USA Markets are Tumbling as Investors are really digesting worse than expected Tariffs. You have the Dow, the Nasdaq and the S&P all down below. As you can see there 3%

Surya Media Indonesia, 4 April 2025

          This is CNN breaking news. We begin with the breaking news from Wall Street. Trading has been underway now for just about 30 minutes, and nervous investors, very nervous investors are weighing in on President Trump's historic new global tariffs. The early assessment deep concerns almost all goods entering the United States will face a new tax of at least 10%, and that means inflation weary Americans will see even higher prices on virtually everything. And that adds to the deepening concerns among economists

          

          that the U.S., and indeed, much of the world, may be on a collision course when the recession. Let's begin this hour with CNN business and politics correspondent Vanessa Jurkovich. She's in New York watching all of this unfold. So, Vanessa, where do the markets stand right now? Wolf, markets are tumbling as investors are really digesting worse than expected tariffs. You have the Dow, the Nasdaq and the S&P all down below. As you can see there 3%. Retail stocks in particular really selling off Nike Adidas Lululemon.

          

          These are companies that source a lot of their goods from abroad. Countries that are now under higher tariffs. And just look at the countries that were hit in yesterday's announcement. You have the European Union 20% tariff. You have Japan 24%, China, 34%, in Vietnam, 46%. Key trading partners to the U.S. investors are worried what this means for businesses. And then, of course, those businesses profits. But let's just reset. What do we know right now? We know that there are auto tariffs in effect right now.

          

          But coming on Saturday is that 10% universal tariff on Wednesday higher tariffs on about 60 countries, tariffs on auto parts, foreign auto parts on May 3rd. And then maybe coming additional tariffs on lumber semiconductors. And I'll add copper there as well. And as you mentioned, Wolf, there is talk of what this could mean for a recession. I just spoke to an analyst who says that the longer that these tariffs stay in place, the more likely that there will be a recession. We also heard from Mark Zandi

          

          from Moody's Analytics, who said if they follow through, if these tariffs go into effect, I'd buckle up and brace for impact. A recession seems more likely than not, Wolf. All right, Vanessa, you're in New York for us. Thank you very much, Pamela. Well, Wolf, the white House and Republican lawmakers concede that the ripple effect of the tariffs will cause some pain to Americans. But the white House says it's the initial cost to revive manufacturing jobs in the U.S.. Here's what the vice president said this morning.

          

          For 40 years, we've had an economy that rewards people who ship American jobs overseas and raises taxes on American workers. And we're flipping that on its head. We're going to cut taxes for American workers and for American companies that build here. We're going to make it harder to ship American jobs overseas. It's a total shift in the way that we've done economic policy in the United States of America. But it was necessary. All right. Let's go live now to CNN white House reporter Elena. Elena, what else are you hearing from

          

          the administration this morning? Well, Pamela, it's clear the white House has been very intentional in its messaging. You know, despite some of the president's defenders, Republicans on Capitol Hill, others who have argued that the president is a pragmatist at heart, that perhaps he would pull back on some of these tariffs. It's clear they were wrong. The president was serious about this. And as Vance just laid out, and as we've heard from other top advisers this morning, he is committed to these tariffs, really,

          

          because he fundamentally believes the United States is getting taken advantage of. And he wants to really break the trading system that has been built over the last 70 or 80 years now and see this realignment. Now, we heard from press secretary Caroline Leavitt this morning. She was speaking with CNN. She said that you know, this isn't going to be a negotiation. This is a national emergency. Listen to how she put it. This. The president is firm in his approach, and the president is ensuring economic stability

          

          here in the United States of America. This is a common sense policy. And if these countries wanted to negotiate, if these countries wanted to do what's right, they've had 70 years to do it. So I think, Pamela, the end of her answer, they're saying they had 70 years to negotiate is really key here, because that's the question. Now, where do we go from here? We're going to see, as Vanessa just laid out, all of these different countries, likely respond in kind to these tariffs and retaliate that could further escalate

          

          this trade war now. And so that's really the key question. One thing as well, just as we watch the stock market, is that the president has been far less reactionary to how the stock market is in this term in his second administration than in his first. we have been told repeatedly now not to see him react to the stock market directly because of this. Instead, he has said repeatedly now that he believes there will be some short term pain. So I keep that in mind as well as we cover this. Pamela. All right.

          

          Alina, train, thank you so much, Wolf. All right. Pamela, as we mentioned, the analysts now say that President Trump's tariffs will likely plunge the global economy into recession this year. Some countries say they're hoping they can negotiate with the U.S., while others have vowed swift retaliation. Listen, the entire semester, we have been requesting the U.S. government to review its unilateral tariff measures at various levels and we are extremely disappointed and regret that such measures have been implemented.

          

          Nonetheless, our intention remains to secure a deal. But nothing is off the table. We will continue to make the strongest case for these unjustified tariffs to be removed from our exporters. We are going to fight these tariffs with countermeasures. We are going to protect our workers. The entire global economy will suffer from these ill considered decisions. Stock markets across Asia have already tumbled after President Trump's announcement. Now, China has vowed to counter what it calls bullying tariffs

          

          by the United States. I'm going to go live to Beijing. CNN's Mark Stewart is on the scene for us. What kind of retaliation potentially could we see from China? Wrote Wolf. Good morning. China says it is ready to fight back. But if this is a war, it's not necessarily revealing its plans about how and when it will strike. It certainly has the option, though, of continuing on the tariff theme by instituting more tariffs, more punishment, specifically targeting American farmers. Right now, China imports a lot of soybeans

          

          from the United States. There are existing tariffs. Certainly China could double down on that. But what's been interesting all day today, China's been very much taking on this diplomatic tone, talking about themes of resolving differences, urging the United States to cancel the tariffs. So it's kind of this wait and see mode as this April 9th deadline approaches. There are certainly an economic side to all of this, but there's also a lot of ego involved. Both XI Jinping and Donald Trump want to look strong on the world

          

          stage as one analyst mentioned to us today. It's the real question of who will fold first. Nonetheless, as you mentioned, this is creating a lot of anxiety, not just here in China, but across the entire regions. Markets are not looking at this favorably. We saw declines across many of the markets in Asia, including Japan, which of course is home to the auto giants including Toyota and Honda Wolf. All right. Mark Stuart in Beijing for us. Mark, thanks very much, Pamela. And stock markets in Europe

          

          also took a tumble after President Trump announced 20% tariffs on imports from the EU. So let's go live now to Paris and CNN senior international correspondent Melissa Bell. Melissa, how big of a blow are these tariffs to Europe? Oh, look, a senior European official has been talking to me just a short while ago about the figures. They were handed this 30 page document yesterday. Europeans are contesting a bunch of the figures. They say that's full of mistakes. There are things that have been seen, applied.

          

          Tariffs applied to them twice. Overall, what Europeans are saying is if you look at the last three rounds of tariffs that have been applied to them, it is 70% of all European goods led to the United States that are now the subject of tariffs. Those €380 billion worth of goods. So it's a huge blow to the European Union. And what's interesting is that the Commission is saying, on one hand, that it's going to seek to negotiate the high level negotiations with Washington, begin. We understand even tomorrow afternoon.

          

          But at the same time, they're really preparing for a war. They say that they did not start, but that they are ready to wage. And what they say their biggest asset is, is the biggest single market in the world. So 450 million consumers that they say they're going to protect but also use in their fight. So things like, for instance, sourcing soybeans elsewhere than the United States, motorcycles, the sort of goods that you would expect them to seek to buy from other partners in the United States.

          

          But more than that, the commission has a bunch of more measures, retaliatory measures up its sleeve. That could hurt, for instance, big tech that makes, say, Europeans 30% their profits in the EU. Europeans are preparing to fight back and to fight back quite aggressively. Pam. All right, Melissa Bell thank you Wolf. All right, Pamela, let's get some more right now on all the breaking news. Joining us, the new Jersey Democratic Senator Cory Booker, as you know, he just said set the record, I should say, this week

          

          for the longest floor speech in the modern history of the U.S. Senate. Senator. Thanks so much for joining us. I want to talk about your marathon speech in just a few moments. But let's get to the breaking news first. What kind of impact, Senator, are you expecting these massive Trump tariffs? What kind of impact do you think they will have on American consumers? While I'm already hearing an explosion of a reaction from across my state, and people from across the political spectrum are angry and upset

          

          because they know the impact it's going to have in new Jersey, on jobs, on businesses. But for our consumers who are already struggling under a president this last 73 days. That said, he would cut their costs before he even did this. Inflation was going up before he even did this. The stock market and people's 401 K accounts were going down before he even did this. Consumer confidence was down before he even did this. Grocery prices and eggs and things were going up. So this is now going to put about a 3 to $4000 added increase for the average new Jersey family will be paying between 3 and $4000 more per year just to meet the basic needs that they need for their family and for a lot of families. They can't afford that. They're already struggling, and they're seeing a president who made a lot of really powerful promises break them over and over again.

          

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