How Donald Trump Crushed the Stock Market

The President’s tariff policy isn’t strategic protectionism; it’s economic self-harm.
A greentinted photo of a franticlooking man at the stock market.
A trader on the floor at the New York Stock Exchange after the S. & P. 500 saw its worst week since COVID, in the aftermath of Donald Trump’s tariffs.Source photograph by Michael Nagle / Bloomberg / Getty

As President Donald Trump golfed in Florida over the weekend, his hefty new tariffs, which target everywhere from China to the Falkland Islands, started to go into effect, and businesses began to react to them. Jaguar Land Rover, the Anglo-Indian automaker, announced it was pausing shipments to the United States. The American company Howmet Aerospace, which builds parts for airliners made by Boeing and Airbus, also said it may halt sending products that are affected by the new duties.

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