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https://www.nytimes.com/2025/04/08/briefing/stock-market-donald-trump-tariffs.html
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It’s been an ugly few days for markets around the world. Yesterday, the S&P 500 closed down 10 percent from where it was at the start of the month. It briefly entered bear-market territory. European and Asian indexes are also down since April 1.
A line chart showing the stock markets of 6 countries since Trump’s inauguration.
+10
%
+5
China
−5
Germany
U.K.
−10
Canada
Japan
−15
−20
Jan.
Feb.
March
April
+10
%
+5
China
−5
Germany
U.K.
−10
Canada
Japan
−15
−20
Jan.
Feb.
March
April
The chaos began, of course, with President Trump’s tariffs. International leaders are now seeking reprieves from the president. More than 50 nations have contacted the White House to negotiate, the administration claims. Israel’s prime minister came to Washington yesterday in search of a deal.
The situation is unusual in that it’s entirely in Trump’s hands. The president can usually influence, but rarely control, economic challenges — a bank collapse, a housing bubble, a pandemic. In the current market rout, Trump is the cause. He imposed the tariffs, and he decides when they go.
So world leaders have one place to turn. Today’s newsletter looks at their efforts to persuade Trump and whether they’re likely to succeed.
Seeking reprieve
Other countries, it’s fair to say, are confused. World leaders want to strike a bargain with Trump to ease the tariffs against them, but they don’t know what he wants. And he has not explained a clear purpose for his tariffs.
