Co-anchor of CNBC’s “Squawk Box” and New York Times financial columnist Andrew Ross Sorkin predicts that the stock market could see a major crash, mimicking the infamous 1929 Wall Street crash that was an instrumental trigger for the Great Depression.
“I’m anxious that we are at prices that may not feel sustainable. And what I don’t know is we are either living through some kind of remarkable boom and part of that’s artificial intelligence and technology and all of that, or everything’s overpriced,” Sorkin said in a Sunday interview.
“That’s what concerns me. There’s speculation in the market today, there’s an increasing amount of debt in the market today, and all of that’s happening against the backdrop of the guardrails coming off,” he added.
Sorkin’s concern about America “reliving” 1929 stems from the market’s crash on Friday after President Trump announced that he’d place a 100 percent tariff on China starting next month. Trump’s move to impose new tariffs is a reaction to China’s increase in export controls for five additional rare earth materials: erbium, yttrium, samarium, gadolinium, and holmium. Earlier this year, the country initially announced seven.
“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a tariff of 100% on China, over and above any tariff that they are currently paying,” the president said on Truth Social.
“Also on November 1st, we will impose export controls on any and all critical software. It is impossible to believe that China would have taken such an action, but they have, and the rest is history,” he continued.
China’s restrictions take effect starting Dec. 1.
