The conservative newspaper's editorial board predicted how the president's dismissive comment could be used against Republicans.

Wall Street firms are warning that the risk of the U.S. economy falling into a recession are rising as President Trump's tariff plans could lead to an escalation of the trade war.

The White House played down concerns on Wall Street about President Trump’s reciprocal tariffs. “The President wants to ensure that all Americans make out well, particularly Main Street–that's the focus of these tariffs,

As Jamie Cox, a managing partner at Harris Financial Group, pointed out, "Markets hate the tariff uncertainty, especially when it pertains to autos. Autos are ground zero for the negative economic impacts of tariffs.

Several trading desks warn that the S&P 500, sitting at about 5,600, has more room to fall. Bank of America Corp.’s John Tully said the US benchmark could fall below 5,500, while a recent note from UBS Group AG said the stock gauge could drop to 5,400 if the White House implements 20% tariffs.

A survey that includes Goldman Sachs, JPMorgan and Morgan Stanley showed predictions that include declines of more than $3 per barrel for Brent and WTI.

Stocks tumbled in after-hours trading Wednesday after gaining ground during the regular session ahead of a highly anticipated announcement from President Trump on new tariffs.