Donald Trump’s 1970’s worldview is about to cost Americans. An old-fashioned trade war in a new global economy is weighing heavily on investors. China’s retaliation for Trump’s tariffs on imported steel and aluminum caused more nervousness on Wall Street as fears of an escalated trade war with China sent stocks down more than 700 points before they recovered slightly. For the day, the Dow Jones Industrial Average was down 458 points.
U.S. Stocks Tumble Amid Nervousness Over Tech Sector, China Trade War https://t.co/UfOHP3lvlV
— NPR (@NPR) April 2, 2018
But it’s not only a trade war with China that has investors skittish. Trump’s continued attacks on big-tech, i.e. Amazon is also driving down the markets. The Nasdaq saw its most panic-like selling in two years, according to Marketwatch.
By the numbers in techworld:
- Facebook down 2.75%
- Amazon down 5.21%
- Netflix down 5.1%
- Google down 2.31%
- Microsoft down 3.1%
— Bloomberg (@business) April 2, 2018
The markets are off to their worst 2nd quarter start since 1929, the year Great Depression began.