Casino stocks fell again Friday, though not as much as the day before, as financial markets kept plunging over fears of tariffs and their impact on the global economy.
Stocks dropped to their lowest levels in years Friday after the Chinese government unveiled a 34 percent tariff on all U.S. imports, a punch back at President Donald Trump’s announcement this week of sweeping tariffs on all countries. Economists warn the tariffs will raise prices on everyday consumer goods, and as employers face cost hikes, there could be a slowdown in hiring or increase in layoffs.
All told, the Trump administration’s expansive new tariffs likely will lead to higher inflation and slower economic growth, Federal Reserve Chair Jerome Powell said Friday.
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