Take note that the current trade/tariff standoff with China is a crisis that Donald Trump created. It’s also a crisis that he might not be able to solve because he doesn’t understand that tariffs mean higher prices for American business and consumers. It all means loses. Heavy loses.
The stock market closed sharply lower on Thursday as investors digested some of the strongest indications yet that Trump’s protectionist policies are having a negative impact on American companies and the broader global economy.
The Dow Jones Industrial Average closed down 660 points, the broader S&P 500 fell by almost 2.5 percent, and the tech-heavy Nasdaq was down 3 percent. Investors were spooked after Apple slashed its revenue estimate for the first time in 12 years, blaming tariffs for a slowdown in sales in China.