CNBC host Jim Cramer predicted a 1987-like ‘Black Monday‘ coming week because of the tariffs Donald Trump imposed on countries. “If the president doesn’t try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario…the one where we went down three days and then down 22% on Monday, has the most cogency. We will not have to wait too long to know. We will know it by Monday,” Cramer said.
“It’s tough to build a new, weaker, world order on the fly. Frantically trying to do it but don’t see anything yet that takes the October 87 scenario off the table yet. Those who bottom-fished are sleeping with the fishes …so far,’ Cramer posted on X
The market blood bath continued for two consecutive days on Thursday and Friday after Trump’s tariff announcement on Wednesday. Dow Jones Industrial Average plummeted by more than 2,200 points after China unveiled stiff retaliatory taxes to President Trump’s tariffs. The Dow tanked 2,231 points — a day after suffering a 1,679-point drop, its previous worst session since the start of the COVID-19 pandemic in 2020.
On Friday, the tech-heavy Nasdaq plummeted by 962.82 points, or 5.8%, while the broad-based S&P 500 was down 322.44 points, or 5.97%.
China’s foreign ministry slammed the United States for using tariffs as a weapon for “extreme pressure and self-interest,” saying US “economic bullying will ultimately backfire.” “We do not seek conflict, nor do we fear it. Pressure and threats are not the correct ways to engage with China,” the foreign ministry said in a lengthy statement today.
Trump maintained his stance on tariffs and urged Americans to “hang tough” as the tariffs are not going to be easy. China and “many other nations, have treated us unsustainably badly,” Trump said, accusing them of using the United States as a “whipping post,” reiterating his rationale for the tariffs as he has accused other countries of “taking advantage” of the United States.
