Paul Krugman

When the president tanks your stock portfolio

When the president tanks your stock portfolio

The president did something remarkable in February. He single-handedly caused the stock market to fall 1,150 points, wiping out 4.7 percent, or roughly $1.4 trillion, of the invested capital of American workers, retirees, businesses and investors.

No matter that the market later recouped part of the loss. In the long list of market crashes and breaks since Donald J. Trump was in short pants, it's hard to find another instance of a White House action that so quickly and directly torched the value of Americans' savings.

That move, of course, was the declaration that the United States would impose 25 percent tariffs on up to $60 billion of Chinese imports - the equivalent, in the...

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