• Mar 10, 2025

Tariffs topple stocks, no sign of 'Trump put'

U.S. stocks finally caught up overnight with what currency and bond markets have been saying for several weeks: A slowdown is coming. Tesla shares have halved since their post-election peaks and the dollar, which had been rising in anticipation of Donald Trump's policies, has now begun sliding as he slaps tariffs on his neighbours. Citi downgraded its U.S. asset allocation recommendation, cutting stocks to "neutral" from "overweight" after the market closed, saying that for the next few months at least it's not clear that the U.S. economy's outperformance can continue.