The major averages added to Thursday's $2.5 trillion wipeout after China said it will impose additional tariffs of 34% on all US products from April 10 — matching the extra 34% duties imposed by Trump on Wednesday. Economists are warning that with tariffs as-is, the risk of a US recession is rising.
Meanwhile, Federal Reserve Chair Powell for the first time addressed the reality of the tariffs, saying they were "higher than anticipated." He said it is "too soon to say" what the proper rate path should be. Traders have ramped up bets on interest rate cuts this year to five, as the Fed is expected to set its efforts to cool inflation aside to tackle the bigger risk of economic slowdown.
Treasury Secretary Scott Bessent says market rout is a 'Mag 7 problem, not a MAGA problem.
Warren Buffett defended his massive $300 billion cash pile in February. Now he doesn't have to. Buffett warned on the negative impacts of tariffs, calling them "an act of war, to some degree" in March.
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