Stock Market Plummets After Trump Declares Himself ‘Tarrif Man’ And Threatens China In Bonkers Tweet
Stock markets took a sudden and dramatic turn on Tuesday, dropping over 800 points over concerns of a slowing economy and president Donald Trump’s erratic trade moves.
The Dow Jones Industrial Average sinking as low as 800 points (3 percent), it’s largest plunge since October. The S&P 500 was down 63 points, or 2.3 percent, according to CNN.
The plunge occurred as the yield curve flattened, and looked at risk of inverting, in what is considered a common early indicator of recessions.
The markets were stabled on Monday, but the mood on trade soured on Tuesday after President Trump declared himself “a tarrif man” in a bizarre tweetstorm threatening to slap more tariffs on China.
….I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
— Donald J. Trump (@realDonaldTrump) December 4, 2018
Economists said they expect a recession in the coming two years, as the “sugar high” from the GOP tax cut wears off.