Tue Mar 11 14:50:00 UTC 2025: **Trump’s Tariff Hike Sends US Stocks Plunging**
NEW YORK (AP) — The US stock market experienced a significant downturn on Tuesday, with the S&P 500 falling 0.9% and the Dow Jones Industrial Average dropping 554 points (1.3%). This follows President Donald Trump’s announcement of a 50% tariff on Canadian steel and aluminum, double the previously planned increase. The move, a response to perceived Canadian actions, has further fueled anxieties about the ongoing trade war and its impact on the US economy.
The sell-off extends a period of market volatility, with the S&P 500 experiencing at least a 1% swing, up or down, seven out of the eight preceding days. Concerns are mounting that Trump’s unpredictable tariff policies are creating uncertainty and potentially hindering economic growth. Delta Air Lines, for example, halved its revenue growth forecast for the first quarter of 2025, citing weakening consumer confidence. Southwest Airlines also lowered its forecast, citing reduced government travel and softening demand. Oracle’s stock plummeted 56% after disappointing quarterly earnings.
While some large technology stocks showed resilience, Tesla rose 1.7% following Trump’s statement that he would purchase a Tesla, and Nvidia saw a slight increase. However, many tech stocks remain under pressure, reflecting broader market anxieties. Global markets also saw mixed results, with declines in Europe and Asia, but some modest gains in Shanghai and Hong Kong. Treasury yields remained relatively stable, although they have fallen significantly from January’s levels. The overall market sentiment remains pessimistic amid growing concerns about the economic consequences of the escalating trade conflict.
First Piper 