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.
美国股市对唐纳德•特朗普(Donald Trump)总统的关税提案极为反感。提案公布后的第二天，标普500下跌了5%，这是自2020年以来最糟糕的一天，周五的跌势仍在继续。科技股、小公司和银行受到的打击最为严重。从某种程度上来说，这很容易解释：大家都同意关税会增加美国公司的成本，并在短期和中期拖累其收益。股票的定价部分基于收益。
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