Nino Paoli is a Dow Jones News Fund fellow at Fortune on the News desk. President Donald Trump’s additional 100% tariff on China erased $2 trillion from the stock market on Friday and possibly couldn’t have come at a worse time. A potentially renewed trade war risks a resurgence of uncertainty in the market, Apollo Global Management chief economist Torsten Slok said Saturday on Fox Business, all while fears of an AI bubble raise doubts about stock valuations and the federal government shutdown looks like it may last throughout October. “This was almost the perfect storm coming together,” he warned. Meanwhile, White House budget office said Friday that mass firings of federal workers have started and could total more than 4,000. Slok pointed out that “Liberation Day,” when investors were shocked in April by Trump’s aggressive tariffs, was just over six months ago, and markets have been getting more used to the idea that “maybe the worst was behind us.”
Published: October 11, 2025 5:37 pm
Source: Fortune — Read original