Three-day selloff continues: "The carnage in financial markets worsened on Monday with stressed-out investors abandoning hopes that President Donald Trump would change his tariff policy," reports Bloomberg. "Stocks tumbled, taking the three-day wipeout in global equity value to about $9.5 trillion. S&P 500 equity futures signaled a 3% loss and the VIX Index spiked above 50. Europe's Stoxx 600 tumbled 5%. Asia capped the worst day since 2008. Treasuries and the yen gained as investors sought refuge." Aren't you excited for our markets to open? (Who knows how deep the selloff can get: "There's no sign yet that markets are finding a bottom and beginning to stabilize," write analysts at Deutsche Bank.)
The new tariffs go into effect on Wednesday, and Trump signaled over the weekend that he will not back down. "We're going to become a wealthy nation again—wealthy like never before," he said Sunday. "We have all the advantages. Forget markets for a second—we have all the advantages." You hear that, guys? Forget markets.
"The army of millions and millions of human beings screwing in little, little screws to make iPhones—that kind of thing is going to come to America," said Commerce Secretary Howard Lutnick on Face the Nation this past weekend, in a segment that I suppose was meant to make us feel excited for our economic future (?).
