SP500 sinks 4% after Trump's liberation day tariffs, China vows to retaliate on Trump's 54% tariffs, stoking investor fears of a global trade war and recession

[u/Mountain-Taro-123]

It's been noted that the US retaliatory tariffs are not based on other country's tariffs, but rather the import/export trade deficit that the US has with said countries

SP500 is down 4% with consumer tech (Apple), apparel and clothing (Nike and Lululemon), and retail (Dollar General and Walmart) that source many products and parts from China down / hit the hardest

China and other countries are vowing to retaliate with their own tariffs against the US sparking fears of a global trade war and recession.

Noting the last time the US enacted sweeping tariffs through the Smoot-Harwley Tariff Act (which had lower average tariff amounts than those announced yesterday), it lead to a global trade war, reducing imports/exports, failed to bring back manufacturing jobs to the US, and caused the Great Depression. Will history repeat itself?

https://www.ft.com/content/f820e191-348c-4298-b15f-49600be843ce

https://www.china-briefing.com/news/trump-raises-tariffs-on-china-to-54-overview-and-trade-implications/

[u/mrubuto22]

That's not true, rhe US bought nearly 3 billion in Russian products last year.

[u/pamcgoo → u/mrubuto22]

3 billion is almost nothing, the US imports $3.83 trillion per year meaning Russian imports account for 0.078% of imports.

[u/jamincan → u/pamcgoo]

It's $3 billion more than they trade with Heard Island and yet they could be bothered to levy a tariff on the poor penguins there.

[u/vchopra100777 → u/mrubuto22]

Really didn’t know that. Can you send me the source.

[u/mrubuto22 → u/vchopra100777]

https://www.reddit.com/r/investing/s/UXozmymmSQ

It's like 2 comments below this

[u/vrrrr → u/mrubuto22]

goddammit

[u/TheSharkitect → u/mrubuto22]

From 35b just before the Ukraine conflict. Derp.

[u/mrubuto22 → u/TheSharkitect]

Your point?

[u/TheSharkitect → u/mrubuto22]

So going from 35b to 3.5b is insignificant to you. Got it.

[u/sizziano → u/TheSharkitect]

What is with this strawman? /u/mrubuto22 was talking about the fact that there was actual trade between the US and Russia last year current sactions notwithstanding. THe original comment implied that Russia was not on the tariff list because they're already sanctioned and the US isn't trading with them which is patently false. Not to mention that other sanctioned countries like Iran ARE on the tariff list.