Stocks fall as Trump warns of US economy trade war 'transition'
A sell-off in the US stock market gathered steam on Monday, fuelled by rising concern about the cost of the trade war to the world's largest economy.
The S&P 500, which tracks the biggest American companies, fell about 2% in early trade, while the Dow Jones dropped 0.9% and the Nasdaq sank more than 3.5%.
The falls came after President Donald Trump ducked questions about whether the US economy was facing a recession or price rises as a result of tariff moves, while warning instead of a "period of transition".
Commerce Secretary Howard Lutnick, however, insisted there would be no contraction in the US, although he acknowledged that the price of some goods may rise.
Investors fear that tariffs - which are taxes on goods applied as they enter the country - will lead to higher prices and ultimately dent growth in the world's largest economy.
"The level of tariffs that Trump is imposing, I think no doubt, will have to cause inflation somewhere down the line," Rachel Winter, investment manager at Killik & Co, told the Today programme.
Economist Mohamed El-Erian said investors had been optimistic about Trump's plans for de-regulation and lower taxes, while under-estimating the likelihood of a trade war.
He said the recent falls in the stock market, which started last week, reflect the adjustment of those bets.
"It's a complete change in what the market expected," he added, noting that investors are also responding to signs that businesses and households are starting to hold off on spending amid the uncertainty, which could hurt economic growth.
European stocks closed lower on Monday, with France's CAC and the London FTSE indices both closing around 0.9% lower. Germany's DAX closed 1.75% lower.
Susannah Streeter, head of money and markets at the stockbrokers Hargreaves Lansdown, said it was because of "unease around the impact of Trump tariffs". She added that concerns over the US economy entering a recession is worrying investors.
Tesla shares fell about 8% on Monday, while tech stocks Nvidia and Meta were both down more than 4%.
Speaking to Fox News in an interview broadcast on Sunday but recorded on Thursday, Trump appeared to acknowledge the concerns, responding to a question about whether the US was facing recession: "I hate to predict things like that. There is a period of transition because what we're doing is very big. 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," he added.
#BBC #News #Trump #USA
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U.S. Army soldiers accused of selling military secrets, including to China
Active-duty soldier Li Tian and former soldier Ruoyu Duan were charged in Oregon with conspiring to commit bribery and the theft of government property. Active-duty soldier Jian Zhao was charged in Washington state for conspiring to obtain and transmit national defense information to an individual not authorized to receive it, and for bribery and theft of government property.
#News #US #Army #CBSNews
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Success 😉👍 My Coding Atom Feed from my fediverse acc.
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Join My Ark ! "Noahark2"
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Typer.me App Now Available on the Play Store!
Typer.me is now on the Play Store! Download the app today and start connecting with others in a whole new way. Whether you’re sharing ideas, organizing content, or exploring trending topics, Typer.me gives you the tools to stay engaged. Install now and join our growing community! Read More...
Paracas is a desert peninsula located in the province of Pisco, on the southern coast of Peru
Here's where Peruvian archaeologist Julio Tello made an astonishing discovery in 1928: a huge and elaborate cemetery with graves full of the largest elongated skulls in the world. They were known as "Paracas skulls".
In total, Tello has found more than 300 of these elongated skulls, some dating back nearly 3,000 years.
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In the remote desert of Libya’s Tadrart Acacus lies a geological enigma known as the "Valley of the Planets."
Among its most striking features are the peculiar disc-like boulders scattered across the landscape, resembling ancient relics from another world. These smooth, flat rock formations stand out against the more irregular shapes typically seen in desert environments, sparking intrigue among geologists and explorers alike.
While it’s generally believed that these boulders were shaped by wind and sand erosion over millions of years, their uniformity and disc-like appearance remain a mystery. How did natural forces create such perfectly rounded shapes? Some suggest the boulders are remnants of a much older geological structure, slowly worn down by time. Others theorize that unique wind patterns or underground forces may have played a role.
Yet, much remains unknown. The valley's remote location and Libya's political challenges have limited scientific exploration, leaving many questions unanswered. How old are these formations? What specific conditions led to their unusual shapes? Until more research is conducted, the Valley of the Planets will continue to perplex and captivate.
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