Market Impact
companies across virtually every sector experienced significant losses, with the financial markets facing their largest one-day drop since the five years ago, amounting to a $2.01 trillion valuation drop.
Sectors such as airlines, retail, technology, and banking were among the hardest hit, with major companies like , Amazon, , and seeing substantial declines in their stock prices.
Economic Outlook
Economists predict that the tariffs, viewed as a business tax, could lead to decreased consumer spending due to higher prices, potentially stalling or contracting economic growth.
' Olu Sonola warns that the tariffs could be a game changer for both the U.S. and global economies, with many countries possibly facing recession.