Close to $80b wiped off ASX in two days amid tariff carnage

David Doyleamerican actor (1929–1997)

Central banks are not well-equipped to deal with stagflation as the impacts of slower growth and higher inflation pull policy in opposing directions,

said David Doyle, head of economics at Macquarie Group

Hēni Te Kiri Karamūte Arawa woman of mana, teacher, warrior, interpreter

Much of the weakness of the U.S. dollar this year can be related to the weight of long positions that were built into the end of the year coupled with the refocussing of attention on U.S. growth risks that have accompanied tariff talk for weeks,

said Jane Foley, senior FX strategist at Rabobank

The markets are going to boom, the stock is going to boom and the country is going to boom,

Trump said as he left the White House to fly to Florida

JD Vancevice President

I frankly thought in some ways it could be worse in the markets, because this is a big transition,

Vance said

Markets may actually be underreacting, especially if these rates turn out to be final, given the potential knock-on effects to global consumption and trade,

said Sean Sun, portfolio manager at Thornburg Investment management, though he sees Trump’s tariffs announcement as more of an opening move than an endpoint for policy

David L. Bahnsenbahnsen Group founder

If the current slate of tariffs holds, a Q2 or Q3 recession is very possible, as is a bear market,

said David Bahnsen, chief investment officer at The Bahnsen Group

It's going to be a lot better than OK, ... We knew that this was going to be a little bit rocky, a little bit bumpy, a little bit difficult in the beginning. Literally, the president has only been in for a few months. You can already see, though, that many countries are coming to the table."

Van Drew said on "American Agenda."

Let Donald Trump run the global economy. He knows what he's doing,

Lutnick said on CNN

Right now, how bad it gets depends on how committed the administration is to this set of policies which, clearly, the market is voting again,

said Steve Sosnick, chief strategist at Interactive Brokers

The trade war escalated, recession fears rise and consequently oil demand growth is to take a sizeable hit,

said Tamas Varga, analyst at PVM

Banks in Japan are caught in the crossfire of waning rate-hike expectations coinciding with the market coming to terms with increased chances of a global recession,

said Jon Withaar, who manages an Asia special situations hedge fund at Pictet Asset Management

President Trump walked into the Rose Garden and detonated the most aggressive trade shock the market's seen in decades. This isn't a jab — it's a full-on haymaker."

Stephen Innes of SPI Asset Management said

The effect ... is likely to be magnified through (tariff) retaliation, a slide in U.S. business sentiment and supply-chain disruptions.,

JPMorgan said

I want Americans to understand something. We weren't placing any tariffs basically on most of the world, but all our products made by American men and women, everything that we made, was getting tariffed everywhere,

Van Drew said

Disruptive U.S. policies have been reognized as the biggest risk to the global outlook all year,

the brokerage said in a note oThursday,

The thing that might help markets a little bit is that we get data that suggests that, actually, we are going to get 1 per cent-plus growth in the US in the last quarter,

said Michael Metcalfe, head of macro strategy at State Street Global Markets

It's what is expected,

the 78-year-old president said of the market reaction

We are going to protect our workers,

Carney said

We see 5,300 as the near-term target for the S&P 500, but if tariff uncertainty persists or negotiations with trading partners don't go well, risks of downside through 5,000 become real,

strategists at UBS Global Research noted

For investors looking at their portfolios, it could have felt like an operation performed without anesthesia,

said Brian Jacobsen, chief economist at Annex Wealth Management