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On Monday, global stocks whipsawed over President Trump’s tariffs, a bear market briefly became official in the United States and tit-for-tat retaliation with China intensified.
As trillions of dollars in corporate value evaporates and Mr. Trump’s support in the business world is cracking, even Republican members of Congress are debating whether to take away the president’s power to wage a trade war.
Andrew Ross Sorkin, who covers business and policy, and Jonathan Swan, who covers the White House, talk through the tumultuous past few days on the stock market.
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On today’s episode
Andrew Ross Sorkin, a columnist and the founder and editor-at-large of DealBook, which publishes the flagship business and policy newsletter of The New York Times.
Jonathan Swan, a White House reporter for The New York Times.
Background reading
DealBook: Does Mr. Trump Have an “Off Ramp”?
What is a bear market? Are we in one?
China says it will “fight to the end” after Mr. Trump threatens more tariffs.
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The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, M.J. Davis Lin, Dan Powell, Sydney Harper, Michael Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Olivia Natt, Daniel Ramirez, Brendan Klinkenberg and Chris Haxel.
Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Maddy Masiello, Isabella Anderson, Nina Lassam and Nick Pitman.