The world faces an "economic nuclear winter" if President Trump doesn't immediately pause his sweeping reciprocal tariffs, hedge fund manager Bill Ackman said Sunday night.
Why it matters: The billionaire Ackman, a staunch Trump supporter, put the market's fears about the fate of the global economy in the starkest terms possible.
If there was one consistent message from Trump administration economic officials Sunday morning, it was this: We're not worried about the stock market plunging, and the cavalry isn't coming to save you from tariffs, either.
Why it matters: Investors lost more than $6 trillion Thursday and Friday as stocks sank on President Trump's sweeping new tariff plan.
Elon Musk "doesn't understand" the mechanics of other countries cheating the U.S. on trade, Trump trade counselor Peter Navarro said Sunday.
Why it matters: Musk blasted Navarro on Saturday and said he'd prefer a world with free trade, setting up a confrontation with one of the architects of Trump's sweeping tariff regime.
Americans will benefit more from lower energy prices and interest rates than they will be hurt by falling stock prices as a result of President Trump's tariffs, Treasury Secretary Scott Bessent said Sunday.
Why it matters: Economists broadly fear a global recession, perhaps even a dire stagflationary environment of rising prices and slowing growth, after Trump's sweeping attempt to re-order the world's economy.
Millions of "Hands Off!" protesters, by organizers' count, took to the streets, state capitals, federal buildings, congressional offices and city centers to protest the Trump administration on Saturday.
Why it matters: President Trump's political, economic, social, health and legal changes have mobilized a wide cross-section of Americans.
Elon Musk blasted top Trump administration trade adviser Peter Navarro and told an Italian political gathering he wants more free trade, not less.
Why it matters: The two-day rout in the stock market this week, after Trump announced sweeping new tariffs backed by Navarro, cost Musk nearly $18 billion just on his Tesla stock.
President Trump on Saturday touted his tariff regime as an "economic revolution" and told businesses to "hang tough" in the face of widespread market panic.
Why it matters: Economists say a recession is highly likely, potentially even a dire stagflation scenario, as Trump fundamentally re-orders the global economy.
A nationwide anti-President Trump movement on Saturday, "Hands Off!," is expected to be the largest single-day protest since he entered office.
Why it matters: The Trump administration's wide-reaching and ground-shaking policies have mobilized a varied cross section of Americans affected by political, economic, social and legal changes.
Why it matters: Think fundamental re-ordering of the economy. Americans are staring down a disruption to their standard of living. Companies are about to find out how bad bad can get. The ripple effects may be felt for years to come.
The big picture: With the historic two-day rout Thursday and Friday, the major indices — the S&P 500, the Nasdaq and the Russell 2000 — are all lower now than they were a year ago.
When everything gets more expensive everywhere because of tariffs, that starts a cycle for businesses, too — one that might end with layoffs, bankruptcies, and higher prices for the survivors' customers.
Why it matters: The cycle is just starting now, but the pain is immediate.
This is the hard truth for American manufacturers: Trump's tariffs are all but inescapable unless the global supply chain — the decades-long backbone of domestic manufacturing — is replicated stateside.
Why it matters: It won't happen overnight. For now, many businesses in the sector Trump hopes to revitalize face the prospect of higher costs and withering demand from foreign buyers.
