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      Under Trump, Stocks Have the Worst Start to a Presidential Term Since 1974

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      During the first 100 days of the Trump administration, shock waves from the chaotic tariff rollout continue to send tremors through the global financial system.One hundred days of President Trump. Seventy days of whipsaw trading in financial markets. Thirty three days of losses. More than $6.5 trillion wiped from the value of public companies.For financial markets, the 9 percent drop in the S&P 500 is on track for the worst start to a presidential term since Gerald R. Ford took over from Richard M. Nixon in August 1974 after the Watergate scandal. The slump is worse even than when the tech bubble burst at the turn of the century, and George W. Bush inherited a market already in free fall.In contrast, Mr. Trump inherited an economy on solid footing and a stock market rising from one record high to another.That swiftly changed when Mr. Trump unveiled his marquee suite of tariffs on April 2 — not the first new import taxes announced by his administration, but by far the most sweeping. Volatility erupted. Wall Street frantically began to grapple with the economic consequences of the new government’s policies.The S&P 500 tumbled more than 10 percent in two days, a drop comparable to some of the worst days of the pandemic-induced sell-off in March 2020 and, before that, the financial crisis in 2008.Stocks have since stabilized, but the shock waves from the chaotic tariff rollout continue to send tremors through the global financial system.Trump’s Astonishing 100 Days, in 8 ChartsBy many measures, the opening months of President Trump’s second term stand apart from those of essentially any modern president.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Eight Charts That Sum Up Trump’s First 100 Days

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      <!–> [–><!–> –><!–> [–><!–> –><!–> [–><!–> –><!–> –>He issued more executive orders than any modern president …<!–> –><!–> [!–> <!–> Executive orders [!–><!–> –> <!–> –> <!–> –><!–> [–><!–>On his first day in office, Mr. Trump signed a record 26 executive orders — and he didn’t stop there. The executive order has become something of […] More

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      Mark Carney Has to Deliver on Trump and the Economy After Canada Election Win

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      The Canadian prime minister achieved a stunning political upset, running on an anti-Trump platform and promising to revive the economy. Now, he needs to deliver. Canada’s banker-turned-prime-minister pulled off a political miracle, leading his party from polling abyss to a rare fourth term in power, and securing the top government job after entering electoral politics just three months ago.Mark Carney, the country’s new leader, told Canadians that he was the right person to stand up to President Trump and that, with his economics expertise, he knew how to boost the country’s lackluster economy and fortify it in turbulent times. Now he has to actually do all of that, and quickly, as his country moves from a prolonged period of political turmoil and faces the fallout of a trade war with its closest ally and economic partner: the United States. Mess at HomeWhen Mr. Carney’s predecessor, Justin Trudeau, announced in January that he would resign after 10 years leading Canada, he created a rare opportunity that Mr. Carney jumped at. But after Mr. Carney won the race to replace Mr. Trudeau in March as prime minister and leader of the Liberal Party, he also inherited a messy situation at home that he must now urgently take on. The Canadian Parliament has not been in session since before Christmas, after Mr. Trudeau suspended its activities to be able to hold the Liberal leadership election that elevated Mr. Carney. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      White House Assails Amazon, Citing Tariff Pricing Report

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      The White House press secretary, Karoline Leavitt, attacked the retail giant over a report that suggested Amazon would display the cost of tariff-related price increases. Amazon said it never considered doing so on its main website.There’s a fresh spat brewing between the White House and Amazon.Karoline Leavitt, the White House press secretary, on Tuesday accused the online retail giant of being “hostile and political,” citing a report — disputed by Amazon — from Punchbowl News saying that the company would start displaying the exact cost of tariff-related price increases alongside its products.Displaying the import fees would have made clear to American consumers that they are shouldering the cost of President Trump’s tariff policies rather than China, as he and his top officials have often claimed would be the case.An Amazon spokesman said the company had considered a similar idea on part of its site, Amazon Haul, which competes with Temu, a Chinese retailer. Temu primarily ships directly to consumers and has begun displaying “import charges” to reflect the end of a customs loophole that had exempted low-priced items from tariffs.“Teams discuss ideas all the time,” the spokesman, Ty Rogers, said in a statement. “This was never a consideration for the main Amazon site and nothing has been implemented on any Amazon properties.”Standing beside Treasury Secretary Scott Bessent during a briefing at the White House on Tuesday morning, Ms. Leavitt tore into the retailer. She said that she had just been on the phone with the president about the report, and she asked why Amazon hadn’t done such a thing when prices increased during the Biden administration because of inflation.Ms. Leavitt said it was “not a surprise” coming from Amazon, as she held up a copy of a 2021 article from Reuters with the headline, “Amazon partnered with China propaganda arm.” Mr. Trump’s aggressive tariffs on Chinese goods have touched off an escalating trade war, even as his administration has backed off its broader global levies amid what it said were negotiations with dozens of nations on new trade deals.Ms. Leavitt’s attack on Amazon was all the more noteworthy because the company’s founder, Jeff Bezos, has lately gone to great lengths to curry favor with this White House. Amazon donated $1 million to Mr. Trump’s inaugural fund, securing seats for Mr. Bezos and his bride-to-be in the Capitol Rotunda for the inauguration.In December, Mr. Bezos explained his Trump-ward turn while speaking at The New York Times DealBook conference. “What I’ve seen so far is he is calmer than he was the first time,” Mr. Bezos said of Mr. Trump, “more confident, more settled.”He added, “I’m very hopeful. He seems to have a lot of energy around reducing regulation.”Ms. Leavitt was asked whether the White House still considered Mr. Bezos to be a Trump supporter, given the latest report.“Look, I will not speak to the president’s relationships with Jeff Bezos,” Ms. Leavitt said, “but I will tell you that this is certainly a hostile and political action by Amazon.” More

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      Adidas Warns Sneakers Will Cost More in the U.S. as Trump’s Tariffs Take Effect

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      The chief of the German sportswear giant said that unpredictability surrounding the tariffs prevented the company from issuing a full-year forecast, but he predicted a price increase for American consumers.The German sportswear company Adidas said on Tuesday that the increase in tariffs would lead to higher prices for its sneakers and sportswear for U.S. customers.“Since we currently cannot produce almost any of our products in the U.S., these higher tariffs will eventually cause higher costs for all our products for the U.S. market,” Bjorn Gulden, the company’s chief executive, said Tuesday on a call with analysts.Mr. Gulden said Adidas had sent extra inventory to the United States to clear customs before tariffs took effect, but he added that the company would eventually feel President Trump’s 10 percent base-line duty increase for all imports.“Cost increases due to higher tariffs will eventually cause price increases,” he said. “But it is currently impossible to quantify these or to conclude what impact this could have on the consumer demand for our products.”Adidas also rerouted some products that were made in China and destined for the United States to other markets, which are expected to become more important for the company in the wake of the growing trade war between the global superpowers.U.S. sales in the first three months of the year increased just 3 percent, because of the phasing out of the last sneakers in the popular Yeezy line, which were developed with the rapper Ye, formerly known as Kanye West, as part of a collaboration that ended in 2022.In Europe, sales increased 14 percent in the first three months of the year, while sales in China grew 13 percent.The company, which is based in Herzogenaurach in southern Germany, said that it was refraining from issuing a profit outlook for the full year, citing the unpredictability that tariffs have caused, which affect many countries, including Indonesia and Vietnam, where Adidas produces many of its shoes and sportswear.“In a ‘normal world,” Mr. Gulden said, the company’s first-quarter results would have led it to raise the outlook for revenue and operating profit for 2025, but “the uncertainty regarding the U.S. tariffs has currently put a stop to this.” More

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      Trump Administration Looks to Take Steps to Ease Pain From Car Tariffs

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      The planned concessions to give automakers more time to relocate production to the United States would still leave substantial tariffs on imported cars and car parts.The Trump administration said it plans to announce measures as early as Tuesday to ease the impact of tariffs on imported cars and car parts to give automakers more time to relocate production to the United States.Tariffs of 25 percent on imported vehicles and on auto parts will remain in place. But the tariffs will be modified so that they are not “stacked” with other tariffs, for example on steel and aluminum, a White House spokesman said. Automakers will not have to pay tariffs on those metals, widely used in automobiles, on top of the tariffs on cars and parts.In addition, automakers will be reimbursed for some of the cost of tariffs on imported components. The reimbursement will amount to up to 3.75 percent of the value of a new car in the first year, but will be phased out over two years, the spokesman confirmed.A 25 percent tariff on imported cars took effect April 3. On Saturday, the tariffs are set to be extended to include imported parts.“President Trump is building an important partnership with both the domestic automakers and our great American workers,” Howard Lutnick, the commerce secretary, said in a statement. “This deal is a major victory for the president’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.”But even with these changes, there will still be substantial tariffs on imported cars and auto parts, which will raise prices for new and used cars by thousands of dollars and increase the cost of repairs and insurance premiums.The modification to the tariffs was reported earlier by The Wall Street Journal. Mr. Lutnick helped automakers secure a major exemption from tariffs in March and has taken on a role advocating relief for some industries hit by the levies.Automakers welcomed the change. “We believe the president’s leadership is helping level the playing field for companies like G.M. and allowing us to invest even more in the U.S. economy,” Mary T. Barra, the chief executive of General Motors, said in a statement on Monday. “We appreciate the productive conversations with the president and his administration and look forward to continuing to work together.” More

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      Canada’s Political Landscape Upended by Trump, Trudeau and Tariffs

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      After nearly a decade in power, the Liberal Party seemed destined to be swept out on a wave of anti-incumbency sentiment. Then events took a surprising turn.Until January, polls suggested that the Conservative Party would handily regain power from the Liberals in any Canadian election held this year.Two things overturned that expectation: the resignation of Justin Trudeau as prime minister and President Trump’s trade war with Canada, along with his threat to annex the country and make it the 51st state by sowing economic chaos.Trump’s Trade WarWhile Mr. Trump pulled back from his initial threat of tariffs on everything imported from Canada, he has imposed several measures that hit key sectors of Canada’s economy: a 25 percent tariff on automobiles, aluminum and steel, and a similar one on Canadian exports that do not qualify as North American goods under the United States-Mexico-Canada Agreement, which he signed during his first term in office. An auto parts tariff of 25 percent is scheduled to take effect on Saturday. Last week, Mr. Trump suggested that the automobile tariffs, which are reduced based on their U.S.-made content, could be increased. He offered no specifics.Autos and auto parts are Canada’s largest exports to the United States, outside oil and gas. Canada Hits BackUnder Mr. Trudeau, Canada placed retaliatory tariffs on U.S. goods coming into Canada that are expected to generate 30 billion Canadian dollars, about $22 billion, in revenue over a year.After becoming prime minister in March, Mark Carney imposed an additional 8 billion Canadian dollars, about $5.7 billion, in tariffs, including a 25 percent levy on autos made in the United States — but not on auto parts. Automakers with assembly lines in Canada will still largely be able to bring in American-made cars of those brands duty free.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Has Destroyed What Made America Great. It Only Took 100 Days.

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      In 1941, as President Franklin D. Roosevelt marshaled support for the fight against fascism, his chief antagonists were isolationists at home. “What I seek to convey,” he said at the beginning of an address to Congress, “is the historic truth that the United States as a nation has at all times maintained clear, definite opposition to any attempt to lock us in behind an ancient Chinese wall while the procession of civilization went past.” Roosevelt prevailed, and that victory expanded America’s relationship with the world in ways that remade both.Eighty-four years later, President Trump is systematically severing America from the globe. This is not simply a shift in foreign policy. It is a divorce so comprehensive that it makes Britain’s exit from the European Union look modest by comparison.Consider the breadth of this effort. Allies have been treated like adversaries. The United States has withdrawn from international agreements on fundamental issues like health and climate change. A “nation of immigrants” now deports people without due process, bans refugees and is trying to end birthright citizenship. Mr. Trump’s tariffs have upended the system of international trade, throwing up new barriers to doing business with every country on Earth. Foreign assistance has largely been terminated. So has support for democracy abroad. Research cuts have rolled back global scientific research and cooperation. The State Department is downsizing. Exchange programs are on the chopping block. Global research institutions like the U.S. Institute of Peace and the Wilson Center have been effectively shut down. And, of course, the United States is building a wall along its southern border.Other countries are under no obligation to help a 78-year-old American president fulfill a fanciful vision of making America great again. Already a Gaza cease-fire has unraveled, Russia continues its war on Ukraine, Europe is turning away from America, Canadians are boycotting our goods and a Chinese Communist Party that endured the Great Famine and the Cultural Revolution seems prepared to weather a few years of tariffs. Travel to the United States is down 12 percent compared with last March, as tourists recoil from America’s authoritarian turn.The ideologues driving Mr. Trump’s agenda defend their actions by pointing to the excesses of American foreign policy, globalization and migration. There is, of course, much to lament there. But Mr. Trump’s ability to campaign on these problems doesn’t solve them in government. Indeed, his remedies will do far more harm to the people he claims to represent than to the global elites that his MAGA movement attacks.Start with the economic impact. If the current reduction in travel to the United States continues, it could cost up to $90 billion this year alone, along with tens of thousands of jobs. Tariffs will drive up prices and productivity will slow if mass deportations come for the farm workers who pick our food, the construction workers who build our homes and the care workers who look after children and the elderly. International students pay to attend American universities; their demonization and dehumanization could imperil the $44 billion they put into our economy each year and threaten a sector with a greater trade surplus than our civilian aircraft sector.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More