On Wednesday, the U.S. stock market surged nearly 3,000 points after President Donald Trump‘s tariffs pause.
Tariffs are taxes imposed on goods imported into the U.S. from foreign countries. Trump’s tariffs caused the stock market to plunge and threatened the retirement accounts of millions of workers.
The volatility in global markets caused Democrats to accuse Trump of intentionally crashing the stock market.
JPMorgan boss Jamie Dimon pushed President Trump to pause tariffs during an appearance on Fox Business with host Maria Bartiromo on Wednesday.
Dimon warned that Trump’s tariffs would have devastating effects on the economy and cause a recession.
Dimon said he knew Trump and his inner circle were watching Fox Business and that his message would get through to him.
Hours later, Trump announced he would pause tariffs for 90 days for all countries except China. Trump said he would significantly increase tariffs on Chinese goods by 125%.
This means the price on cell phones, sneakers, and other goods made in China will increase dramatically.
Question: How does your 401(k) look today?
