Dow plunges 2,000 as sell-off for markets slams into a scarier gear following Trump's tariffs [View all]

Source: AP




By STAN CHOE Updated 2:20 PM CDT, April 4, 2025


NEW YORK (AP) — The sell-off for financial markets worldwide is slamming into a higher, scarier gear on Friday.

The S&P 500 tumbled 5.7% as Wall Street’s worst crisis since the COVID crash deepened after China matched President Donald Trump’s big raise in tariffs announced earlier this week. The move increases the stakes in a trade war that could end with a recession that hurts everyone. Not even a better-than-expected report on the U.S. job market, which is usually the economic highlight of each month, was enough to stop the slide.

The Dow Jones Industrial Average plunged 2,034 points, or 5%, and the Nasdaq composite was 5.6% lower, with an hour remaining in trading.

So far there have been few, if any, winners in financial markets from the trade war. European stocks dropped roughly 5%. The price of crude oil tumbled to its lowest level since 2021. Other basic building blocks for economic growth, such as copper, also saw prices slide on worries the trade war will weaken the global economy.
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China’s response to U.S. tariffs caused an immediate acceleration of losses in markets worldwide. The Commerce Ministry in Beijing said it would respond to the 34% tariffs imposed by the U.S. on imports from China with its own 34% tariff on imports of all U.S. products beginning April 10. The United States and China are the world’s two largest economies.........................

Read more: https://apnews.com/article/market-rates-trump-tariffs-d86db525c370e9da834e6dfb76e23b86?utm_source=firefox-newtab-en-us

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