Donald Trump
Markets close lower as Trump notes tariff problems and Fed flags recession risk
President Donald Trump acknowledged Thursday that his tariff policy changes will be problematic but said he pursued them because no one else had taken the issues on.
Speaking at a Cabinet meeting, Trump defended the shift in trade strategy as a necessary correction, despite short-term pain. “The transition is difficult, but the end result will be positive,” he said, according to a CNBC livestream.
Trump is not ruling out extending the 90-day pause on his “reciprocal” tariffs. During a Cabinet meeting, he stated that if he cannot secure favorable deals with U.S. trading partners, tariffs will revert to higher rates after the pause.
When asked about extending the pause, he replied, “We’ll have to see what happens,” according to CNBC.
The major U.S. stock market indices closed lower today, with the S&P 500 down 3.46%, the Nasdaq falling 4.31%, and the Dow decreasing by 2.50%.
Bitcoin (BTC) gave up some of its gains from April 9 and is trading at $79,800. Overall, it was a challenging day for investors across the board.
COVID-like economic conditions
The remarks came as economic anxiety rises among U.S. monetary policymakers. Chicago Federal Reserve Bank President Austan Goolsbee expressed concern about a return to economic conditions seen during the COVID-19 pandemic.
Citing a loss of confidence and growing anxiety within the district, Goolsbee warned that setbacks in sentiment could create broader risks for the economy.
A Wall Street Journal report added further context to Trump’s trade approach, revealing that the former president had previously accepted the risk of a shallow recession in order to avoid a deeper depression.
However, amid market volatility and a sharp rise in Treasury yields, Trump reversed course on some tariffs.
The decision, influenced by collapsing bond markets and advice from National Economic Council Director Kevin Hassett, helped spur a market rebound on April 9. The S&P 500 posted its strongest single-day gain since 2008.
Treasury Secretary Scott Bessent reportedly played a significant role in coordinating the policy shift.
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The ongoing Trump-China trade war has the netizens in complete turmoil, as the US Recession odds rise in 2025. Although there have been concerns around this topic, the Chief Economist at Apollo Global Management has fueled the fear. Recently, he claimed that an economic slump is to hit America in 2025 amid the tariff situation. Let’s discuss what he has to say.
Apollo Claims US Recession is Absolute in Summer 2025
In a recent CNBC’s Squawk on the Street interview, Apollo Economist, Torsten Slok, has claimed that the US Recession could absolutely form in 2025, if the tariff conditions remain the same.
“It’s all conditioned on tariffs staying in place at these levels, and if they stay at these levels, we will absolutely have a recession in 2025,” Slok.
The US government under Trump’s leadership has ignited a trade war, especially with China, placing a 145% tariff on imported goods from there. Although Trump granted a 90-day pause on reciprocal tariffs, the failure of new updates on the situation increases the odds of further turmoil.
Slok has pointed out the same, claiming that if the Trump-Chain trade war stays put, the gross domestic product (GDP) could drop by 4%. More importantly, he predicted a 90% probability of a two-quarter economic contraction. An Apollo report clearly mentioned their prediction of a US recession in the Summer of 2025.
Experts have been calling for the Fed to cut the interest rate to reduce the impact. Even Donald Trump criticised Jerome Powell for the delay, but there’s still no update. Amid this, the odds of unchanged rate cuts and economic slump are increasing.
US Recession News: Business and Supply Chain at Risk Amid Trump-China Trade War
The US recession odds have increased significantly due to the US-China trade war. The Polymarket report shows 56% probability, and it was 66% at the beginning of the month. Even JP Morgan has increased recession odds to 60%, and the same is true for other analytics firms.
The impact of this tariff influenced the stock, bonds, gold, and even crypto market performance. However, now the impact is also visible in the supply chain.
Bloomberg reported that the cargo shipments have decreased by 60%. Although they noted that America has not felt the impact yet, Giant retailers (Walmart, Target) predict COVID-like shortages, layoffs, and a severe impact on the retail industry.
The Apollo economist has revealed similar insights, claiming that smaller businesses are more vulnerable and are more likely to experience bankruptcies and layoffs. The upcoming Jobless claims could bring a better picture of the labor market, witnessing the Trump tariff effect.
Frequently Asked Questions (FAQs)
Torsten Slock, Chief Economist at Apollo Global Management, predicted that the US will face a recession in 2025 due to the effect of the Trump-China trade war.
The 60% drop in cargo shipments led to giant retailers predicting a COVID-like shortage.
The odds of the Fed’s interest rate cut are low, according to Polymarket reports.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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A cryptocurrency investor who prematurely sold a large position in the TRUMP meme coin has returned to the market by purchasing 337,000 tokens.
The current price is nearly double their previous selling price. On-chain analyst Ember CN reported that the whale used 5.196 million USDC to re-enter the market and paid an average price of $15.39 per TRUMP (TRUMP) token.
This purchase follows the investor’s previous decision to sell 630,000 TRUMP tokens at $8.70 each. This was just 20 hours before the announcement of a dinner event with former President Trump, which caused the token’s value to surge.
“He missed the explosive surge after the dinner plan was announced. Today, he got back in at $15.39,” Ember CN noted. The timing of the investor’s initial sale was unfortunate, as they missed potential profits of approximately $3.8 million by exiting their position before the price spike.
The dinner announcement promised that the top 220 TRUMP token holders would be invited to a “Private, Members-Only Club in Washington, D.C. for Dinner” with the former president on May 22. This has positively impacted the token’s value but drew scrutiny from Democratic lawmakers.
According to the official TRUMP leaderboard, the largest holder currently possesses over 1.22 million tokens, while the second-place position holds approximately 1.19 million.
Meanwhile, other traders have been actively restructuring their portfolios to capitalize on the TRUMP token’s surge. Blockchain analytics platform Lookonchain identified one particularly successful trader who swapped their entire holdings of 1.18 million Fartcoin (worth approximately $1.22 million) for 78,671 TRUMP tokens.
The TRUMP token’s value had jumped close to 90% by the dinner event announcement. However, the meme coin is still down by close to 80% since its all-time high of $73.
The promise of direct access to the former president has created a competition among holders trying to maintain their ranking on the leaderboard to secure an invitation.
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Donald Trump
Trump Memecoin’s 85% Weekly Surge Defies Democrats’ Call for Impeachment, Massive Unlocks
TRUMP, the memecoin tied to U.S. President Donald Trump, is up about 16% in the last 24 hours, even as Democratic lawmakers cite the president’s involvement with the token as potential grounds for impeachment and after a massive unlock earlier in the month.
At a town hall on Friday, Sen. Jon Ossoff (D-Ga.) pointed to the crypto project offering its top holders an invitation to a dinner event with President Trump, calling it a clear case of selling access to the presidency, NBC News reports.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense,” Ossify said.
U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) also sent a letter on April 25 to the U.S. Office of Government Ethics asking for an investigation to determine if President Trump violated federal ethics rules by inviting top investors.
Read more: Dinner With the U.S. President? All You Need Is $420 Worth of TRUMP
The allegations stem from an announcement that a private dinner will be held on May 22, where the top 220 TRUMP memecoin holders can meet with the U.S. President.
Still, the TRUMP token has kept on rising. The memecoin surged over 70% after the event was announced and has already been up 85% over the last seven days.
The rise came even after the token saw a massive $320 million unlock earlier this month, significantly inflating its circulating supply. In less than three months, TRUMP token is set to endure an additional unlock of 25.1% of its current circulating supply, at the time of writing, worth nearly $780 million.
Despite the recent rise, the token is still down more than 77% from its all-time high above $70, which it saw shortly after launch. Its subsequent price plunge led to an estimated $2 billion of investor losses.
Read more: TRUMP Token Pops 12% After U.S. President Calls It ‘The Greatest of Them All’
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