Worries over Trump's promise to remake the economy showed up in a big way this week
As voters returned Donald Trump to the White House in November, many had the economy top of mind.
As voters returned Donald Trump to the White House in November, many had the economy top of mind. Candidate Trump vowed to bring down prices right away and foresaw boom times for the market.
That’s not the case nearly two months into the administration, however.
Instead, markets turned south this week amid a slew of data showing the economy looking increasingly precarious — with federal cuts led by Elon Musk’s DOGE group heightening worries about the state of the job market and tariff threats adding to cost worries for inflation-weary shoppers.
On Thursday, the S&P 500 benchmark plunged into correction territory, meaning it closed 10% below its most recent highs. It was its fourth negative week in a row — the time since such a streak occurred was last summer.
The decline came as Trump ramped up his tariffs strategy, allowing duties on steel and aluminum to come into effect — and incurring retaliatory tariffs — while continuing to threaten higher levies on Canadian goods and bringing new tariff warnings for European champagne and wine imports.
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