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Dow Disaster: How Trump Created a $5 Trillion Stock Market Crisis


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The New York Times
SOURCE: https://www.ccn.com/dow-disaster-how-trump-created-a-5-trillion-stock-market-crisis
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Summary

By CCN: The Dow recoiled on Friday after President Trump dragged the United States into a trade conflict with Mexico, wreaking havoc on an already-fragile stock market.As Wall Street buckles up for yet another tariff-induced shellacking, equities analysts warn that Trump’s trade war tab is coming due, and the cost already adds up to a staggering $5 trillion.The Dow Jones Industrial Average plunged in May as Trump’s trade wars spooked Wall Street, but the single-month downturn is only the tip of the iceberg. | Source: AP Photo/Evan VucciNow, Wall Street must also grapple with Trump’s unexpected assault on Mexico, which was borne from his desire to reduce the flow of undocumented immigrants across the US-Mexico border.In short, the White House plans to slap 5% tariffs on all Mexican imports, gradually increasing that rate to 25% until the Mexican government takes concrete steps to reduce illegal immigration.Those tariffs come at an inopportune for the US stock market, and not just because the US is on the verge of an economic cold war with China.US economic growth has weakened in the second quarter, but analysts have remained optimistic due to strong consumer confidence readings.

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