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The US stock market has lost over $1.7 trillion in value after President Donald Trump refrained from ruling out the possibility of the economy entering a recession this year.
On Monday, the benchmark S&P 500 dropped 2.7 percent, pushing the index nearly 9 percent below its all-time high reached on February 19. The tech-heavy Nasdaq 100 plunged 3.81 percent, marking its steepest single-day loss since September 2022.
After two weeks of sharp declines, the S&P 500 and Nasdaq 100 have now fallen to their lowest levels since September. Tesla, the electric car company led by Elon Musk, who is also Trump’s cost-cutting advisor, suffered one of the steepest losses among individual firms, plummeting 15.43 percent.
Asian stock markets continued the downward trend on Tuesday morning, with Japan’s Nikkei 225, Hong Kong’s Hang Seng, and Taiwan’s TAIEX dropping between 1.5 and 3 percent.
This market turmoil comes amid Trump’s inconsistent tariff announcements, which have rattled investors and fueled fears of a significant economic slowdown or, worse, a recession.
In a Sunday interview with Fox News, Trump left the door open to a potential economic downturn when asked if he expected a recession this year.
“I hate to predict things like that. There is a period of transition, because what we’re doing is very big,” Trump said. “We’re bringing wealth back to America. That’s a big thing… It takes a little time, but I think it should be great for us.”
Steve Okun, founder and CEO of APAC Advisors in Singapore, told Al Jazeera, “There’s total uncertainty in the market. [Trump] has no credibility right now when it comes to tariffs, because of what he has done, particularly with Mexico and Canada. That’s why the markets are reacting the way they are—they don’t know what’s going to happen.”
Last week, Trump imposed a 25 percent tariff on imports from Mexico and Canada and doubled tariffs on Chinese goods to 20 percent, only to announce two days later that he would delay some duties on Mexican and Canadian goods until April 2. A separate 25 percent tariff on steel and aluminum imports is set to take effect on Wednesday.
Goldman Sachs economists recently increased their odds of a recession within the next 12 months from 15 percent to 20 percent, while JPMorgan Chase raised its probability from 30 percent to 40 percent, citing “extreme US policies.”
### Indecisiveness, Confusion, and Mixed Messaging
New York Stock Exchange trader Peter Tuchman described Monday’s trading session as a “bloodbath.”
“These stocks are being eaten away, and this is obviously all over fear of a recession, right?” Tuchman said in a video posted on X. “We had a roller coaster last week—some up days, some down days—all a function of what’s coming out of the Oval Office, which is just complete indecisiveness, confusion, and mixed messaging. The investing community is losing confidence in the whole situation.”
Democratic Senator Elizabeth Warren of Massachusetts accused Trump of putting the economy at risk with his policies.
“We’re in real economic trouble thanks to the President, and right now, the stock market is a flashing warning light,” Warren said on X.
In a rare show of dissent among Republicans, Kentucky Senator Rand Paul also expressed concern about the stock market decline.
“The stock market is comprised of millions of people who are simultaneously trading,” Paul said on X. “The market indexes are a distillation of sentiment. When the markets tumble like this in response to tariffs, it pays to listen.”
In a Monday interview with CNBC, Kevin Hassett, the head of Trump’s National Economic Council, downplayed concerns about the economy’s health, calling them “blips in the data.”
“What I think is going to happen is the first quarter is going to squeak into the positive category, and then the second quarter is going to take off as everybody sees the reality of the tax cuts,” Hassett said.
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