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From: Julius Wong3/15/2025 11:44:49 AM
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'Bond King' Bill Gross says tariffs are 'definitely bearish'

Mar. 15, 2025 10:35 AM ET
By: Anuron Mitra, SA News Editor

Famed bond investor Bill Gross likened U.S. President Donald Trump's trade moves to those of iconic former leader Franklin D. Roosevelt, while adding that tariffs were "definitely bearish" for markets.

Since his inauguration in January, Trump has embarked on an increasingly aggressive trade war against Canada, Mexico, China and the European Union. The developments have roiled U.S. stocks, as investors fret over the economic implications of Trump's escalation. Growth prospects for the world's biggest economy have soured.

Wall Street's benchmark S&P 500 index ( SP500) slipped into correction territory this week.

"Trump’s moves so far are close to changes made in FDR’s first few months because if continued they significantly affect not just domestic policy and potential outcomes but global economies as well. These moves affect for now market volatility and business and consumer confidence globally," Gross said on X (formerly Twitter) on Friday.

"Market strategists seem unable to pronounce 'bear' but fall back on historic examples of 10% corrections returning to prior heights. Slim chance," he added.

Nicknamed the 'Bond King' by Fortune magazine in 2002, Gross founded PIMCO in 1971 and turned it into one of the biggest investment management firms in the world.

"Interest rates dependent on recession/low growth outcomes but tariffs are definitely bearish," Gross said.
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