US markets continues slides after Trump declines to rule out recession

Global stock markets fell on Monday as investors expressed concerns about the health of the US economy and the destabilizing effects of tariffs on business.

The S&P 500 was down 2.1% in midday trading, coming off its worst week since September, while the Dow Jones Industrial Average was down 405 points, or 0.9%, as of 11:20 am Eastern time, and the Nasdaq composite was 3.6% lower.

The main measure of the US stock market is on track for a seventh swing of more than 1%, up or down, in the last eight days following a scary stretch dominated by Trump’s on-and-off-again tariffs.

The traditional definition of a US recession is a significant decline in economic activity that is spread across the economy and that lasts more than a few months.

President Donald Trump says his administration is making very big moves and has acknowledged there's likely a period of transition or disturbance that could result.

When asked during an interview that aired this weekend on Fox news about the likelihood of a recession being one of those outcomes, Trump told Maria Bartiromo, “I hate to predict things like that.” Fears of a severe economic downturn have escalated in recent weeks, and stocks plunged Monday on Trump's comments, continuing a steep selloff driven by concerns about the impact of tariffs on business.

Reference Sources

1. indiatoday - US markets open lower day after Trump declines to rule out recession
2. cnbc - HSBC upgrades European stocks, downgrades U.S. as it rethinks Trump optimism
3. cnnen - Wait, so are we really headed for a recession?
4. nytimesen - Trump Live Updates: New China Tariffs Take Effect
5. cnbc - Trump says a transition period for the economy is likely: 'You can’t really watch the stock market'

Musk pledges not to turn off terminals even though he disagrees with Ukraine's policy

(Source: Shutterstock)

Elon Musk, the billionaire industrialist and senior White House advisor, has vowed to maintain Ukraine's access to his Starlink satellite network, after a fierce online clash with Poland's outspoken foreign minister.

The United States has suspended military aid and intelligence sharing with Ukraine after a disastrous February 28 meeting between Presidents Donald Trump and Volodymyr Zelensky in the White House.

This has led to fears that Musk, a close Trump ally, might cut off Ukrainian access to his private Starlink communications system, which is used extensively by Kyiv's frontline troops for battlefield communication. Musk, a high-profile figure in the administration of US President Donald Trump, said in a post on his X social media platform on Sunday that he would never turn off the Starlink terminals for Ukraine, no matter how much he disagrees with Ukraine's policy. Musk claims that without Starlink, Ukrainian lines would collapse, as the Russians can jam all other communications.

"We would never do such a thing or use it as a bargaining chip," he stressed.

The ambassador of Ukraine to the United States, Oksana Markarova, called cooperation with Elon musk's team "a true partnership."

Reference Sources

1. interfaxen - Musk: Starlink to never turn off terminals, no matter how much I disagree with Ukraine's policy
2. usnews - Polish PM Tusk Cautions 'Friends' Against Arrogance After Starlink Spat
3. euronews - Poland's Tusk defends foreign minister after Musk calls him 'small man'
4. gmanetwork - ‘Say thank you’ Rubio tells Poland amid Starlink spat
5. aawsat - After Poland Spat, Musk Vows Ukraine Can Keep Starlink

Chinese tariffs on American agricultural products take effect

(Source: Reuters)

China has imposed retaliatory tariffs on key American farm products, including chicken, pork, soybeans, and beef, in response to President Donald Trump's decision to double the levy on Chinese imports to 20% on March 4.

The Chinese tariffs are a 15% levy on American products such as corn, wheat, and chicken, and 10% on fruit, soybeans, beef, and pork.

China has also announced it would block 15 American companies from purchasing Chinese products unless it granted them special permission.

Another 10 US companies have been blocked from doing business in China altogether.

Beijing also said levies would be placed on American coal, natural gas, and farm equipment following the 10% tariffs imposed by the United States in February. Locals at a lively Beijing market largely shrugged off the escalating trade war.

The levies of 10 and 15% on American agricultural products, which also include meat, grains, and cotton, were imposed after us President Trump raised a blanket tariff on all Chinese goods to 20% last week. Vendors in a downtown market said they weren't worried about sales despite the potential for higher prices at the check-out.

China is the largest market for such products, and if prices of foreign-grown goods rise in China, locals will turn to less expensive alternatives either from China or other countries.

Reference Sources

1. upi - Chinese tariffs on American agricultural products take effect
2. thesunmy - Chinese shoppers shrug off tariffs on US pantry staples
3. cbs - China's retaliatory tariffs are a direct hit to U.S. farmers
4. euronews - China to impose retaliatory tariffs on certain Canadian imports as trade war intensifies
5. huffpost - China Strikes Back At Trump Tariffs With 15% Levies Targeting U.S. Farmers

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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Uploaded by Ian Huang