this post was submitted on 01 Feb 2025
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Summary

Donald Trump announced new tariffs against China, Mexico, and Canada, sparking market turmoil as the measures were set to begin this weekend.

Following the announcement, major indices plunged, with the Dow Jones, NASDAQ, and S&P 500 suffering significant losses, reflecting investor anxiety across global markets.

Canada, Mexico, and China vowed retaliatory tariffs, with officials warning that these measures could escalate trade conflicts and significantly harm economic stability.

Critics argue the tariffs will harm consumers and businesses, creating global trade uncertainty and risking prolonged economic challenges in the United States.

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[–] [email protected] 13 points 6 days ago (1 children)

The listed indices dropped an amount within the standard range that they regularly fluctuate. The dow is still up from where it was on january 1st. The same can be said for nasdaq and the s&p. Stocks are continuing to trend upward unabated, but they do wiggle as they do so.

Don't ever trust the news when they say the market "plummets." They use that term incredibly misleadingly. The lines on the charts wiggle constantly. When something bad happens some hack news sites will find a minor downward wiggle near the same time and they'll claim causation and pretend that something significant happened to the markets, to drive clicks to their website.

The fact that most of the comments are taking the headline at face value is not a good sign.

[–] blackbirdbiryani 3 points 6 days ago* (last edited 6 days ago) (2 children)
[–] [email protected] 3 points 6 days ago (1 children)

The post was about the futures which are down a whopping 1.6%

So yeah, market might open at the same price it did last week.

[–] BombOmOm 1 points 6 days ago* (last edited 6 days ago)

The article even mentions specifically the Dow Jones and S&P 500. Both of which are up this week by amounts that completely offset those future losses. I honestly have no clue what the article is talking about, it doesn't seem to conform with trivial-to-search reality. We are just where we were last week, a place that is massively up over any notable time period before.

[–] [email protected] 3 points 6 days ago

I can't believe it dropped 20% over.... ooops I had the chart upside down my mistake

[–] [email protected] 8 points 6 days ago (1 children)

Donald Trump is such a fucking loser. An absolute grifter and would be better in the ground than breathing.

Fuck Donald Trump and his band of loser magas.

[–] Theonetheycall1845 1 points 6 days ago

I wholeheartedly agree. I'd say he'd make good worm food but the orange ass makeup his nonce ass wears would be hazardous

[–] MapleEngineer 5 points 6 days ago

Here are some numbers to consider.

The US sold $441 billion worth of goods and services to Canada in 2024.

Canada sold $482 billion worth of goods and services to the US in 2024.

The US has a populating of 334.9 million people.

Canada has a population of 40.1 million people.

Per capita, every American man, woman, and child spent $1,316.81 on Canadian goods and services.

Candians spent $12,019. 95 on American good and services.

Who isn't pulling their weight in this trading relationship?

This isn't about illegal immigration and it isn't about the 20 lbs of fentanyl that tried to cross the border from Canada.

This is about the billionaire class raising taxes on the poor and raising prices for Americans.

[–] werefreeatlast 5 points 6 days ago

If you're protesting soon, go here for a safe communication app: https://briarproject.org/

[–] Sam_Bass 3 points 6 days ago

And yet he is left alone to do it all. The world has truly given up on itself when such obvious shit is allowed to run unchecked.

[–] Rhoeri 2 points 6 days ago

MAGA must be beside themselves with all this…. winning.

[–] [email protected] 1 points 6 days ago

The best stock market.

[–] Mescalito 1 points 6 days ago
[–] [email protected] 169 points 1 week ago* (last edited 1 week ago) (4 children)

Critics argue the tariffs will harm consumers and businesses, creating global trade uncertainty and risking prolonged economic challenges in the United States.

God damn it media, can't we just call a fucking spade a spade. Anyone with a fucking functional brain knows these tariffs will harm consumers and businesses. "Critics," my ass. Informed people, more like.

It's this kind of shit that allowed us to get here to begin with, an unwillingness to just say the painful, obvious truth and speak it to power.

[–] [email protected] 59 points 1 week ago (3 children)

It will harm consumers and small businesses way more than it will harm the big corporations. And that's exactly the goal: consolidate the government by crippling their biggest enemy in the middle-class. It's how fascism operates: make sure only your supporters survive.

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[–] korendian 60 points 1 week ago (31 children)

I'm looking at both the dow and the nasdaq, and they look fine. Where is this "plummet" the article is referring to? Not that I think the tariffs are good, but let's be truthful.

[–] [email protected] 50 points 1 week ago

0.01% drop = plummet

0.01% rise = soar

It's the law of finance headline writing

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[–] Furbag 54 points 1 week ago (6 children)

Could this finally be the term that Trump speedruns the economy crash so the Republicans can be properly blamed for it happening due to their policies and leadership, rather than the Dems always inheriting a timebomb and wasting a whole ass term fixing it?

[–] [email protected] 3 points 6 days ago

Just to be clear that's not what happened this last time. Biden deliberately took away all of the covid provisions that were holding the economy up. And while the inflation wasn't directly caused by the government at the time, democrats did nothing about it except wait for studies to come out showing it was price gouging so they could say it wasn't their fault.

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[–] [email protected] 40 points 1 week ago (4 children)

We need to seriously start planning states breaking up from the federal government.

[–] [email protected] 4 points 6 days ago (1 children)

Ah yeah, great plan, let's fracture the empire while major corporations look on like vultures circling a corpse.

The sad truth is that without a strong, united US government, corporations are going to sieze complete control of any offshoots.

[–] [email protected] 5 points 6 days ago (1 children)

Have you not been paying attention? Corporations already run this country.

[–] [email protected] 2 points 6 days ago

It can get worse.

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[–] Chivera 40 points 1 week ago (1 children)

Are egg prices plummeting?

[–] Sho 36 points 1 week ago

Where are all of the "I'm worried about the economy" voters at? Come on be loud and proud!

[–] CharlesDarwin 35 points 1 week ago

One of the funniest things I read was a WSJ article on tariffs, in the comment section. Along with a lot of copium about how they, personally, don't buy such items, some dumbass bitching that WSJ - that's right, the Wall Street Journal - is showing their bias against donvict.

https://archive.is/wbet5

The ONLY gloom and doom articles I saw in WSJ during Biden's high inflation term were in the opinion section. Your bias is clearly showing ...

Apparently, reporting on items likely to be affected by the donvict taxes on goods is "bias". That WSJ, always known for their extremist progressive WOKE agenda and their "TDS". LOL

[–] dx1 30 points 1 week ago* (last edited 1 week ago) (3 children)

Tariffs are the opposite of a "free market" measure and absolutely choke an interconnected economy. Look at the damage done to Cuba or North Korea by sanctions, it's the same principle. Getting to the real meat of why this is happening is like a forensic case study. Doesn't even benefit Trump unless he basically immediately reverses it and gives the old "see they capitulated to my demands" based on whatever random thing he dredges up.

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[–] MapleEngineer 30 points 1 week ago (4 children)

If you are a non-Trump voter in a red state, especially if you work for the flagship company or industry in that state, I would like to apologize on behalf of all Canadians for what our government is about to do. We don't want to do it but it is the only way to deal with a bully.

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[–] FiremanEdsRevenge 28 points 1 week ago* (last edited 1 week ago) (1 children)

And hedge funds keep betting against the fucking economy. 401ks, savings, and pensions will all be effected. They want to steal your money.

[–] [email protected] 28 points 1 week ago* (last edited 1 week ago) (4 children)

All I hope is that Americans grow the balls for a general strike.

There were plans for May 1st 2028 since three major unions are renegotiating at that time.

I'm not sure it can wait four years.

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