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Duke University economics professor Felix Tintelnot pointed out that due to these tariffs, recession indicators are on the rise. Following the tariff announcement on Thursday (04/03), the Dow Jones index fell by 1,700 points, the S&P 500 index dropped by 4%, and the Nasdaq nearly declined by 6%.
Within 24 hours of Trump's announcement on Wednesday (04/02), the U.S. dollar index (ICE) fell to a low of 101.27; although it rebounded slightly on Friday, the index remained below levels prior to the November election by the end of the weekend.
By 2025, the dollar index had plummeted by 4.7% as investors weighed the economic impacts of the tariffs. Economists at JPMorgan warned that these tariffs could push the U.S. into a recession and could trigger a global economic slowdown, with chief economist Bruce Kasman raising the risk of a global recession from 40% to 60%.