Wall Street tumbles as Trump tariffs and falling AI stocks drag Nasdaq 10% below its record

I’m not even looking at the market.”

When asked whether his delays on tariffs reflected the slump for the stock market, Trump said Thursday

There's no doubt that markets are pricing in a once-in-a-generation policy regime shift, which has brought about a huge risk-on move for European assets,

he said

Much will depend on whether these new tariffs prove temporary or are toned down,

according to strategists at BNP Paribas

To the extent that another country's practices harm our own economy and people, the United States will respond,

Treasury Secretary Scott Bessent said during an Economic Club of New York event

Negativity is pervasive throughout the entire economy and it comes from the top,

he said

Wall Street hates uncertainty and until we get some clarity from this administration, it's going to be tough to advise people to buy anything, even the best companies,

he said

Jamie Coxaustralian cricketer and commentator

Markets are all over the place trying to price tariff impacts, which is really hard to do when the goal post moves, disappears, and morphs by the second,

said Jamie Cox, managing partner at Harris Financial Group

These exemptions don't do much to resolve the general air of uncertainty,

said Yung-Yu Ma, chief investment officer at BMO Wealth Management

You're just having confusion,

Keith Lerner, chief market strategist at Truist, told CNBC

For now, tariff-induced inflation amid slower growth could bring the economy dangerously close to stagflation,

said Jeffrey Roach, chief economist at LPL financial, in a note Wednesday

The pressure this week is broad based, with notable weakness in small caps and growth, while global markets continue to lead,

said Mark Hackett, chief market strategist at Nationwide

Li Qiangpremier

An increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science, and technology,

Li said, reading parts of the report to the Congress over nearly an hour

Unilateralism and protectionism are on the rise,

it warned

We need to see a very broad-based recovery of employment, income as well as the property market before we can really see a change in consumption patterns and retail sales trend,

Yue Su, Principal Economist at The Economist Intelligence Unit, told AFP

We must strengthen ourselves to achieve world peace."

Another wrote

Internationally, changes unseen in a century are unfolding across the world at a faster pace,

the government work report said

Domestically, the foundation for China's sustained economic recovery and growth is not strong enough,

the report said

The retaliation could have been a lot stronger, and with every further escalation the risks are also rising for a stronger response,

he said

Nela Richardsonchief economist

Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month,

said ADP chief economist Nela Richardson

A target of around 5% is well aligned with our mid- and long-term development goals and underscores our resolve to meet difficulties head-on and strive hard to deliver,

the government report said