U.S. stocks tumbled on Thursday after President Donald Trump announced his latest plan for tariffs, sparking fears of a global trade war.
The Dow Jones Industrial Average plunged more than 1,679.39 or 3.98%, while the S&P 500 and Nasdaq Composite fell 4.84% and 5.97%, respectively. The hardest hit sectors were consumer discretionary, energy and technology; consumer staples notched modest gains.
Trump rolled out the latest tariffs on Wednesday afternoon during an event at the White House Rose Garden, which he said is going to focus on imposing reciprocal tariffs on U.S. trading partners. Some of the levies were steeper than expected, especially against our Asian trading partners.The president indicated that aside from the reciprocal tariffs, the administration will establish a minimum baseline tariff of 10%.
Trump on Thursday said the roll-out of tariffs to an “operation,” and said it was “going very well.””The markets are going to boom. The stock is going to boom, the country is going to boom, and the rest of the world wants to see Is there any way they can make a deal,” Trump said Thursday as he departed the White House.
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