The media tried to stoke a ‘panic’ after President-elect Trump’s tariff threat last night to Mexico, Canada and China. But the Dow signaled that the finance world isn’t worried about the tariffs and aren’t panicking about anything.
In fact the Dow closed at a record high just a few minutes ago:
The Dow Jones Industrial Average closed at a record high on Tuesday, achieving the milestone less than 24 hours after a tariff pledge from President-elect Donald Trump had sparked fears of a panic in the stock market.
The S&P 500 also closed at a record high, surging about 0.55% on Tuesday to end the day at 6,021.63. The Dow ticked up about 0.25% during the day’s trading, closing at 44,860.31.
The tech-heavy Nasdaq advanced about 0.60%, ending the trading session at 19,174.30.
Trading began on Tuesday hours after Trump announced plans to slap tariffs on Canada, China and Mexico by executive order on the first day of his administration.
Trump late Monday said he would charge Mexico and Canada with a 25% tariff on all products coming into the United States until action is taken by those country to stem illegal immigration and overflow of drugs across the border.
For China, Trump said that he’d impose an additional 10% tariff on products coming to the U.S.
This really says it all. Trump’s got the wind at his back right now and he will Make America Great Again starting on January 20th.