Name: Stocks Are Spooked That Trump's Tariffs Will Trigger a Recession
Uploaded: 2025-03-11T15:58:00Z
Duration: 1 min 31 s
Description: WSJ Heard on the Street editor Aaron Back explains why investors are alarmed by Trump's rhetoric on the economy and trade.

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WSJ Heard on the Street editor Aaron Back explains why investors are alarmed by Trump's rhetoric on the economy and trade. Photo: Josephine Chu

https://m.wsj.net/video/20250311/58c58f03-675c-46a3-932d-16dc170ffe96/1/hls/manifest-hd-wifi.m3u8

WSJ Heard on the Street editor Aaron Back explains why investors are alarmed by Trump's rhetoric on the economy and trade.

Stocks Are Spooked That Trump's Tariffs Will Trigger a Recession

Donald Trump is signaling that he's just fine with a recession and the stock market is not impressed with that. In Trump's first term, there was a widespread perception that he was very sensitive to what was happening in the markets, so investors generally believed that he would back off any policy that seemed to be bad for the stock market. This time around things look much different. Trump seems to be signaling that his tariff policies in particular take priority over short-term market moves. Over the weekend in a TV interview, he actually refused to rule out the possibility of a recession.

There is a period of transition because what we're doing is very big. We're bringing wealth back to America.

The market and the economy have just become hooked and we've become addicted to this government spending and there's gonna be a detox period.

One problem with this is it's really unclear what the long-term payoff is supposed to be. What are the policies that are gonna generate long-term growth? Tariffs aren't just a one-off shock. They are a long-term drag on the economy if they stay in place. And don't forget that Trump is threatening still more tariffs against the EU, including further escalation against Canada and a lot of other things. There is a big tax package coming from Congress, but it's unclear how much new stimulus there is gonna be in that tax package as opposed to just continuing current tax rates that were set in Trump's first term. Trump is proposing a lot of short-term pain in exchange for uncertain, vague long-term gain. It's no surprise that the stock market doesn't seem interested in making that trade.

Stocks Are Spooked That Trump's Tariffs Will Trigger a Recession

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