U.S. stocks have sharply declined, with the S&P 500 down 14% since late February, largely due to President Trump's new sweeping tariffs impacting global trade. Treasury Secretary Scott Bessent noted that the market is reacting negatively to both the tariffs and the introduction of China's DeepSeek AI tool. Despite a strong jobs report, concerns grow over inflation, trade wars, and a potential recession, further exacerbated by China's planned 34% retaliation tariffs. Amid this turmoil, Barstool Sports founder Dave Portnoy voiced his $7 million loss in investments due to tariffs but remains supportive of Trump.