WINONA, Minn. — Stock in the Winona-based global industrial supplier Fastenal plummeted in the sell-off triggered by President Trump’s massive tariff hikes. Fastenal shares on the New York Stock Exchange closed at $75.42 — off 20.5% from their 52-week high. The Fastenal loss was far worse than the one-day market averages:
> NYSE composite: Off 6.1%.
> NYSE U.S. 100: Off 6.2%.
> Dow Jones industrial: Off 5.5%.
> Standard & Poor’s 500: Off 6.9%.
Virtually all economists had predicted the disaster if Trump followed through with threats to impose new tariffs. He announced the hikes Tuesday after trading closed. Hardest hit was China, whose exporters will face a new 34% tariff surcharge at U.S. ports. Combined with an earlier Trump tariff hike, Chinese goods now will pay s60% tariff. The effect: China imports will evaporate and an expected retaliatory Chinese response will halt U.S. exports to China. Other Asian countries were targeted too: Cambodia, 49%; Vietnam, 46%. Neither of the largest U.S. trading partners, Canada and Mexico, were spared. The collapse in stock markets was global:
> United Kingdom: FTSE 100 index off 4.9%.
> France: CAC off 4.3%.
> Germany: Dax off 4%.
> Japan: Nikkei 225 index off 2.7%.
Trump said his goal was to create U.S. jobs. Even as stocks collapsed, he denied a crisis and predicted a “boom, boom, boom” as he boarded a helicopter at the White House for a weekend of golf in Florida. Critics were dumfounded that Trump seemed oblivious to having created a global financial collapse that would create job losses everywhere. Their question: Why was Trump not in a crisis leadership mode back at the White House. He was likened to ancient Rime’s Nero who played a fiddle as Rome burned.
Global players
> Ashley, of Arcadia, a furniture manufacturer: 35,000 employees globally.
> Fastenal, of Winona, a construction and industrial product suppler: 23,000 employees globally.