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The U.S. Treasury Secretary shifts blame: the sell-off in U.S. stocks is not largely related to tariffs; the seven tech giants are the main drivers.
① USA Treasury Secretary Brainerd defended Trump's tariff policy again on Wednesday; ② He downplayed the impact of the tariff policy on the US stock market, stating that the recent sell-off in US stocks was more due to a sharp correction in large Technology stocks, rather than the trade protectionism policies of the Trump administration.
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Express News | In Overnight Trading, Tech Giants See Significant Declines, Tesla Drops 6%, Nvidia Down 5%. Crypto-Related stocks Fall
The U.S. Treasury Secretary 'shifts the blame': The sharp decline in the U.S. stock market is due to issues with the Mag 7, not the MAGA.
As tariffs are implemented and Post-Market Trading falls sharply, US Treasury Secretary Bessent once again defended Trump, stating that the Nasdaq Index peaked on the day DeepSeek was released, so this is a Mag 7 issue, not a MAGA issue.
Tariffs exceeded expectations, U.S. stock Futures plummeted, Apple fell sharply over 7% after hours, U.S. bonds rebounded, and Futures gold reached a new high five times.
Tesla initially fell over 6% but ended up rising over 5%. After Trump announced reciprocal tariffs, the yield on the ten-year U.S. Treasury bond first hit a daily high and then turned lower; Bitcoin surged past the 0.088 million mark before dropping over 3000 dollars. Crude Oil Product closed at a new high for over two months but turned down after Trump's announcement of tariffs.
Trump announced the implementation of "reciprocal tariff" measures, and several trade partners stated they would take countermeasures.
On April 2, the president of the USA, Trump, signed two executive orders announcing a 10% "minimum benchmark tariff" on all trade partners and imposed higher tariffs on several trade partners; The benchmark tariff rate will take effect at midnight on April 5, and reciprocal tariffs will take effect at midnight on April 9; Several trade partners have stated that they will take countermeasures, and the EU and Canada have already formulated counter plans.
XIAOSU LIU RIST : Goolt.