(NewsNation) — As President Donald Trump’s tariffs jostled worldwide markets, the DOW, NASDAQ and S&P 500 on Thursday saw their worst numbers since the early days of the pandemic in 2020. Numbers continued to drop on Friday.
But the financial disquiet has left President Donald Trump unfazed. He told reporters on Thursday, “I think it’s going very well.”
Some analysts say stocks could be heading to a bear market as Wall Street struggles to digest Trump’s “Liberation Day” levies.
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Trump has repeatedly compared the U.S.’s tariff adjustment to a patient who has undergone an operation — saying the country will recover eventually.
“It’s what is expected. The patient was very sick. The economy had a lot of problems,” he said. “… “It was a sick patient. It went through an operation.”
“It’s going to be a booming economy,” he added. “It’s going to be amazing. We’re going to have trillions coming in.”
Fed chair Jerome Powell on tariffs: ‘Larger than expected’
Ahead of a scheduled speech from U.S. Federal Reserve Chair Jerome Powell, Trump on Truth Social directed Powell to cut interest rates.
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“He is always ‘late,’ but he could now change his image, and quickly … CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” Trump’s post reads in part.
Powell did not discuss cutting interest rates, but did predict that tariffs are “likely to raise inflation” and slow growth in coming quarters. He clarified that more details are needed before economic assessments can be made.
He outlined that the current administration is implementing “substantial policy changes” in trade, immigration, fiscal policy and regulation.
“It is not our role to comment on those policies,” Powell said. “Rather, we make an assessment on their likely effects, observe the behavior of the economy and set monetary policy that best achieves our dual-mandate goals.”
NewsNation’s Anna Kutz contributed to this report.
