The stock market continues to experience a significant downturn amidst the ongoing confusion over former President Donald Trump’s tariffs on Canada and Mexico. The economic landscape has been more turbulent than expected, with the risk of a recession now estimated at approximately 40%. In a mere seven weeks since Trump resumed office, the economy has presented worse outcomes than anticipated, stirring concerns across various sectors.
Over the last three weeks, the U.S. stock market has lost an alarming $4 trillion in value. On Monday alone, the Dow Jones Industrial Average plummeted by more than 450 points. This decline has had a considerable impact on major corporations, such as Tesla, whose stock has fallen by 50% since December. Consequently, Elon Musk experienced a loss exceeding $16 billion on Monday, reflecting the widespread financial unease.
In a series of actions on Monday, Trump signed several executive orders and declared March as Women’s History Month, acknowledging that "women have done a lot for us." However, his economic strategies continue to face sharp criticism. Fox News commentators have likened the economic downturn to a drug addict going off heroin, hinting at the severity of the situation.
"It's been much worse than I think anyone thought it would be," – Jimmy Kimmel
The White House press secretary defended Trump's economic plan as a "period of transition," emphasizing the administration’s intent to strengthen the economy. Trump himself expressed his goal in straightforward terms:
"What I have to do is build a strong economy." – Donald Trump
However, his approach has raised eyebrows, especially with his suggestion that Canada should become the 51st state—a notion he shared on Truth Social. This bold idea seems to be linked to his tariffs, which are reportedly being used as leverage to encourage Canada to join the United States.
"We're friends with Russia now, we're dumping the Department of Education, we're forcing ourselves on Canada." – Jimmy Kimmel
The current state of affairs has led to skepticism regarding Trump's economic strategies. Stephen Colbert humorously alluded to the situation:
"Or, call me crazy, maybe bring in somebody who knows how to fix the old bloodhole, instead of trusting the guy with the hat that says Make America Blood Everywhere." – Stephen Colbert
Despite these critiques, the Trump administration remains steadfast in its approach, maintaining that their policies will ultimately benefit the nation’s economy in the long run. Meanwhile, Trump’s unexpected announcements and decisions continue to capture public attention and provoke debate.