How Trump Wiped Out $10 Trillion in Wealth in 3 Days

2025-04-08

On Monday, global stocks whipsawed over President Trump’s tariffs, a bear market briefly became official in the United States and tit-for-tat retaliation with China intensified.As trillions of dollars in corporate value evaporates and Mr. Trump’s support in the business world is cracking, even Republican members of Congress are debating whether to take away the president’s power to wage a trade war.Andrew Ross Sorkin, who covers business and policy, and Jonathan Swan, who covers the White House, talk through the tumultuous past few days ...

On Monday, global stocks whipsawed over President Trump’s tariffs, a bear market briefly became official in the United States and tit-for-tat retaliation with China intensified.

As trillions of dollars in corporate value evaporates and Mr. Trump’s support in the business world is cracking, even Republican members of Congress are debating whether to take away the president’s power to wage a trade war.

Andrew Ross Sorkin, who covers business and policy, and Jonathan Swan, who covers the White House, talk through the tumultuous past few days on the stock market.

Guest:

Andrew Ross Sorkin, a columnist and the founder and editor-at-large of DealBook, which publishes the flagship business and policy newsletter of The New York Times.
Jonathan Swan, a White House reporter for The New York Times.

Background reading:

DealBook: Does Mr. Trump Have an “Off Ramp”?
What is a bear market? Are we in one?
China says it will “fight to the end” after Mr. Trump threatens more tariffs.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: Timothy A. Clary/Agence France-Presse — Getty Images

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