US stock futures dropped significantly today, indicating further declines on Wall Street, after China responded with new tariffs just a day after the Trump administration’s extensive levies wiped out $2.4 trillion from US stocks.
In India, the NSE Nifty 50 and BSE Sensex kept declining as concerns about the global trade system’s future persisted because of US President Donald Trump’s tough tariff measures.
The discussions on social media reveal strong condemnation of Trump’s policies, along with considerable backing from proponents of ‘Make America Great Again’, or MAGA.
Lawrence H Summers, a Harvard professor associated with Hillary Clinton and Barack Obama, noted that the current stock market drop may be the worst event in the past five years.
“Today was the worst stock market experience in five years. Usually when you have a terrible stock market experience, it’s because a bank fails, a pandemic, a hurricane or because some other country does something,” Summers said in a post on X.
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“We don’t have these kinds of stock market responses in response to policies that the President of the United States is proud of. That is something that is entirely without precedent. It is extremely dangerous,” he added.
Some have claimed that Trump’s social media platform Truth Social intuitively sold stock just before the tariffs were officially revealed.
“Right before declaring a significant escalation in his tariff conflict on Wednesday night – which was succeeded by a substantial stock market crash the next morning – President Donald Trump arranged for the sale of his Truth Social shares,” reported MSN.
According to the Financial Times, Trump Media and Technology Group (TMTG) disclosed that it intends to offer over 142 million shares in a filing with the Securities and Exchange Commission made late Tuesday, it stated.
Gabe Sanchez, the presenter of ‘What Was That Show’, claimed that Trump’s trade war started based on false figures and individuals are suffering the repercussions now.
