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2w ago

Markets Suffer Historic Losses as Trump’s Tariff Policies Face Mounting Criticism

The Dow Jones and S&P 500 experience their worst declines since 2008, with public figures like Dave Portnoy blaming President Trump’s trade policies for the economic fallout.

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Dave Portnoy looks on prior to Game Four of the 2024 NBA Finals between the Dallas Mavericks and the Boston Celtics at American Airlines Center on June 14, 2024 in Dallas, Texas.
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Overview

  • The S&P 500 dropped 4% at opening on Monday, marking a three-day decline of 13%, its worst performance since the 2008 financial crisis.
  • The Dow Jones Industrial Average plunged 1,363 points, while the NASDAQ has fallen 26% from its recent high, reflecting widespread market turmoil.
  • Dave Portnoy, founder of Barstool Sports, criticized President Trump’s tariff policies, blaming them for his $20 million in losses and coining the term 'Orange Monday.'
  • Portnoy highlighted the broader economic impact, warning that the downturn could lead to layoffs at businesses like Barstool Sports due to reduced advertising revenue.
  • Global trade tensions remain high as key trading partners like China, Canada, and the EU implement retaliatory measures, exacerbating fears of a prolonged economic crisis.