Concerns about a global trade war, prompted by both President Trump's announcement that he would impose a steep tariff on foreign steel and comments from Federal Reserve Chairman Jerome Powell that seemed to hint America's banks are going to begin a process of monetary tightening, have led to an extremely volatile week for the stock market. With prices plunging, those who take the biggest hit are, of course, the extremely wealthy people who own lots of stocks.
All totaled, this has been a hard week for the world's richest people:
They've lost a truly staggering amount of money...
Warren Buffet and Mark Zuckerburg took the biggest hits.
But, strangely enough, it seems one wealthy investor was able to dodge the losses. Billionaire Carl Icahn, a close confidant of President Trump who held a position in the White House until last August, dumped all his steel-related stocks mere days before Trump's tariff announcement. Why did he leave the White House? "Potential conflicts of interest."
Icahn, however, seems to be among the lucky few billionaires who haven't been affected by the market's downturn. While Mark Zuckerberg can lose $3 billion and still be fine, everyone will be affected if the bull market turns around.
Watch out, America. If you're not a U.S. steel-company, this new tariff is not good for you.