The announcement of sweeping tariffs by President Trump led to a massive market drop, erasing trillions in value across multiple sectors, including airlines and retail. Economists indicated that these tariffs, seen as a de facto tax on businesses, could result in increased consumer prices and decreased spending, potentially stalling the economy. Olu Sonola of Fitch Ratings emphasized the profound implications for both the U.S. and global economies, suggesting that many countries could face recession as a result of this new economic landscape.
"This is a game changer, not only for the U.S. economy but for the global economy," Olu Sonola, Fitch Ratings' head of U.S. Economic Research, said in a report. "Many countries will likely end up in a recession."
With a drop of 4.8% in the S&P 500, more than $2 trillion in value vanished, according to Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices.
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