One Fox News host was alarmed at the stock market tumbling in what was apparent a direct response to President Donald Trump's latest tariff announcement.

During her Monday episode of The Story, Fox News host Martha MacCallum interviewed Canadian businessman Kevin O'Leary (who is also a cast member of the show Shark Tank) about Trump's new 25% tariffs on Canada and Mexico being implemented this week. While O'Leary was speaking about Trump's new proposal for a seminconductor manufacturing plant, MacCallum observed that the Dow Jones Industrial Average was rapidly bleeding out at the close of trading.

“The market’s freaking out a little bit right now — a lot, I should say!” MacCallum said. “Down about 729 points right now. What’s your take on why that is, Kevin?”

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O'Leary opined that investors are initially showing a negative response to tariffs given that prices are likely to increase for consumers across the U.S., which could cause consumer spending to pull back. He pointed out that "he price of eggs and housing and energy have are not showing any signs of declining at this point," adding that the lumber market in particular will see a huge spike in prices as builders have to account for the new higher costs of raw materials in the wakw of the tariffs.

"These are volatile times, but the outcomes are towards getting back more investment into the U.S., and a balance on trade imbalances country by country by country," O'Leary said. Each one is unique."

"The Dow is at session lows right now. 787 points," MacCallum said. "A lot of businesses across America are calibrating this. They buy things from all over the world in order to make their products. And they’re trying to figure out what the impact is going to be, short term."

The Shark Tank investor responded by saying he still felt hopeful that the Trump administration would work out a deal with the Canadian government to minimize the impact on consumer spending. He also noted that Canada is holding federal elections in 2025, and that the result could have a major impact on whether the tariffs will result in a trade war or price stabilization.

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Watch the segment below or by clicking this link (interview starts at 14:25)


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