U.S. stock markets plunged this week as President Donald Trump’s sweeping new tariffs sparked fears of rising costs for American consumers. The policy, which imposes 10% baseline tariffs on imports with higher rates targeting 60 countries, triggered a $2 trillion drop in the S&P 500 within hours—and experts warn the pain is just beginning. 💸📉
"This is a Trumpian Nixon Shock," says former Greek Finance Minister Yanis Varoufakis, comparing the move to 1970s policies that destabilized global markets. Analysts argue the tariffs—portrayed as reclaiming U.S. economic sovereignty—risk backfiring by hiking prices on everyday goods, from iPhones 🍎 to cars 🚗.
Tariffs act as a tax paid by U.S. importers, with costs "landing at the feet of everyday Americans," as the article notes. Former Vice President Mike Pence estimates households could see $3,500 in added annual expenses. iPhones assembled in China, for example, face a combined 54% tariff, while domestically made goods aren’t safe either—global supply chain disruptions could push up prices on "Made in the USA" items too. 🏷️
Wall Street’s red screens this week may just be the preview. As one analyst put it: "When tariffs collide with TikTok budgets, Gen Z will feel the squeeze." 🔥
