New Delhi:
US stock futures fell sharply today, signalling more losses on Wall Street, after China retaliated with fresh tariffs a day after the Trump administration’s sweeping levies knocked off $2.4 trillion from US equities.
In India, the NSE Nifty 50 and BSE Sensex continued to fall as anxiety about the future of the global trade system prevailed due to US President Donald Trump’s aggressive tariff policies.
The chatter on social media indicates severe criticism of Trump’s policies, as well as wide support for him from the champions of ‘Make America Great Again’, or MAGA.
Lawrence H Summers, a Harvard professor who worked with Hillary Clinton and Barack Obama, pointed out today’s stock market fall was probably the worst experience in the last five years.
“Today was the worst stock market experience in five years. Usually when you have a terrible stock market experience, it’s because a bank fails, a pandemic, a hurricane or because some other country does something,” Mr Summers said in a post on X.
“We don’t have these kinds of stock market responses in response to policies that the President of the United States is proud of. That is something that is entirely without precedent. It is extremely dangerous,” he added.
Today was the worst stock market experience in five years. Usually when you have a terrible stock market experience, it’s because a bank fails, a pandemic, a hurricane or because some other country does something. We don’t have these kinds of stock market responses in response to…
— Lawrence H. Summers (@LHSummers) April 4, 2025
Others have alleged Trump’s own social networking website Truth Social suddenly had the foresight to sell stock before the tariffs were formally announced.
“Just before announcing a major escalation in his tariff war on Wednesday evening – followed by a major stock market wipeout the following morning – president Donald Trump freed up the sale of his Truth Social shares,” MSN reported.
“As the Financial Times reports, Trump Media and Technology Group (TMTG) revealed that it was planning to sell more than 142 million shares in a late Tuesday filing with the Securities and Exchange Commission,” it said.
Gabe Sanchez, the host of ‘What Was That Show’, alleged Trump’s trade war began on fake numbers and people are facing the consequences now.
“Layoffs in the US surged 205 per cent in March, hitting 275,240 job cuts – the worst since the height of the pandemic in 2020. Trump has kicked off a trade war based on fake numbers. And now? The stock market is in freefall,” Mr Sanchez said in a post on X.
What added to anxiety among US investors was China’s announcement it would apply 34 per cent tariffs on US imports, becoming the first major economy to fire back against Trump’s swingeing new levies in the escalating global trade war that sent markets deep into the red.
China — one of the US’ top trading partners — had also said it would file a suit at the World Trade Organisation (WTO) over the tariffs.
Jon Cooper, the former Long Island campaign chair for Mr Obama, said, “Financial markets are now plunging even further following news that China has retaliated against the US over the tariffs announced by Trump on Wednesday night.”
The longer Trump’s tariffs remain in effect, the more harm will be done to the US economy and the higher consumer prices will rise. I spoke today to the head of a company that manufactures household appliances, who said they’ll definitely have to increase their prices once the…
— Jon Cooper 🇺🇸 (@joncoopertweets) April 4, 2025
Some MAGA supporters hit back at Trump’s critics. They asked for patience, and asserted the markets are at a correction phase after being hyped up on hollow money under the previous Biden administration.
Bill Mitchell, the CEO of Your Voice Studios, said stocks are falling because they were propped up with laundered US taxpayer money.
“The reality is that stocks are falling because they were propped up with laundered US taxpayer money through Ukraine and USAID. Trump cut off the “new money” tap and so they fell. Markets were artificially propped up to make the Biden economy look successful. That is now correcting. The globalists are the ones screaming recession the loudest but this is the chemotherapy necessary to save America from this cancer,” Mr Mitchell said in a post on X.
The reality is that stocks are falling because they were propped up with laundered US taxpayer money through Ukraine and USAID. Trump cut off the “new money” tap and so they fall.
Markets were artificially propped up to make the Biden economy look successful. That is now…
— Bill Mitchell (@mitchellvii) March 31, 2025
Trump dismissed the turmoil on Thursday, insisting to reporters as he left for a weekend at his Florida golf resort that stocks will “boom”. He announced 10 per cent import duties on all nations, due to kick in on Saturday, and far higher levies on imports from dozens of specific countries taking effect next week.
Countries have slammed the tariffs but, with the exception of China, have so far withheld retaliatory measures, offering talks with the US.
