cross-posted from: https://lemmy.world/post/28033197

Summary

US stocks fell sharply Thursday after a historic rally, as investors refocused on lingering economic damage from Trump’s tariffs. The Dow dropped over 900 points, with the S&P 500 and Nasdaq also down.

Despite Trump’s 90-day pause on some “reciprocal” tariffs, others remain, including a universal 10% tariff and 25% duties on autos, steel, and more.

Economists warn of recession risks. China raised tariffs to 125% on US goods, with Beijing responding in kind.

Markets remain volatile, and analysts say temporary relief hasn’t changed underlying economic threats.

  • Null User Object@lemmy.world
    60·
    3 days ago

    China raised tariffs to 125% on US goods, with Beijing responding in kind.

    Summary written by AI.

    Edit: For those not seeing it, in this context, Beijing is China. So, China responded to China? That’s the kind of nonsense an AI writes, and that sentence is nowhere to be found in the original article. Hence, “Summary written by AI.”

    • floofloof@lemmy.caOP
      13·
      3 days ago

      It probably means “Responding in kind, China raised tariffs to 125% on US goods.” The name “Beijing” is used to mean the Chinese government. It’s clumsy wording, but not nonsense.

        • Hegar@fedia.io
          12·
          3 days ago

          Yeah but the US put 125% export taxes on Chinese goods, not US goods. Two opposite typos in the same clause is unlikely.

          This is exactly the kind of mistake AI makes - each clause makes sense on its own, but the parts don’t add up to a whole that makes sense, and the facts are just wrong.

      • Null User Object@lemmy.world
        20·
        3 days ago

        No, that’s not clumsy wording. It’s nonsense. Beijing isn’t going to “respond in kind” to China raising tariffs. As you correctly stated, Beijing is China. What if it said, “The United States raised tariffs to ___% on Chinese goods, with Washington DC responding in kind.”? It’s exactly the same nonsense.

        • floofloof@lemmy.caOP
          2·
          3 days ago

          Beijing isn’t going to “respond in kind” to China raising tariffs.

          I read it as meaning Beijing/China will respond in kind to the USA raising tariffs.

          • Null User Object@lemmy.world
            8·
            3 days ago

            China raised tariffs to 125% on US goods

            That’s what Beijing is allegedly responding to in that sentence. There’s no alternative way to interpret it.

  • Wilco@lemm.eeEnglish
    39·
    3 days ago

    He is rug pulling an entire nation. Hell, probably the world. Trump is insider trading and MAGA is just too stupid to realize the grift.

    • qprimed@lemmy.mlEnglish
      15·
      3 days ago

      agreed, but we are still in the shallows… the follow-on 2008 redux hasnt even started to hit yet - I am waiting for bond market defenestration. this funamentally feels way more “insane”

      • thedruid@lemmy.world
        7·
        3 days ago

        It DOES have that 2008 "we know it’s gonna be bad but we’re waiting to see just HOW bad’ vibe out there, doesn’t it?

        • qprimed@lemmy.mlEnglish
          9·
          3 days ago

          2008 at least had the feeling that unified executive and congressional action was possible regardless of universal agreement. I have serious doubts that enough republicans will act in contravention of trump. we are in mad king territory.

          we are quickly running out of runway and its still engines on full power and flaps at zero degrees.

          • MehBlah@lemmy.worldEnglish
            6·
            3 days ago

            I didn’t have that feeling. After all bush and later Obama didn’t push for any of those responsible to face any repercussions.

            • qprimed@lemmy.mlEnglish
              3·
              3 days ago

              to save the economy for the privileged and retain extractive opportunities from the rest of us, there was going to be something stabilizing done. I dont get that feeling now.

              the ones responsible for 2008 were the beneficiaries of the bailouts and continued wealth extraction - aside from feeding on the rotting carcass of Lehman Brothers, of course no one but the public paid any real price. the owners of the country wont punish themselves.

      • MehBlah@lemmy.worldEnglish
        4·
        3 days ago

        I guess we will get to see the effect on certain permanently ‘overvalued’ sub thirty dollar stocks when marge comes calling. I’m kinda curious if some of the conspiracy crap around the meme stocks is true.

    • KittyKalledKarma@slrpnk.net
      12·
      3 days ago

      Didn’t remember U.S.A. threatening war against her own allies and China at the same time during 2008, more like idiot induced economic warfare.

    • Fingolfinz@lemmy.world
      9·
      3 days ago

      Glad I was 20 in 2008 so my lifestyle had no changes at all during that recession, it was easy to stay a drugged out punk during that time

      • qprimed@lemmy.mlEnglish
        7·
        3 days ago

        I am so sorry. I have kids that are now trapped in this absolute dumpster fire of a country we have crafted. we need a different way, and getting there may be supremely painful.

        I wish I had more to offer than “dont give up”, but its basically what I tell my kids. soon enough the prior failures will be dead and its your job to make sure your contemporary failures never get anywhere near the leavers of power.

        • Fingolfinz@lemmy.world
          4·
          3 days ago

          Appreciate it, yeah my will is strong and I want there to be a future for the next generations. I don’t have any kids myself and got the snip after November to make sure I don’t have any, just have to fight for what’s right and hope for the best. The quote from Samwise “there’s some good in this world Mr Frodo and it’s worth fighting for” is my creed basically and is a great reminder to stay in the fight