Donald Trump's tariffs cause shockwaves in US markets, with Dow Jones plummeting by over 1,600 points
NASDAQ
Donald Trump's tariffs cause shockwaves in US markets, with Dow Jones plummeting by over 1,600 points.
On Wednesday, Donald Trump declared extensive reciprocal tariffs on every nation, asserting that all imports will incur at least a 10 percent charge.
On Thursday, US stocks encountered a remarkable shock not seen since the Covid-19 outbreak, as shares plunged throughout financial markets globally due to concerns over the damage President Trump's extensive global tariffs could inflict on international economies, including the US. The S&P 500 fell by 4.8 percent, more than the major European and Asian markets, marking its most significant decline since the market crash in 2020. The Dow Jones Industrial Average experienced a staggering drop of 1,679 points (or 4 percent), while the Nasdaq composite decreased by 6 percent.
Concerns persisted on Wall Street about the potentially harmful combination of declining economic growth and rising inflation due to the tariffs.
Everything experienced a downturn, from large technology companies to crude oil and even the US dollar's value against other currencies. Gold, typically rising during times of uncertainty as investors seek safer assets, also saw a decline on Thursday, as reported by The Associated Press. ‘Worst case scenario for tariffs’ Despite the fact that global investors were aware of Trump's impending announcement regarding extensive reciprocal tariffs, a clear signal of fear was reflected in the status of the S&P 500 index, which was 10 percent below its peak.
Mary Ann Bartels, the chief investment officer at Sanctuary Wealth, pointed out that even with all of this, the US president managed to astonish the markets with "the worst case scenario for tariffs."
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