Overview

• White House economic adviser Kevin Hassett stated that President Trump's tariff policies are not intended to crash the stock market.
• President Trump shared a video on Truth Social suggesting the market downturn could pressure the Federal Reserve to lower interest rates, fueling speculation about the administration's strategy.
• Major indices have suffered severe losses, with the Dow Jones dropping 5.5% on Friday and the Nasdaq Composite entering bear market territory after a 12% decline in two days.
• Hassett defended the tariffs as fulfilling Trump's campaign promises to protect American workers, despite rising fears of a global trade war and economic recession.
• Retaliatory measures from Canada and the EU have escalated trade tensions, contributing to market volatility and uncertainty about future economic impacts.