(3 Apr 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
New York – 3 April 2025
1. SOUNDBITE (English) Seth Sutel, The Associated Press:
++SOUNDBITE PARTIALLY COVERED++
"Financial markets around the world were reeling today after Donald Trump announced his latest big volley of tariffs. Markets were actually surprised by how severe and widespread they were. The U.S. markets in particular did considerably worse than markets in other countries. The expectation on Wall Street is that several numbers of companies are going to suffer because of these tariffs. They expect that the prices are going go high for some of the products that people sell and that’s going to not only be worse for the economy, but also hurt sales because who wants to buy even more expensive goods at the retailer, at the grocery store, in your car? So this is what has Wall Street worried today. In particular, we have banks that are down a lot. If, as feared, a recession actually turns up, banks could suffer. And so those are down today. Retailers like Target and Best Buy, these are companies that rely a lot on imported goods to stock their shelves. They are down very sharply today. So are airlines. Why is that? Because airlines will have fewer customers for flights, if people are feeling nervous and they cancel vacations. A lot is still yet to be determined for what the market is going to do going forward. This is just, could possibly a first step. A lot of investors did not really think the tariffs would be this big or this widespread. It remains to be seen what U.S. trading partners will do. Europe has said they’re not gonna just stand by and let this happen. There’s also considerably larger tariffs in place on China, Japan, and Korea. And if these countries respond a lot, then we have yet another story, and if job losses start to occur and inflation ticks up, then who knows what that’s gonna mean politically for this policy."
2. STILL of a screen displaying financial news
ASSOCIATED PRESS
Washington – 2 April 2025
3. STILL of President Donald Trump speaking during an event to announce new tariffs in the Rose Garden of the White House
ASSOCIATED PRESS
New York – 3 April 2025
4. STILLS of traders working on the floor at the New York Stock Exchange
ASSOCIATED PRESS
Washington – 2 April 2025
5. STILL of Trump holding holding a signed executive order
STORYLINE:
Financial markets around the world are reeling Thursday following President Donald Trump’s latest and most severe set of tariffs, and the U.S. stock market is taking the worst of it so far.
The S&P 500 was down 3.7% in afternoon trading, more than other major stock markets, and at its bottom in the morning was on track for its worst day since COVID struck in 2020.
The Dow Jones Industrial Average was down 1,228 points, or 2.9%, as of 1:08 p.m. Eastern time, and the Nasdaq composite was 4.8% lower.
Little was spared in financial markets as fear flared globally about the potentially toxic mix of higher inflation and weakening economic growth that tariffs can create.
Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold, which has hit records recently as investors sought something safer to own, pulled lower.
Some of the worst hits walloped smaller U.S. companies, and the Russell 2000 index of smaller stocks dropped 5.5% to pull it more than 20% below its record.
Wall Street had long assumed Trump would use tariffs merely as a tool for negotiations with other countries, rather than as a long-term policy.
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