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Financial markets are still reeling from this week's back-and-forth with the United States' key trade partners, as President Donald Trump announced and then almost immediately withdrew crippling new tariffs.

The Dow Jones Industrial Average closed Tuesday down another 478 points, down 1.1%. Trading on the S&P 500 closed after a decline of 0.7%, and the Nasdaq Composite was down 0.2%, for the worst day of trading since September according to Yahoo Finance. The stock market has been sliding amid fears that consumer spending would contract in response to tariffs Trump announced would be going into effect on Canada and Mexico in particular. While those tariffs have been reversed for now, Trump has indicated that 50% tariffs on imported steel and aluminum from Canada will still go into effect early Wednesday morning at midnight.

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Trump has attempted to boost investor confidence by walking back his previous comments to Fox Business' Maria Bartiromo in which he didn't rule out a recession happening as soon as this year. But Politico reported Tuesday that one of his top Cabinet secretaries may be "forced to take the fall," with "few friends in the administration" left to defend him.

According to the outlet, Commerce Secretary Howard Lutnick — who co-chaired Trump's presidential transition team along with former World Wrestling Entertainment executive Linda McMahon (now Trump's secretary of education) — could be out of a job if the fallout over Trump's tariffs continues to roil markets. One unnamed source "close to the administration" told Politico that Lutnick was lately "trying to be a mini-Trump."

“I don’t think he got the memo that only Trump gets to be Trump,” the source said. “It just reinforces that he doesn’t really know how to do the job.”

Politico additionally reported that administration officials are "growing increasingly frustrated" with the commerce secretary, complaining that he often gets "out in front" of Trump and has "contradicted his messaging." They add that he has "a lack of understanding of even the basics about how tariffs and the economy work."

Last week, Lutnick made headlines after telling CNBC that "prices are going to rise" as a result of tariffs, but that companies can avoid tariffs by making their products in the United States. When hosts reminded him that companies offshore production because labor costs are lower, Lutnick proclaimed that manufacturing jobs would be done by "robots."

Click here to read Politico's report in its entirety.

President Donald Trump is rebuilding a key international constituency: Anti-Americans, one columnist wrote Monday.

Adrian Woolridge, global business columnist for Bloomberg, noted that anti-American sentiment is en vogue as Trump alienates international leaders.

Woolridge cited the March YouGov poll showing positive sentiment toward the U.S. has fallen 28 points since Trump was elected, and the columnist expects these numbers to continue falling.

"Trump embodies everything critics of the US have always warned about, multiplied several times over. Yankee arrogance? He and Vance, in the Oval Office, shamelessly bullied the leader of a nation victimized by the Russian president’s aggression. Yankee imperialism? Trump bragged to a cheering Congress that he will take over Greenland 'one way or another.' Yankee incompetence? His tariffs are destabilizing global stock markets and downgrading his own economy," wrote Woolridge.

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He noted that for centuries, the U.S. has aided anyone seeking to provide "stability and security" and to lead and spread democracy and "free-market capitalism."

"Those justifications are turning into dust," Woolridge wrote, lamenting that the U.S. is now the "source of global instability" with "erratic" swings.

"Under Trump, the US is groveling to the world’s biggest enemy of liberal democracy, Putin, and injecting massive instability into global markets," said Woolridge. If Trump continues on this path, the columnist predicted it'll only worsen for the U.S.

He also thinks that if Trump continues on his current course, anti-American sentiment will likely be "transformative" in Europe. Meanwhile, the columnist said, Trump's coattails will likely drag down populist politicians along with him.

Nigel Farage is one of the best examples, he said. The leader of Britain’s Reform Party is already pulling back on his attacks on Ukrainian President Volodymyr Zelensky after a contentious Oval Office meeting. Now, Farage says Vice President J.D. Vance is "wrong, wrong, wrong" on British troops.

"Both the Labour and Conservative parties think Farage’s closeness to Trump could prove to be an electoral problem for Reform," he said.

In Canada, Prime Minister Justin Trudeau was on a huge down-swing, and analysts assumed that the Conservatives were headed for an October victory in the upcoming election. "That's no longer a foregone conclusion," wrote Woolridge.

"The genie of anti-Americanism is now not only out of the bottle but doing immense damage to the country’s long-term interests," he closed.

Read the full column here.