Trump Not Ruling Out Recession As Economic Uncertainty Grows

The US Stock market plummeted on Monday. The Dow Jones dropped 890 points (-2.1%), the S&P 500 dropped 187 points (-2.7%), and the Nasdaq fell 728 points (-4%).

What Is The Driving Force Behind The Bleak Day On Wall Street?

First, the president said in an interview with Fox News that this is a time of “transition” when asked about the current state of the US economy. That is not the language that promotes a thriving economy. 

Photo via Reuters

The trade war, in response to Trump’s tariffs, has also added fuel to the fire. Beijing said on Monday that it is placing retaliatory tariffs on US farm goods: 15% on chicken, corn and wheat and 10% on pork, beef, fruits and beans. This is all in response to Trump’s 10% tax on Chinese imports.

Many Canadian markets are deciding not to carry American-made products. An article from USA Today outlined stores pulling wine and spirits from their shelves. They provided a quote from Lawson Whiting, the CEO of Brown-Forman, which makes Jack Daniel’s whiskey. Whiting was quoted saying that removing their products is "worse than a tariff." (Lin-Fisher, 2025)

Lin-Fisher, B. (2025, March 8). Canadian backlash erupts over Trump’s tariffs. trade war hits wine, spirits. what’s next? USA Today. https://www.usatoday.com/story/money/2025/03/07/canada-tariffs-affect-us-goods/81799529007/