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Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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The two brothers are the leaders of La Nueva Familia Michoacana, a Mexican cartel that was formally designated by the U.S. government in February as a "foreign terrorist organization," authorities said.
"If you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice," Attorney General Pam Bondi said in a statement.
The State Department is offering up to $5 million for information leading to the arrest and/or conviction of Johnny Hurtado Olascoaga and up to $3 million for information about Jose Alfredo Hurtado Olascoaga, who also goes by the name "The Strawberry." Both men are believed to be in Mexico, officials said.
Separately the U.S. Treasury announced new sanctions Wednesday against the two men and well as two other alleged leaders of the cartel, which the U.S. designates as a "foreign terrorist organization."
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
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“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
Paula, who spoke on the condition of anonymity because she feared retaliation for speaking out against Trump administration policies, said she was worried about what lies ahead.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.
“I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.
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“What we’ve been doing is trying to enjoy the time that we have, but you want to be able to make it last,” Paula said Friday. “I have no confidence here.”
Trump fulfilled his campaign promise this week to unleash sweeping tariffs, including on the United States’ largest trading partners, in a move that has sparked fears of a global trade war. The decision sent the stock market spinning. On Friday afternoon, the broad-based S&P 500 closed down 6%, the tech-heavy Nasdaq dropped 5.8%, and the Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.
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Johnny Hurtado Olascoaga and Jose Alfredo Hurtado Olascoaga, are accused of participating in a conspiracy to manufacture cocaine, heroin, methamphetamine and fentanyl and importing and distributing the drugs in the United States, authorities said during a news conference in Atlanta. The newly unsealed three-count indictment was returned by a grand jury in September.
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The two brothers are the leaders of La Nueva Familia Michoacana, a Mexican cartel that was formally designated by the U.S. government in February as a "foreign terrorist organization," authorities said.
"If you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice," Attorney General Pam Bondi said in a statement.
The State Department is offering up to $5 million for information leading to the arrest and/or conviction of Johnny Hurtado Olascoaga and up to $3 million for information about Jose Alfredo Hurtado Olascoaga, who also goes by the name "The Strawberry." Both men are believed to be in Mexico, officials said.
Separately the U.S. Treasury announced new sanctions Wednesday against the two men and well as two other alleged leaders of the cartel, which the U.S. designates as a "foreign terrorist organization."
In addition to drug trafficking, the Familia Michoacana cartel has also engaged in extortions, kidnappings and murders, according to U.S. prosecutors.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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