How is Wall Street reacting to Trump’s Orwellian named ‘Liberation Day’ (when the US tariffs, which the US consumers and importers pay) kicks in?

AAP reports:

Wall Street stocks ended sharply lower on Friday, with selloffs in Amazon, Microsoft and other technology heavyweights, after US data stoked fears of weak economic growth and high inflation as the Trump administration ratchets up tariffs.

US consumer spending rebounded less than expected in February while a measure of underlying prices increased the most in 13 months.

Adding to concerns, a University of Michigan survey showed consumers’ 12-month inflation expectations soared to the highest in nearly two-and-a-half years in March, and that consumers expect inflation to remain elevated beyond the next year.

That data fuelled fears that a rush of tariff announcements from US President Donald Trump since taking office in January will boost prices of imported goods, drive inflation and deter the Federal Reserve from cutting interest rates.

Inflation and tariff worries sent shares of Wall Street’s most valuable companies sharply lower, with Apple, Microsoft and Amazon all losing ground.