Economics textbooks insist that stock prices reflect the future stream of a company’s profits on any given day. For all the brainpower devoted to these forecasts, however, they are essentially rough estimates of what may happen over the next twelve months and wild guesses about anything after that.

President Donald Trump began levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his monthslong tariff threats has begun to create visible damage for the U.S.

Donald Trump warned that if any court strikes down his reciprocal tariffs policy, then it could plunge the United States into an economic collapse reminiscent of the Great Depression of 1929.