumers and businesses, creating global trade uncertainty and risking prolonged economic challenges in the United States.

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[–] MapleEngineer@lemmy.world 5 points 16 hours ago

Here are some numbers to consider.

The US sold $441 billion worth of goods and services to Canada in 2024.

Canada sold $482 billion worth of goods and services to the US in 2024.

The US has a populating of 334.9 million people.

Canada has a population of 40.1 million people.

Per capita, every American man, woman, and child spent $1,316.81 on Canadian goods and services.

Candians spent $12,019. 95 on American good and services.

Who isn't pulling their weight in this trading relationship?

This isn't about illegal immigration and it isn't about the 20 lbs of fentanyl that tried to cross the border from Canada.

This is about the billionaire class raising taxes on the poor and raising prices for Americans.

[–] hildegarde@lemmy.blahaj.zone 13 points 22 hours ago (1 children)

The listed indices dropped an amount within the standard range that they regularly fluctuate. The dow is still up from where it was on january 1st. The same can be said for nasdaq and the s&p. Stocks are continuing to trend upward unabated, but they do wiggle as they do so.

Don't ever trust the news when they say the market "plummets." They use that term incredibly misleadingly. The lines on the charts wiggle constantly. When something bad happens some hack news sites will find a minor downward wiggle near the same time and they'll claim causation and pretend that something significant happened to the markets, to drive clicks to their website.

The fact that most of the comments are taking the headline at face value is not a good sign.

[–] blackbirdbiryani@lemmy.world 3 points 21 hours ago* (last edited 21 hours ago) (2 children)
[–] modality@lemmy.myserv.one 3 points 16 hours ago (1 children)

The post was about the futures which are down a whopping 1.6%

So yeah, market might open at the same price it did last week.

[–] BombOmOm@lemmy.world 1 points 16 hours ago* (last edited 16 hours ago)

The article even mentions specifically the Dow Jones and S&P 500. Both of which are up this week by amounts that completely offset those future losses. I honestly have no clue what the article is talking about, it doesn't seem to conform with trivial-to-search reality. We are just where we were last week, a place that is massively up over any notable time period before.

[–] hildegarde@lemmy.blahaj.zone 3 points 20 hours ago

I can't believe it dropped 20% over.... ooops I had the chart upside down my mistake

[–] ricketyrackets@lemmy.ml 8 points 23 hours ago (1 children)

Donald Trump is such a fucking loser. An absolute grifter and would be better in the ground than breathing.

Fuck Donald Trump and his band of loser magas.

[–] Theonetheycall1845@lemmy.world 1 points 22 hours ago

I wholeheartedly agree. I'd say he'd make good worm food but the orange ass makeup his nonce ass wears would be hazardous

[–] werefreeatlast@lemmy.world 18 points 1 day ago (2 children)
[–] chemicalprophet@slrpnk.net 5 points 1 day ago (3 children)
[–] rabber@lemmy.ca 7 points 23 hours ago (1 children)

Bro do you think a protest is going to happen by posting it on lemmy

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[–] match@pawb.social 8 points 1 day ago

it's also on not Facebook

[–] werefreeatlast@lemmy.world 3 points 1 day ago

That's where the sleeping sheep are at so yeah unfortunately.

[–] revdrnegative@lemmy.world 4 points 1 day ago (1 children)

Looks like the link was taken down...

[–] HellsBelle@sh.itjust.works 7 points 1 day ago

It opened for me.

[–] werefreeatlast@lemmy.world 5 points 22 hours ago

If you're protesting soon, go here for a safe communication app: https://briarproject.org/

[–] Furbag@lemmy.world 54 points 1 day ago (2 children)

Could this finally be the term that Trump speedruns the economy crash so the Republicans can be properly blamed for it happening due to their policies and leadership, rather than the Dems always inheriting a timebomb and wasting a whole ass term fixing it?

[–] MrMcGasion@lemmy.world 19 points 1 day ago (1 children)

Trump is already running with the line that the helicopter/plane collision was somehow Biden's fault, even though Trump and "Justin Hammer" fucked with the FAA. That's probably why they are speedrunning this collapse, they want to claim they inherited a mess, and shift blame for the consequences of their actions.

[–] HawlSera@lemm.ee 10 points 1 day ago (1 children)

Which is one of two reasons why they keep screeching this "DEI Hires did 9/11!" nonsense

  1. It's the only card they have for claiming Biden is responsible for Trump's blunders
  2. It's to manufacture consent for Trump's plan to repeal the Civil Rights Act "in the interest of public safety"
[–] chiliedogg@lemmy.world 5 points 1 day ago (2 children)

The FAA's diversity hiring programs under Biden were the same as they were under Trump.

[–] ouRKaoS@lemmy.today 3 points 23 hours ago

They know that, but Biden "touched it last" so it's his fault...

[–] Freefall@lemmy.world 2 points 22 hours ago

Also, the more important fact that Dei doesn't mean "hire women and gays at the expense of merit"....so the whole DEI thing was always based on ignorance of the systems.

[–] AntiOutsideAktion@lemmy.ml 3 points 1 day ago

Just to be clear that's not what happened this last time. Biden deliberately took away all of the covid provisions that were holding the economy up. And while the inflation wasn't directly caused by the government at the time, democrats did nothing about it except wait for studies to come out showing it was price gouging so they could say it wasn't their fault.

[–] Sam_Bass@lemmy.world 3 points 22 hours ago

And yet he is left alone to do it all. The world has truly given up on itself when such obvious shit is allowed to run unchecked.

[–] Etterra@discuss.online 1 points 17 hours ago

The best stock market.

[–] Rhoeri@lemmy.world 2 points 21 hours ago

MAGA must be beside themselves with all this…. winning.

[–] MapleEngineer@lemmy.world 30 points 1 day ago (2 children)

If you are a non-Trump voter in a red state, especially if you work for the flagship company or industry in that state, I would like to apologize on behalf of all Canadians for what our government is about to do. We don't want to do it but it is the only way to deal with a bully.

[–] rayyy@lemmy.world 9 points 1 day ago (2 children)

I would like to apologize on behalf of all Canadians for what our government is about to do.

Awfully nice of you Canadians to apologize in advance for defending yourselves - eh?

[–] MapleEngineer@lemmy.world 7 points 1 day ago

It's what we do. We understand that most Americans didn't vote for him and that those who did don't understand tariffs or just how much the damage that he and the billionaires are doing to the government is going to hurt regular Americans, including his base, for decades to come. It sucks but here we are.

[–] CircuitGuy@lemmy.world 9 points 1 day ago

We don’t want to do it but it is the only way to deal with a bully. I think tariffs are bad for the people of the country that levies them. If another country puts a tariff on things my country sells, I'm for unilaterally disarming. Let the other country's people enjoy the dubious industry-protecting benefits of that tax, and let us enjoy the benefits of buying whatever is a good deal.

I think it's nonsense to think that when people freely trade money for goods, the person receiving the money "wins" and the person receiving the goods "loses". They made the trade because it was good for both parties.

I'm American, and we're pursing the opposite of what I think is good policy.

[–] cupcakezealot@lemmy.blahaj.zone 40 points 1 day ago (2 children)

We need to seriously start planning states breaking up from the federal government.

[–] djsoren19@lemmy.blahaj.zone 4 points 1 day ago (1 children)

Ah yeah, great plan, let's fracture the empire while major corporations look on like vultures circling a corpse.

The sad truth is that without a strong, united US government, corporations are going to sieze complete control of any offshoots.

[–] the_q@lemm.ee 5 points 1 day ago (1 children)

Have you not been paying attention? Corporations already run this country.

[–] djsoren19@lemmy.blahaj.zone 2 points 18 hours ago

It can get worse.

[–] tiefling@lemmy.blahaj.zone 27 points 1 day ago (2 children)

California already got the ball rolling

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[–] dx1@lemmy.world 30 points 1 day ago* (last edited 1 day ago) (1 children)

Tariffs are the opposite of a "free market" measure and absolutely choke an interconnected economy. Look at the damage done to Cuba or North Korea by sanctions, it's the same principle. Getting to the real meat of why this is happening is like a forensic case study. Doesn't even benefit Trump unless he basically immediately reverses it and gives the old "see they capitulated to my demands" based on whatever random thing he dredges up.

[–] Sculptor9157@sh.itjust.works 19 points 1 day ago (2 children)

It helps folks who are positioned to buy the dip.

[–] dx1@lemmy.world 5 points 1 day ago* (last edited 1 day ago)

As long as the stock/asset/etc. actually goes back up, yeah. And yeah, you can short a decline as well.

[–] ieatpillowtags@lemm.ee 4 points 1 day ago

Just another opportunity for the oligarchs to buy more of our country at a discount!

[–] SnotFlickerman@lemmy.blahaj.zone 169 points 2 days ago* (last edited 2 days ago) (7 children)

Critics argue the tariffs will harm consumers and businesses, creating global trade uncertainty and risking prolonged economic challenges in the United States.

God damn it media, can't we just call a fucking spade a spade. Anyone with a fucking functional brain knows these tariffs will harm consumers and businesses. "Critics," my ass. Informed people, more like.

It's this kind of shit that allowed us to get here to begin with, an unwillingness to just say the painful, obvious truth and speak it to power.

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[–] Mescalito@lemmy.world 1 points 22 hours ago
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