How Trump Wiped Out $10 Trillion in Wealth in 3 Days

04/08/25 • 36 min

13 Listeners

On Monday, global stocks whipsawed over President Trump’s tariffs, a bear market briefly became official in the United States and tit-for-tat retaliation with China intensified.

As trillions of dollars in corporate value evaporates and Mr. Trump’s support in the business world is cracking, even Republican members of Congress are debating whether to take away the president’s power to wage a trade war.

Andrew Ross Sorkin, who covers business and policy, and Jonathan Swan, who covers the White House, talk through the tumultuous past few days on the stock market.

Guest:

Andrew Ross Sorkin, a columnist and the founder and editor-at-large of DealBook, which publishes the flagship business and policy newsletter of The New York Times.
Jonathan Swan, a White House reporter for The New York Times.

Background reading:

DealBook: Does Mr. Trump Have an “Off Ramp”?
What is a bear market? Are we in one?
China says it will “fight to the end” after Mr. Trump threatens more tariffs.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: Timothy A. Clary/Agence France-Presse — Getty Images

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

On Monday, global stocks whipsawed over President Trump’s tariffs, a bear market briefly became official in the United States and tit-for-tat retaliation with China intensified.

Andrew Ross Sorkin, who covers business and policy, and Jonathan Swan, who covers the White House, talk through the tumultuous past few days on the stock market.

Guest:

Andrew Ross Sorkin, a columnist and the founder and editor-at-large of DealBook, which publishes the flagship business and policy newsletter of The New York Times.
Jonathan Swan, a White House reporter for The New York Times.

Background reading:

DealBook: Does Mr. Trump Have an “Off Ramp”?
What is a bear market? Are we in one?
China says it will “fight to the end” after Mr. Trump threatens more tariffs.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: Timothy A. Clary/Agence France-Presse — Getty Images

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

Previous Episode

‘I Felt Ashamed.’ Why One Lawyer Resigned When His Firm Caved to Trump

Over the past few weeks, President Trump has used executive orders to wage war on law firms, specifically targeting those whose lawyers have investigated or sued him, or represented his enemies in court.

Michael Barbaro speaks to Thomas Sipp, a lawyer who chose to quit after his firm, Skadden, negotiated a deal to placate the president.

Guest: Thomas Sipp, a lawyer who left his firm after they negotiated a deal with Mr. Trump.

Background reading:

Read about how, Paul Weiss, a major democratic law firm, ended up bowing to Mr. Trump.
Ever since the elite law firms Skadden and Paul Weiss reached deals with the Trump administration, top partners have closed ranks in support of the agreements.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: John Taggart for The New York Times

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

Next Episode

The University President Willing to Fight Trump

3 Recommendations

Over the past few weeks, some of the most prestigious universities in the country have faced a threat to their very existence.

President Trump has frozen billions of dollars in federal funds in an attempt to rid higher education of what he calls its woke ideology.

Rachel Abrams speaks to the president of Princeton University, Christopher L. Eisgruber, who has vowed to fight.

Guest: Christopher L. Eisgruber, the president of Princeton University.

Background reading:

President Trump paused dozens of federal grants to Princeton.
Mr. Trump’s orders threaten the financial foundations of higher education, but few universities have protested openly.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: Christopher Goodney/Bloomburg

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.