Markets brace for volatility as investors navigate Trump’s new tariffs
This morning, markets are gearing up for what could be another volatile week on Wall Street as investors continue to grapple with President Trump’s new tariffs.
(NBC)- This morning, markets are gearing up for what could be another volatile week on Wall Street as investors continue to grapple with President Trump’s new tariffs. The global financial landscape is on edge as the U.S. implements a minimum 10 percent tariff on imports from trading partners around the world, a move that is set to increase even further on Wednesday for dozens of countries.
In a recent statement, President Trump acknowledged the uncertainty ahead but remained optimistic about the strength of the U.S. economy. “What’s going to happen with the market? I can’t tell you, but I can tell you, our country has gotten a lot stronger,” he said.
The White House claims that more than 50 countries have reached out to discuss lowering trade barriers, with President Trump asserting, “They’re dying to make a deal, but I said we’re not going to have deficits with your country.”
Meanwhile, Treasury Secretary Steven Mnuchin has pushed back against fears of an impending recession, attempting to reassure Americans nearing retirement whose savings have been impacted by the recent market fluctuations. “I think they don’t look at the day-to-day fluctuations of what’s happening,” he said.
Democrats have criticized the administration’s response, with Senator Adam Schiff (D-CA) sharply condemning President Trump’s approach: “People have seen their retirement savings on fire. And there he is out on the golf course.”
Nationwide “Hands Off” protests also took place over the weekend, as demonstrators rallied against various policies of the Trump administration, including its growing crackdown on immigration. The White House is also facing pressure over the case of Kilmár Abrego Garcia, a man wrongly deported to a notorious El Salvador prison. Garcia, a husband and father with no criminal conviction, was granted legal status in the U.S. in 2019. A federal judge called his detention “wholly lawless.”
The Trump administration claims that Garcia is affiliated with the MS-13 gang, although a Justice Department lawyer acknowledged in court that there is “the absence of evidence” to support this claim. In response, Attorney General Pam Bondi has placed that lawyer on administrative leave.
