Uncertain Economic Outlook

If you’re feeling uncertain about the economy, you are not alone.

The ongoing global trade war and fears of a recession are rocking the stock market. The March jobs report is stronger than expected, but could it be the calm before the storm?

U.S. stocks plunged Friday after China retaliated against the United States for President Donald Trump’s latest tariffs.

“This week, Donald Trump made one of the dumbest decisions he’s ever made as a president, and that is saying a whole lot,” Chuck Schumer said.

In response to Trump’s newest 34% tariff on Chinese imports, China said it will impose a reciprocal 34% tariff on all imports from the U.S. starting April 10.

This is the second day that U.S. markets have tumbled since President Trump made his April 2 announcement of sweeping tariffs on practically all U.S. imports, vowing to make America wealthy again.

“Now it’s our turn to prosper,” Trump said.

The latest jobs report from the Bureau of Labor Statistics Friday showed the U.S. job market did do better than expected last month, but analysts say things could change soon, citing recent economic data that suggests layoffs and overall uncertainty could rise due to Trump’s policies.

Federal Reserve Chair Jerome Powell warned that inflation is likely to pick up as well.

“We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” Powell said.

One economist says consumers are already feeling it.

“They’re feeling it in their 401k, they’re feeling it in their retirement accounts,” the economist said.

Some are questioning the endgame of the global tit for tat. 

“How long is this short-term plan going to be? I don’t think we really know, but I’m worried that we’re about to find out.”