Trump Maintains Tariffs as Global Markets Plummet

Following President Donald Trump's announcement of a sweeping 10% tariff on imports and additional levies on specific countries like China and the EU, global financial markets experienced significant turmoil. The S&P 500 dropped 4.8%, the Nasdaq fell 6%, and the Dow Jones decreased by 4%, marking one of the worst days since 2020. Despite the market downturn, Trump remained optimistic, likening the economic changes to a medical operation that would ultimately lead to a 'booming' economy. He stated that the U.S. would no longer rely on foreign manufacturers and claimed that the economy would emerge stronger. In response to the tariffs, Canada implemented counter-tariffs on U.S. goods, and major companies like Stellantis halted production in some plants. Vice President JD Vance and other officials urged patience, emphasizing the long-term benefits of Trump's policies.