CRASH COURSE — It started with one big, beautiful chart in the Rose Garden, featuring tariff increases next to the names of countries around the world. China — 34 percent. European Union — 20 percent. Cambodia — 49 percent. Then the world turned upside down. Futures markets crashed; in less than 20 minutes, the S&P 500 lost $2 trillion in market capitalization. The probability of a U.S. recession before the end of the year shot up . Erstwhile American allies sounded off — European Commission Chief Ursula von der Leyen said the policy would produce “dire” consequences for people around the world and that there was “no clear path through the complexity and chaos” created by the tariffs. The bleeding only intensified today. U.S. stocks saw their worst one-day sell-off since 2020 , CNBC anchors solemnly predicted doom and everyone tried to piece through exactly how the Trump administration calculated its trade math. The formula behind the tariffs turned out to be pretty simple . Across each country or region, the administration appears to have divided the U.S. trade deficit by imports and then divided that number by two. They’ve also implemented a blanket 10 percent tariff across the board and a 25 percent tariff on auto imports. The markets’ rout today suggests, among other things, that Wall Street doesn’t trust that back-of-the-napkin formula. That tumble also coincided with a drop in the dollar’s purchasing power, making for a situation that — if it continues to spiral — could well mark the end of a world economic order that relies on the bulwark and infrastructure of the United States. As the chaotic and eventful day comes to a close and the economic ground continues to shift rapidly, here are 25 numbers that illuminate the shockwaves rattling markets across globe over the last 24 hours. 5.97% — Today’s decline in the NASDAQ Composite, a stock market index that includes almost all stocks listed on the Nasdaq stock exchange. 4.84% — The decline in the S&P 500, a stock market index of 500 leading publicly-traded companies. 3.98% — The decline in the Dow Jones Industrial Average, a stock market index that tracks 30 U.S. blue chip stocks. 3.31% — The decline in the CAC 40, a stock market index that tracks the 40 largest stocks on the Paris Stock Exchange. 3.01% — The decline in the DAX, a stock market index that tracks the 40 largest companies in Germany. 2.77% — The decline in the Nikkei, a stock market index that tracks Japan's top 225 blue-chip companies traded on the Tokyo Stock Exchange. 1.55% — The decline in the FTSE 100, a stock market index that tracks the top 100 companies by market cap in the United Kingdom. 1.52% — The decline in the Hang Seng, a stock market index that tracks the largest companies that trade on the Hong Kong Exchange. 14.44% — The decline in Nike share price today. 9.25% — The decline in Apple share price. 5.47% — The decline in Tesla share price. 1.81% — The percentage drop of the U.S. dollar’s value vs. the Euro since Wednesday. 411,000 barrels per day — The size of the increase in crude oil output announced today by eight key OPEC+ producers. 47% — The odds that there will be a recession in 2025 according to betting odds from Polymarket , up from 33% on March 28. $2,100 — The average tax increase per U.S. household in 2025 as a result of new tariffs. $183 billion — The market value lost today by U.S. chipmaker Nvidia alone. 417 pages —The length of the UK’s list of items potentially subject to retaliatory tariffs. $3 billion — The amount of money Trump donor and CEO Stephen Schwarzman lost in Blackstone shares today. 0 — The amount of trade in goods last year between the U.S. and the Australian territory, Heard Island and McDonald Islands , an Antarctic island group uninhabited by humans but nevertheless hit with tariffs. 14 — The number of countries whose tariff percentage is different on the White House website and an official White House post on X . Less than $800 — The value of goods from China and Taiwan previously spared from tariffs under a loophole known as de minimis exemption , that was eliminated Wednesday in an executive order from President Trump. 328 — The number of ports of entry , including border crossings, ports and airports, where tariffs on goods entering the U.S. will be first paid. 1% — The percentage the World Trade Organization predicts global trade will contract in 2025. Last fall, the organization anticipated a 3% growth in global trade this year. 50 seconds — The amount of time Trump spent today publicly defending his tariffs to journalists outside the White House. 4 — The number of times the president said “boom” during those 50 seconds. MEIDASTOUCH NETWORK RON FILIPKOWSKI OFFER THIS TRUMP TARIFF LUNACY:
… Sky News highlighted some of the most bizarre tariffs: The Heard and McDonald Islands, an external territory of Australia in the Antarctic is inhabited only by penguins and seals. Despite having no human residents - or imports and exports - the island now faces a 10% tariff for any goods bound for the US. Australian territory Norfolk Island, a volcanic island 600 miles east of Queensland, was also hit with a hefty 29% tariff on exports to the US. That's much higher than mainland Australia, which had a 10% tariff imposed. The news was met with confusion by some of Norfolk Island's 2,188 residents. Business owner Richard Cottle: "Norfolk Island is a little dot in the world. We don't export anything. It was just a mistake.” Tokelau, a dependent territory of New Zealand, with a population of around 1,600 people, and the Cocos Islands, another territory of Australia, home to around 600 people, were hit with 10% tariffs. Australian Prime Minister Anthony Albanese: “It’s a bit strange". Lesotho in southern Africa, listed as the 22nd poorest country in the world, has been slapped with the highest duty of 50%. It primarily exports diamonds and clothing. The 2nd-highest tariff went to Cambodia at 49%, even though the US is Cambodia's largest single-country export destination. Madagascar in east Africa, the world's 9th poorest country, will face 47% reciprocal tariffs. It primarily exports vanilla, cloves, and clothing.
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