Donald Trump's announcement of sweeping "reciprocal" tariffs triggered a massive sell-off last week, according to Benzinga. Stock prices of the Magnificent 7 wiped out more than $1 trillion in market value. Dan Ives of Wedbush Securities warned the move could set the U.S. tech sector back by a decade while China gains an advantage. He described the cost structure as "untenable," adding that "investors know math and the sad reality." Rising trade tensions are dampening economic optimism. Comparisons to the 1930 Smoot- Hawley Tariff Act raise fears of a global economic fallout.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Donald Trump's announcement of sweeping reciprocal tariffs triggered a massive sell-off last week,
00:07according to Benzinga. Stock prices of the Magnificent Seven wiped out more than $1 trillion
00:12in market value. Dead eyes of Wedbush securities warn the move could set the U.S. tech sector back
00:17by a decade while China gains an advantage. He described the cost structure as untenable,
00:23adding that investors know math and the sad reality. Rising trade tensions are dampening
00:28economic optimism. Comparisons to the 1930 Smoot-Hawley tariff act are raising fears
00:34of a global economic fallout. For all things money, visit Benzinga.com slash GSTV.