The US stock market absolutely hates President Donald Trump’s tariff proposals. The day after they were announced, the S&P 500 fell 5 per cent, its worst day since 2020, and the pain continued on Friday. Tech stocks, small companies and banks are getting the worst of it. At one level, this is easy to explain: everyone agrees that tariffs will increase costs for US companies and drag their earnings down, at least in the short and medium terms. Stocks are priced in part on earnings.
美國股市對唐納德?特朗普(Donald Trump)總統的關稅提案極為反感。提案公布后的第二天，標普500下跌了5%，這是自2020年以來最糟糕的一天，周五的跌勢仍在繼續。科技股、小公司和銀行受到的打擊最為嚴重。從某種程度上來說，這很容易解釋：大家都同意關稅會增加美國公司的成本，并在短期和中期拖累其收益。股票的定價部分基于收益。
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