Chanticleer

Trump’s tariff shock is smashing markets. The worst could be yet to come

The blow is bad, but not as terrible as the uncertainty he’s layered on top of stocks, companies and countries. That’s what could really hurt investors.

Updated Apr 3, 2025 – 4.09pm, first published at 10.10am

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We should be very wary of getting too excited about the market’s short-term reaction to the extraordinary package of tariffs US President Donald Trump finally announced on Thursday.

History is full of examples of investors giving dud first takes – Lehman Brothers collapsed on a Monday in September 2008, and the S&P 500 finished the week higher as the market foolishly bet the government’s program to buy busted mortgage securities would protect the broader economy.

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.