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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[–] LodeMike@lemmy.today 19 points 1 day ago (8 children)

It didn't "plummet" lol its less than a 1% change

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

It hasn't even begun to drop, LOL. Wait a couple of days.

[–] Qwaffle_waffle@sh.itjust.works 14 points 1 day ago (1 children)
[–] LodeMike@lemmy.today 8 points 1 day ago (1 children)
[–] Maiq@lemy.lol 4 points 1 day ago (1 children)

Here we goooi! To the floor!

[–] Spacehooks@reddthat.com 3 points 1 day ago

Then back up for that growth and profit!

[–] Bransons404@lemmy.world 1 points 1 day ago

If bitcoin/crypto is anything to go off of, that's down 10% +. Come Monday the market will probably be a sea of red

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[–] korendian@lemmy.world 60 points 2 days ago (30 children)

I'm looking at both the dow and the nasdaq, and they look fine. Where is this "plummet" the article is referring to? Not that I think the tariffs are good, but let's be truthful.

[–] Blackmist@feddit.uk 50 points 2 days ago

0.01% drop = plummet

0.01% rise = soar

It's the law of finance headline writing

[–] ryrybang@lemmy.world 15 points 1 day ago (1 children)

Right? -0.5% yesterday, -1.0% for the week. Totally normal and not deserving of any kind of adjective.

Certainly not saying Lady Trump's actions won't kill the stock market, but this ain't it yet.

[–] Monument@lemmy.sdf.org 6 points 1 day ago

Press: ryrybang slams New Republic article!

[–] GissaMittJobb@lemmy.ml 20 points 2 days ago

Not exactly what I would classify as a plummet, but we were seeing green numbers for the day and then they subsequently turned down once this was announced.

Still too early to say whether we're going to be looking at any form of sharp downturn.

[–] CharlesDarwin@lemmy.world 12 points 2 days ago

Starting just after 11 AM EST, the S&P went down over 1%. It's not a steep plunge; that kind of swing happened on Monday for AI, too, IIRC.

[–] NocturnalMorning@lemmy.world 9 points 2 days ago

Not sure what the article is talking about. I'm sure once tariffs are announced it will drop tho. But that's a problem for monday.

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[–] Chivera@lemmy.world 40 points 2 days ago (1 children)

Are egg prices plummeting?

[–] Sho@lemmy.world 36 points 1 day ago

Where are all of the "I'm worried about the economy" voters at? Come on be loud and proud!

[–] Treczoks@lemmy.world 21 points 1 day ago (1 children)

Yea! That's the way Republicans and Trump support the economy!

I wonder if we outsiders have to rebuild the American economy with foreign aid and a new Marshall plan in 2029...

[–] HawlSera@lemm.ee 3 points 1 day ago

I hope so, for the love of God please.. America cannot be left to its own devices, Americans will die if that happens.

[–] CharlesDarwin@lemmy.world 35 points 2 days ago

One of the funniest things I read was a WSJ article on tariffs, in the comment section. Along with a lot of copium about how they, personally, don't buy such items, some dumbass bitching that WSJ - that's right, the Wall Street Journal - is showing their bias against donvict.

https://archive.is/wbet5

The ONLY gloom and doom articles I saw in WSJ during Biden's high inflation term were in the opinion section. Your bias is clearly showing ...

Apparently, reporting on items likely to be affected by the donvict taxes on goods is "bias". That WSJ, always known for their extremist progressive WOKE agenda and their "TDS". LOL

[–] eugenevdebs@lemmy.dbzer0.com 13 points 1 day ago* (last edited 1 day ago)

Is this owning the libs, or does that come with the biggest economic crash in our lives for a third time?

[–] FiremanEdsRevenge@lemmy.world 28 points 2 days ago* (last edited 2 days ago) (1 children)

And hedge funds keep betting against the fucking economy. 401ks, savings, and pensions will all be effected. They want to steal your money.

[–] SnotFlickerman@lemmy.blahaj.zone 28 points 2 days ago* (last edited 2 days ago) (4 children)

All I hope is that Americans grow the balls for a general strike.

There were plans for May 1st 2028 since three major unions are renegotiating at that time.

I'm not sure it can wait four years.

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[–] makyo@lemmy.world 13 points 2 days ago (1 children)

'Significant losses' being 30 points?

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