Tariff Man Is No Ally of the American Worker
The most overlooked consequence of the tariffs was their effect on the stock market. The Dow Jones Industrial Average reached a post-Sept. 11, 2001, peak on March 19, 2002, at 10,635.25. The steel tariffs took effect the next day. Lumber tariffs followed in May. The Dow didn't recover until the steel tariffs were lifted on Dec. 4, 2003. From March 2002 to May 2003, the S&P 500 lost $2 trillion in market cap.
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