Stuart Varney: âThis week, President Trump dominated the world stage. He stamped his influence on markets and economies everywhere. I've been doing this for 50 years and I can't remember a week quite like this one...He is reversing America's direction. Trump does not accept massive trade deficits and job losses. That's what this week has been all about."
Video transcript
This week, President Trump dominated the world stage. He stamped his influence on markets and economies everywhere. Investors have been whipsawed, politicians are scrambling, any statement from the White House provoked instant global reaction. Look, I've been doing this for 50 years and I can't remember a week quite like this one. On Monday, April the 7th, the Nasdaq fell 5.8%. That was a shock. It signaled that the long and glorious big tech rally had truly wound down. Wall Street was reacting to the President's tariffs. There was a growing sense of unease. When a fake report about a suspension of the tariffs appeared, the Dow went up 1000 points in minutes. Then immediately fell back when the report turned out to be false. That's a truly skittish market. Tuesday, no relief. The Nasdaq fell another 2%. Worried investors were badgering the Treasury Secretary. Corporate leaders were badgering Trump's Chief of Staff. Do something. The economy is going to tank. It was a panic environment which we had not seen in years. The bombshell arrived suddenly on Wednesday, April the 9th. Out of the blue, the President dropped all reciprocal tariffs on everyone except China. That was a stunning turnaround. Had Trump caved, blinked, retreated or was this just part of the negotiating process? The market zoomed. It was a history-making rally that took the Nasdaq up 12%. We'd never seen anything like that before. But it didn't satisfy the naysayers who opposed tariffs and truly detest Trump. There were constant warnings about recession. Interest rates were rising. China was showing no sign of buckling to pressure. It was a week that defined Trump's presidency. He is reversing America's direction. Trump does not accept massive trade deficits and job losses. That's what this week has been all about. Tax policy, Ukraine, Putin, Iran, Gaza all relegated to the back burner. Today, China upped the ante, imposing a 125% tariff on American goods. We tariffed them at 145%.
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