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NEW YORK, March 10 (Reuters) - President Donald Trump’s tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that has wiped out $4 trillion from the S&P 500’s peak last month, when Wall Street was cheering much of Trump's agenda.
A barrage of new Trump policies has increased uncertainty for businesses, consumers and investors, notably back-and-forth tariff moves against major trading partners like Canada, Mexico and China.
"We've seen clearly a big sentiment shift," said Ayako Yoshioka, senior investment strategist at Wealth Enhancement. "A lot of what has worked is not working now."
The stock market selloff deepened on Monday. The benchmark S&P 500 (.SPX), opens new tab fell 2.7%, its biggest daily drop of the year. The Nasdaq Composite (.IXIC), opens new tab slid 4%, its largest one-day decline since September 2022.
The S&P 500 on Monday closed down 8.6% from its February 19 record high, shedding over $4 trillion in market value since then and nearing a 10% decline that would represent a correction for the index. The tech-heavy Nasdaq ended Thursday down more than 10% from its December high.
Trump over the weekend declined to predict whether the U.S. could face a recession as investors worried about the impact of his trade policy.
"The amount of uncertainty that has been created by the tariff wars with regard to Canada, Mexico and Europe, is causing boards and C-suites to reconsider the pathway forward," Peter Orszag, CEO of Lazard, speaking at the CERAWeek conference in Houston.
"People can understand ongoing tensions with China, but the Canada, Mexico, and Europe part is confusing. Unless that gets resolved over the next month or so, this could do real damage to the economic prospects of the US and M&A activity," Orszag said.
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The downturn followed comments from U.S. President Donald Trump in a March 8 Fox News interview, where he acknowledged that his economic policies could result in temporary economic pain.

His dovish statements on budget cuts and trade tariffs raised concerns about increased market volatility, prompting investors to move away from risk assets like cryptocurrencies.

Bitcoin Bitcoin
btc
-4.12%
Bitcoin has fallen 10% over the past week, erasing most of its recent gains. It is currently trading at $82,574, down nearly 4% in the last 24 hours, approaching its 2025 low of $78,000. The broader crypto market declined 7%, bringing its total valuation to $2.8 trillion.

Altcoins also suffered significant losses. Over the past 24 hours, Solana Solana
sol
-6.73%
Solana dropped 8%, XRP XRP
xrp
-6.85%
XRP declined 6%, and Ethereum Ethereum
eth
-9.56%
Ethereum fell 5%, struggling to stay above $2,000. Cardano Cardano
ada
-7.43%
Cardano and Dogecoin Dogecoin
doge
-11.26%
Dogecoin declined by nearly 8% and 9%, respectively.

The market slump triggered $620 million in liquidations, with long positions bearing the brunt at $527 million. Bitcoin alone accounted for $241 million in losses.

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Major U.S. tech stocks have also suffered significant losses. Over the past five days, Nvidia (NVDA) dropped 8.7%, Tesla (TSLA) plunged 12.5%, and Meta (META) declined 7.17%. The S&P 500 fell 3.3% as of Monday morning, reflecting broader investor concerns.

Meanwhile, Bitcoin futures on the Chicago Mercantile Exchange opened at $82,110 on March 10, down $4,320 from the previous day’s close of $86,430, marking the second-largest single-day decline in CME Bitcoin futures this month.

Trump’s remarks came ahead of rising trade tensions between the U.S. and China, with Beijing set to impose new tariffs on U.S. agricultural goods in response to the latest round of U.S. import hikes.

On March 4, 2025, China announced retaliatory tariffs on U.S. agricultural products set to take effect on March 10. With the implementation now underway, fears of escalating trade tensions have further weighed on investor sentiment.

Further, Trump’s Bitcoin reserve announcement last week fell short of expectations. The absence of direct buying provisions disappointed traders who had anticipated stronger institutional support.
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