To say it’s a down day on Wall Street is an understatement. The Dow dropped more than 2,200 points today. This comes after President Trump announced a series of far-reaching new tariffs on most of the US trade partners last Wednesday, kicking a trade war into high gear. Today, China retaliated with a 34% tariff on US imports.
Also today, California Governor Gavin Newsom attempted to mitigate the economic impact of Trump’s tariffs on the state. Newsom took to social media to boast that California has the 5th-largest global economy. He said he is working on trade agreements with other countries to fight back against Trump’s tariffs.
I’m pursuing trading relationships with our global partners to combat the pain of Trump’s tariffs and exclude California-made products from retaliation.
As the world’s 5th largest economy, California remains open for business — no matter the turbulence in Washington. pic.twitter.com/c9UtoTvN10
— Governor Newsom (@CAgovernor) April 4, 2025
Nevertheless, President Trump has shown little concern for the turmoil his tariffs have caused in the markets and other financial sectors. The president went golfing today in Florida. Meanwhile, the White House received some positive news in the jobs report released today. In March, 228,000 jobs were added, far more than expected. However, that report was not enough to ease anxiety and fears that higher inflation and a recession might be lurking just around the corner.
